Monaco residency

[rss]

Hello everyone, I’m looking into getting residency in Monaco and trying to understand what the current bank requirements are for the "financial attestation". I know there has been talk of a 500k deposit for years, but I’ve seen mentions that some banks ask for more, WAY more now.

For those of you who applied for residency recently (or know someone who did): Which bank did you use? How much did they ask for initially (cash or equivalent)? Did they require you to maintain that 500k+ balance permanently (or at least when renewing)?

Also, did you manage to invest or use that money(through the bank) after getting the attestation or was it completly locked?

For people with non-traditional wealth (crypto etc..)
Was there a higher minimum deposit?
Any advice for choosing a bank in Monaco for this purpose (willingness to deal with residency-cert issues) ?

Thanks in advance for your replies.

 

[JohnnyDoe]

Sigh 😕
At some point in life everyone goes through his Monaco phase.
Post in thread 'Relocate to Monaco, how money required?'
Relocate to Monaco, how money required?

 

[rss]

Sigh 😕
At some point in life everyone goes through his Monaco phase.
Post in thread 'Relocate to Monaco, how money required?'
Relocate to Monaco, how money required?

Or the San Marino phase, I guess we all went through it once 🤣
I actually liked the idea just because of the possibility of travelling around Europe without much headache, I'm currently in Malta but if my home country wanted to check how long I stayed there, it would be pretty easy since it'a an island.
What I'm looking for is flexibility, and I also care a lot about having low taxes on cars since that's something I like to play with.

 

[JohnnyDoe]

if my home country wanted to check how long I stayed there, it would be pretty easy since it'a an island.

Way easier to check how long you stay in Monaco.

What I'm looking for is flexibility,

Or an easy way to trick your home country?

and I also care a lot about having low taxes on cars since that's something I like to play with.

Uhmm you move to the most expensive place on earth (perhaps after Bermuda) and you bother about taxes on cars?

 

[rss]

Or an easy way to trick your home country?

Pretty much.

Uhmm you move to the most expensive place on earth (perhaps after Bermuda) and you bother about taxes on cars?

It doesnìt really look that expensive to set up residency.

 

[JohnnyDoe]

Pretty much.

Bad boy 😈

It doesnìt really look that expensive to set up residency.

No, the expensive part is living there.

And the most expensive part will come later in the form of legal bills and fines when your home country catches you.

 

[JohnnyDoe]

I hate to say this, but if you want to live in a stupid place and drive nice cars, go to Dubai.

Me a few years ago doing donuts at the top of Jebel Hafeet:

 

[rss]

I hate to say this, but if you want to live in a stupid place and drive nice cars, go to Dubai.

Dubai is good if you want to collect cars, you can buy them slightly cheaper because of the lower VAT, and flip them fairly quickly since there's so much money flowing around.
It's not so nice if you want to enjoy them. Rules are strict and it's way too hot to push cars to their limit. Also the Dubai autodrome is very underwheaming 🙁
I believe Europe has the best roads for driving, and also the best conditions most of the time, including weather and actual police and speed cameras presence (very minimal in most places).

 

[JohnnyDoe]

Dubai is good if you want to collect cars, you can buy them slightly cheaper because of the lower VAT, and flip them fairly quickly since there's so much money flowing around.
It's not so nice if you want to enjoy them. Rules are strict and it's way too hot to push cars to their limit. Also the Dubai autodrome is very underwheaming 🙁
I believe Europe has the best roads for driving, and also the best conditions most of the time, including weather and actual police and speed cameras presence (very minimal in most places).

You have not been to the right places. The UAE are not just Dubai 😉

 

[rss]

You have not been to the right places. The UAE are not just Dubai 😉

I know! But the weather is pretty much the same everywhere, it's only good if you are doing some saturday-driving, no real racing. On the other hand, there's plenty of mountain roads with absolute perfect conditions in germany, italy, romania and hungary etc..

 

[JohnnyDoe]

I know! But the weather is pretty much the same everywhere, it's only good if you are doing some saturday-driving, no real racing. On the other hand, there's plenty of mountain roads with absolute perfect conditions in germany, italy, romania and hungary etc..

ok you love risk. With that I mean dealing with EU police, which will lead to flagging, probing, investigations, etc. Good luck driving across Europe on a flashy car.
Probably you don't believe it until you experiment yourself, but the EU has become a dictatorship and you are going to poke the bear with your cars. Hard.

 

[JohnnyDoe]

Anyway, coming to your original question: given that all banks suck and change their mind every day, it’s better if you schedule appointments with some banks and spend a few days in the place. Use your social skills, but remember no bank likes bargaining, so with your requirements be assured you will not be an interesting client.

 

[Marty McFly]

Why if you have a decent amount of money would you want to live in an expensive shithole? Are you a criminal?

 

[rss]

Why if you have a decent amount of money would you want to live in an expensive shithole? Are you a criminal?

Your question makes no sense

 

[JohnnyDoe]

Why if you have a decent amount of money would you want to live in an expensive shithole? Are you a criminal?

In fact, most of the people I know who used to live in Monaco are either fugitives or in prison. The smart ones have left. The typical use case (when it was still possible) of Monaco was to move there before selling their business. Today it’s still a decent place from where to run illegal operations.
Of course we are talking of guys with a net worth of $100m+, below that you are miserable in MC.

 

[JohnnyDoe]

Your question makes no sense

Well, it’s bizarre to choose the place of residence based on car taxes and road conditions of nearby countries

 

[rss]

Well, it’s bizarre to choose the place of residence based on car taxes and road conditions of nearby countries

I don't judge anyone, that's what I'm personally into, and horses I guess.
I've actually been to the Nurburgring for 3 months this year, that pretty much explains how much of a car guy I am.

 

[JohnnyDoe]

I don't judge anyone, that's what I'm personally into, and horses I guess.

No judgment, just an observation. These are pretty unusual parameters, that’s it.
I forgot to mention that MC is also home to a large number of high class escorts, no Porta Potty Dubai style. But that everyone can see during a quick walk in pl du Casino.
I’m not aware of any horses in MC though.

With the same budget one can live like a king in a nice country with no or low taxes, good roads, and infinite space for his horses. In fact, you can build a stable, a horse riding field and a villa in many countries with the same money needed in MC for a 50sqm apartment with partial sea view. And you will still have spare money for a Lamborghini.

 

[rss]

No judgment, just an observation. These are pretty unusual parameters, that’s it.
I forgot to mention that MC is also home to a large number of high class escorts, no Porta Potty Dubai style. But that everyone can see during a quick walk in pl du Casino.
I’m not aware of any horses in MC though.

With the same budget one can live like a king in a nice country with no or low taxes, good roads, and infinite space for his horses. In fact, you can build a stable, a horse riding field and a villa in many countries with the same money needed in MC for a 50sqm apartment with partial sea view. And you will still have spare money for a Lamborghini.

I like places like the dominican republic, it's just extremely far away from where all my interests, friends and family are. Thats why MC seems like a half decent place to have residency, just because of how flexibile travelling around Europe is.

 

[JohnnyDoe]

where all my interests, friends and family are.

this is the exact definition of residence. The tax authorities will torture you in ways no human should ever experience.
Good luck! 🍀