Monaco is widely known as a cozy tourist spot that offers plenty of entertaining activities. Among all of Monaco’s administrative divisions, Monte Carlo is the one that gets the most fame as a tourist destination.
Apart from being Europe’s amusement mecca, Monte Carlo is known to host the famous and notoriously difficult Monaco Grand Prix. It also offers other albeit less-known recreational activities, like seeing theater performances, leisure walks and chilling in one of Monte Carlo’s bars and clubs. Knowing this, you won’t really be surprised to find individuals wishing to live somewhere in that section of the Monegasque city state.
Monte Carlo Life Does not Come Cheap
However, a trip to Monte Carlo – or, in fact, anywhere else in the Principality of Monaco – can be quite expensive. Imagine how much more you can spend once you start living in it! Rents cost several thousand dollars per month, and actually owning an apartment can cost a lot more. Given all the surrounding conveniences and nearby attractions, you’ll be sure that Monte Carlo real estate property value is rather high, and so are the prices.
The Benefits of Living in Monte Carlo
Whenever you spend a lot on something, you expect that product or service to provide you something that’s worth its cost. You can easily say it’s a waste of time and money if it doesn’t. In this case however, living in Monte Carlo delivers. How does it do so? The next two sections will neatly sum it all up.
Live in a Monte Carlo Real Property and Live Tax Free
As mentioned, living in Monte Carlo is never inexpensive. However, you are basically pouring money on your needs and wants but are not required by the government to spend any further on various public services. In other words, you don’t have to pay tax when living in Monte Carlo, or the entire Monaco for that matter. The Principality is an official tax haven, and as such, it attracts so many affluent individuals who want to keep their large and highly taxed income intact.
Nonetheless, you’ll need to have a resident status to enjoy Monaco’s main attraction. To obtain it, you’ll need to have your own residence and stay there for at least six months, after which you’ll have to present the necessary papers to the residency officials who’ll then take care of the rest.
High Levels of Security in Monte Carlo and Anywhere Else in Monaco
Monaco may not have an army, navy or an air force but it has a largely present police force that’s bigger – with regards to the number of policemen for the entire populace – than those of its neighbors. This ensures that everyone is safe from crime not only in the income-generating district of Monte Carlo but also in the rest of the city state. Monaco’s cops are effective at their work, and even incorporate units with certain useful specialties.
So is living in Monte Carlo worth what you pay for? Given the lack of tax – which sometimes come in at least five-digit figures elsewhere – an environment that provides a lot of leisurely activities, and the feeling of safety and comfort, you can bet your stay is worth the top dollar.