Monaco. The beautiful city-state just off the coast of the French Riviera. Home to the glamorous Monaco Yacht Show and the Monaco Grand Prix. At only 0.75 square miles in size, Monaco accounts for 2% of the world’s luxury real estate, which is a lot considering its small size. With a population of roughly 38,000 people, Monaco is one of the densest countries in the world — yet people still keep coming. Why would anyone want to live in such a tiny, packed yet expensive place?
What Attracts People to Live in Monaco?
A lot of people have been looking at luxury properties for rent in Monaco, with some even considering buying real estate there. Here are some reasons why folks are wanting to move to this billionaire’s playground:
Tax reductions! Who would not want to have a piece of that action? This is one of the main reasons the world’s wealthy choose to move to Monaco. Living there reduces the amount of income tax they pay. Plus, if you’re a resident or a Monagesque, you are not subject to any tax on any of your worldwide income.
Security and Safety
With an armed national police force of 515 men and women and a low crime rate, Monaco is the safest “square-mile” in all of Europe, making it one of the safest countries in the world. If safety is a number one consideration for you, then moving to Monaco is probably one of the wisest decisions you’ll ever make.
Luxury Real Estate
The magnificent and luxurious real estate in its principality attracts investors from all over the world. Although it is just about the same size as New York City’s Central Park, it houses some of the most luxurious real estate properties in the whole world. The average cost per square foot in Monaco is $4,560. That’s a lot higher than some of the most expensive markets in the world.
Monaco as a destination itself is breathtaking as it sits majestically on the Mediterranean Coast between the Italian and French Riviera. Picturesque sights such as Portofino, Saint Tropez, and Cannes are within driving distance.
The small country enjoys a warm Mediterranean climate all year long. The summers are hot and glorious while the winters are sunny and mild.
The island’s location is perfect for travel and gives easy access to industry hotspots in most European cities. France’s second-largest airport, the Nice Cote d’Azur Airport, is only 30 minutes away by car and seven minutes by helicopter. At present, two helicopter companies are operating in the country.
Families looking to move to Monaco have several great educational options that are both English- and French-speaking institutions, including the International University of Monaco which is a highly respected university.
Monaco, being the wealthy state that it is, has a healthcare program that is second to none. The country even has the world’s highest average life expectancy at 85.5 years.
The sporting events in Monaco are huge. They have their own Ligue 1 football team, is host to the Monaco Grand Prix, and is home of the International Association of Athletics Federation
With a stunning background and features like these, the question now is who wouldn’t want to live in Monaco?