Caribbean island vs Monaco pro and cons for living

[troubled soul]

Caribbean Island

Pros:

• Beautiful beaches
• Warm weather year-round
• Friendly locals
• Relaxed pace of life
• Less expensive than Monaco

Cons:

• Hurricane season
• Weak infrastructure
• High crime rate in some islands

Monaco

Pros:

• Stunning scenery
• Luxurious lifestyle
• High standard of living
• Excellent healthcare system
• Low crime rate
• Close proximity to major European cities

Cons:

• Very expensive
• Language barrier (French is the official language)
• Strict immigration laws

What is your take ?

 

[jafo]

Monaco 100% of the time! No exceptions! (At least not for me).

azb1 said:
Strict immigration laws
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😉

 

[marioIT]

Since you're pushing these kind of threads...
which one would you pick for living there YEAR ROUND:

~$30M gets you either

a flat in this tower here (280sqm indoor + 120sqm terraces) in Monaco ( link ):

or this whole private caribbean island (40 acres) (LITTLE WHALE CAY link):

I would still pick monaco even though that apartment is shitty by my standards...

 

[JohnnyDoe]

azb1 said:
Caribbean Island

Hurricane season
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Not all islands are affected, and anyway with good construction quality even a strong hurricane becomes an inconvenience.

azb1 said:

• Weak infrastructure

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There's all what you need and more. If you want more reliable services, you can build your own infrastructure. Starlink is arriving everywhere.

azb1 said:

• High crime rate in some islands

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I would better say in certain areas of Nassau, Santo Domingo, St. Lucia.

azb1 said:
Monaco

Pros:

• Stunning scenery

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Which you will not see from most of the apartments

azb1 said:

• Luxurious lifestyle

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If with that you mean parking in front of the Casino and dining at the Louis XV.

azb1 said:

• High standard of living

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If with that you mean living in an overcrowded, micro police state.

azb1 said:

• Low crime rate

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No wonder!

azb1 said:

• Close proximity to major European cities

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Is this a pro?

azb1 said:
Cons:

• Very expensive

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You don't go to Monaco if you count pennies

azb1 said:

• Language barrier (French is the official language)

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You can do well with Italian and English

azb1 said:

• Strict immigration laws

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There is just not enough space

marioIT said:
Since you're pushing these kind of threads...
which one would you pick for living there YEAR ROUND:

~$30M gets you either

a flat in this tower here (280sqm indoor + 120sqm terraces) in Monaco ( link ):

or this whole private caribbean island (40 acres) (LITTLE WHALE CAY link):

I would still pick monaco even though that apartment is shitty by my standards...
Click to expand...

With $5m you can buy a decent mansion in the Caribbean, and with the remaining $25m do your monthly groceries in Miami by private jet.

Last edited: Jul 23, 2023
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[meze99]

Alas, beautiful beaches are gone on many caribbean islands - even expensive 5 star resorts can't completely clean all the sargassum on their beaches. Aruba is not affected by it yet. And before sargassum invasion I saw nice public beaches in Nassau in a horrible condition - locals would through all sorts of things there, including broken glass and rubber tires in the water.
Warm weather year-round - just marketing. Most islands are hot as hell all year round, for example if you walk on old colonial cemeteries when there was no air conditioning you can find there a lot of heat victims (they litterally wrote cause of death - unbearable heat)
Relaxed pace of life - means it is very difficult to get things done in time or at all.

 

[JohnnyDoe]

meze99 said:
Alas, beautiful beaches are gone on many caribbean islands - even expensive 5 star resorts can't completely clean all the sargassum on their beaches.
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It depends on location, currents, time of the year”¦

meze99 said:
nice public beaches in Nassau in a horrible condition - locals would through all sorts of things there, including broken glass and rubber tires in the water.
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Unfortunately that's a widespread attitude from the locals, efforts are being made to change it

meze99 said:
Warm weather year-round - just marketing. Most islands are hot as hell all year round,
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You never see 40C+, as in Europe/US summers. Temperatures are 22-32 all year round with just 2 seasons (dry and rain). You can live well outdoors all the time and also indoors without ac if your house is well ventilated.

meze99 said:
it is very difficult to get things done in time or at all.
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That's why you should better relax, and employ your own people to get things done.

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[Cloudbanck]

marioIT said:
I would still pick monaco even though that apartment is shitty by my standards...
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I'd pick Monaco too, the French Riviera is just a very nice place of the world. Much better cluster of interesting people than a Caribbean island. And one can get a perfectly fine apartment in Monaco for... checks notes... 2-4 million euro.

