If __ Wins the Election, I’m Moving To … Monaco
It’s not quite as easy as just never paying taxes again
Tell your Facebook feed enough times that you’re leaving the country if that guy (or gal) gets elected and eventually, you’re going to have to put your passport where your mouth is. Well, you’re in luck: this is our new series on some of the world’s best expat destinations for dissatisfied Americans.
Country of honor: Monaco
In brief: That tiny slab of land (specifically: one square mile) between France and Italy where all the tennis players live so they can get out of supporting their socialist homelands.
Chief language: French. But you’ll hear a lot of English and more Russian. Hey, they have to put their money somewhere, and it ain’t in Putin’s banks.
Chief hassles: Various iterations of “Bond-esque scandals that have [become] a hallmark of this sex-, sun- and money-drenched tax haven.”
Shack up here: Noting that the average price per square meter in Monaco was recently calculated €91,000, may we suggest the Tour Odéon, with its €240 million penthouse? (General real estate caveat: “Even for €50m, don’t expect a garden.”)
Toast your new life here: See you at Jimmy’z!
Immigration situation: “If you have enough money and are prepared to spend more time in Monaco than elsewhere in the world, then yes, you can become a resident there and ‘live happily ever after’ without paying taxes in Monaco,” says Eric G. Major, CEO of Henley & Partners, a residency and citizenship planning firm. “That does not necessarily preclude you from having to pay taxes elsewhere in the world.” (Helpful note from the IRS for American citizens: “Your worldwide income is subject to U.S. income tax, regardless of where you reside.”) Renouncing for Monegasque citizenship will not be easy, Henley says: “It’s worth noting that Monaco does not have a citizenship program, and being a long-term resident there — i.e., over 10 years — will not guarantee any pathway to citizenship.”
Nota bene: Monaco not for you? Here’s our guide to becoming an expat in Belize.
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