Making the Move from UK to Monaco
The world is a scary and volatile place at the moment. With the COVID pandemic still sweeping the globe and Brexit placing the UK economy in an even more precarious position, there doesn’t seem to be much respite.
There are very few ports in the storm around the world at the moment.
One of them is Monaco.
News stories of the rich and famous leaving the shores of the UK for the sun and safety of Monaco are becoming more frequent—and more appealing.
So why is Monaco a destination for the rich and famous? What’s all the fuss about?
WHY MOVE TO MONACO?
There are more reasons than not to make the move to Monaco. Here are just a few.
First off, it’s beautiful. Monaco is the second smallest country in the world and situated on the Mediterranean Coast, neighbouring France and very close to Italy. Blue skies, hot sun and clear water are what you will be greeted with nearly all round.
A big reason that rich and famous move is down to the lack of income tax. Monaco residents are not subject to pay tax on worldwide income, making it a great place to initiate tax-free investments with Forex trading, investing in property and other markets.
All this means that there is more money going into your pocket.
UK Expat Community
Many former UK traders are occupying Monaco now so English is widely spoken in the country. If fear of homesickness or missing that quintessential British connection, then there are plenty of fellow expats around to discuss bad weather and soaps with.
Quality of Life
With the standard of residents that means the quality of life is high. Great food, drink and facilities are commonplace in Monaco and no expense is spared in amenities. Despite all the luxury, Monaco is one of the safest places on Earth and crime is nearly non-existent.
WHAT ABOUT MY PENSION?
If you are eligible to collect a state pension and worrying about it if you move out of the UK, then fear not.
Transferring your pension is simple and the government provides guides on what to do. As long as is made to an overseas pension scheme which has QROPS (Qualifying Recognised Overseas Pension Scheme) then the transfer can take place without the taxman putting penalties on the transfer.
INVESTING IN PROPERTY
A difficult, but sure-fire way to make money in Monaco is property.
Monaco is the most expensive property market in the world and all but built up of luxurious apartments and villas.
The problem with property investment in Monaco is the lack of space. Property there will always be in demand, but it is hard to find. Developments are scarce but some are in the pipeline, including Portier Cove, which is set to be complete in 2025 and providing 120 new properties to snap up.
While the rest of the world’s property market is often volatile, Monaco defies that. Currently, property will always make you money in Monaco.
HOME OR ABROAD?
Moving to Monaco is a big choice. It’s an expensive commitment and one that cannot be done on a whim. But it is also a choice that will almost certainly pay off.
If you have the money and the inclination to swap Margate for Monte Carlo, then you can’t say no.