But why not have multiple home bases?

 

[Sols]

The Caribbean is big and while there are some common characteristics, there is a lot of difference. Hop around between Curaçao, Barbados, Turks and Caicos, Trinidad and Tobago, Dominican Republic, Martinique, USVI, BVI, Caymans, and Jamaica. There are big differences in quality of life, security, stability, and culture. How friendly the locals are depend on who and where you are.

You far more choice across the Caribbean than you do in Monaco.

If you are choosing between Caribbean at large vs. Monaco, you are far too early in your decision making process to make a decision.

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This is the probably the answer to your question.

 

[wellington]

W

azb1 said:
Caribbean Island

Pros:

• Beautiful beaches
• Warm weather year-round
• Friendly locals
• Relaxed pace of life
• Less expensive than Monaco

Cons:

• Hurricane season
• Weak infrastructure
• High crime rate in some islands

Monaco

Pros:

• Stunning scenery
• Luxurious lifestyle
• High standard of living
• Excellent healthcare system
• Low crime rate
• Close proximity to major European cities

Cons:

• Very expensive
• Language barrier (French is the official language)
• Strict immigration laws

What is your take ?
Click to expand...

When i resided in Monaco, it was common to eat pasta for about 6 euros a meal and a glass of wine for about 4 euro's -> that's cheaper than Thailand where you currently reside.

 

[sergeylim88]

can you handle immigration process in Monaco by your self, or you should hire an agency (do they actually give any extra value)?

 

[jafo]

Cloudbanck said:
But why not have multiple home bases?
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Taxes! An associate of mine has had this problem in several countries. The tax thieves claim he has a residence there because he owns a home there. Did he win? Yes! Every single time. But it took 3 to 4 years per home and six figures in legal fees. In the end, the government earned the money they wanted ANYWAYS and he won hypertension! The battle with the IRS really did him in. Died of a massive heart attack in a court hearing. Judge ruling for his co-counsels, the prosecution.

18 years of tax fighting! His main home was in Monaco. He lived in Monaco. His first home was in Monaco. He spent +9 months a year in Monaco. Nobody gave a sh1t! I lost a great friend!

Sols said:
If you are choosing between Caribbean at large vs. Monaco, you are far too early in your decision making process to make a decision.
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This is a GREAT filter in the decision-making process. Thank you for this!

Fortunately, I was born on one of those islands by European parents, hence why I have European passports. We used to go island hopping when I was a kid/teen. I now sell (ship from Asia) Asian products to a lot of these islands. I wouldn't live on ANY of them. That's me personally. But then again, the (publically disclosed) unfriendly Swiss-Germans, the Bünzli, find me asocial. Go figure. They tell me I have to be friendlier with people. Of course, vis-à-vis island living, YMMV. To each their own.

sergeylim88 said:
can you handle immigration process in Monaco by your self, or you should hire an agency (do they actually give any extra value)?
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Just send them an email in French. They are quite responsive.

wellington said:
W

When i resided in Monaco, it was common to eat pasta for about 6 euros a meal and a glass of wine for about 4 euro's -> that's cheaper than Thailand where you currently reside.
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Why did you leave?

Last edited: Jul 23, 2023

 

[JohnnyDoe]

Sols said:
If you are choosing between Caribbean at large vs. Monaco, you are far too early in your decision making process to make a decision.
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and I suspect you only experienced “the Caribbean” through a vacation in a resort

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[Cloudbanck]

jafo said:
Taxes! An associate of mine has had this problem in several countries. The tax thieves claim he has a residence there because he owns a home there. Did he win? Yes! Every single time. But it took 3 to 4 years per home and six figures in legal fees. In the end, the government earned the money they wanted ANYWAYS and he won hypertension! The battle with the IRS really did him in. Died of a massive heart attack in a court hearing. Judge ruling for his co-counsels, the prosecution.

18 years of tax fighting! His main home was in Monaco. He lived in Monaco. His first home was in Monaco. He spent +9 months a year in Monaco. Nobody gave a sh1t! I lost a great friend!
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Ok, fair point, and that sucks. I meant implicitly to only have home bases in countries no/low tax, territorial tax, or countries too small or chaotic to chase you for tax. Absolutely not in a high tax western country.

 

[Martin Everson]

marioIT said:
Since you're pushing these kind of threads...
which one would you pick for living there YEAR ROUND:

~$30M gets you either

a flat in this tower here (280sqm indoor + 120sqm terraces) in Monaco ( link ):

or this whole private caribbean island (40 acres) (LITTLE WHALE CAY link):

I would still pick monaco even though that apartment is shitty by my standards...
Click to expand...

Paying nearly 30m for a 4 bed apartment in Monaco is asking a lot. But hey you get two parking spaces included right and a HOA that will tell you what you can and cant do in your 30m pad? 🙄

I would always pick a free standing house if buying in that price range which is rare in Monaco.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[marioIT]

JohnnyDoe said:
With $5m you can buy a decent mansion in the Caribbean, and with the remaining $25m do your monthly groceries in Miami by private jet.
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Agree on that. The island thing was a joke I made seeing the title of this thread. Also running the island I linked above is going to be incredibly expensive. gre¤#!
The answer will always be personal, and so this kind of thread always ends up like "apples vs oranges".

Martin Everson said:
Paying nearly 30m for a 4 bed apartment in Monaco is asking a lot. But hey you get two parking spaces included right and a HOA that will tell you what you can and cant do in your 30m pad? 🙄
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Yeah I wouldn't live like a rat in a cage, but some people like the amenities you get in a tower like that.
Also it's really shitty. It's like they forced 4 rooms there, the floor plan is almost embarrasing.

Martin Everson said:
I would always pick a free standing house if buying in that price range which is rare in Monaco.
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More impossible then rare I'd say... when decent villas show up they're like low 9 figures...
Usually the cheaper ones are freestanding just on paper... when you open your main bedroom shutters they go into your neighbour bathroom rof/%
I wouldn't spend $30m there honestly. Switzerland is not that far and you get more back for the money. And you're still in a good geographical position.
But yeah if you can/want to leave europe for good, then CAR is the way.
Monaco is not immune to the EU BS: just heard monaco police has Automated facial recognition running h24, even in some hotel lobbies 😵

 

[jafo]

marioIT said:
just heard monaco police has Automated facial recognition running h24, even in some hotel lobbies
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This is wonderful news! Music to my ears! It keeps the riff-raff, the uncouth, and those who are devoid of bienséance out of my backyard while I travel the world! 😉 😎

 

[JackAlabama]

jafo said:
This is wonderful news! Music to my ears! It keeps the riff-raff, the uncouth, and those who are devoid of bienséance out of my backyard while I travel the world! 😉 😎

View attachment 5062
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Someday, this might be used to keep you in...

 

[EliasIT]

jafo said:
Monaco 100% of the time! No exceptions! (At least not for me).


View attachment 5059
😉
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problem may be the 500K - 1M EUR you need to have in your pockets to stay there!

jafo said:
This is wonderful news! Music to my ears! It keeps the riff-raff, the uncouth, and those who are devoid of bienséance out of my backyard while I travel the world! 😉 😎

View attachment 5062
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where is that ?

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[uranium]

I can't believe someone comparing top 1% country like Monaco to Caribbean!
Monaco 100% best but with net worth 10 milion minimum
I don't agree home in Monaco for 30 milion
I saw 1 bedroom apartments like 30-40 sqm for 1.5 milion
Totally worth it to live there and run offshore business in tax free country but remotely from Monaco
You have to have minimum 500k with a bank in Monaco but I think banks there would ask for like 1-2 millions minimum
I would never approach it on my own. Always best with either introducer or local law firm from Monaco
English is widely spoken. French is not really a requirement

 

[Cloudbanck]

uraniumze said:
I can't believe someone comparing top 1% country like Monaco to Caribbean!
Monaco 100% best but with net worth 10 milion minimum
I don't agree home in Monaco for 30 milion
I saw 1 bedroom apartments like 30-40 sqm for 1.5 milion
Totally worth it to live there and run offshore business in tax free country but remotely from Monaco
You have to have minimum 500k with a bank in Monaco but I think banks there would ask for like 1-2 millions minimum
I would never approach it on my own. Always best with either introducer or local law firm from Monaco
English is widely spoken. French is not really a requirement
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Well St Barth is a little bit comparable no? Very safe, very small, a place for the ultra rich, french speaking, lots of luxury yachts. Just that Monaco didnt belong to Sweden for a 100 years, and St Barth has no formula one circuit.

Otherwise I agree with the rest!