Life in Monaco? (real estate, homes, neighborhood)

[iamwhiteknight]

Hi all,

I'm new here. A lot of the threads here seem related to the US, so I hope I'm not out of place posting.

Right now I live in the UK and I've been considering emigrating to another European city. My primary motivation is to go somewhere safe, clean with a high standard of living. I'm lucky in that I have an Internet business and a UK passport, so travel in and out of the EU is thankfully simple.

I'm curious if anyone here has visited Monaco, and what there thoughts are on it.

I only know the stereotypes. The little research I have seen, seems to indicate it's a safe, largely crime-free, beautiful country. Then there's the consideration of taxes... that would seem to work in my favor due to the type of work I do.

I'm just wondering what life there is like. Do you have any experiences?

I know it's certainly not cheap. I saw rented places there for 5,000 euros a month. Still, that's half as much as I'm spending on taxes right now.

Any and all thoughts would be welcomed.

Much appreciated!

-WK

[DannyBanany]

I'm an American, but I spent some time in Monaco and Southern France a year and a half ago. It is one of the most beautiful areas I have ever seen and everything about it seems so warm. The people, the culture, and especially the climate.

Monaco, as you probably know, has no income tax and they are even endowed with free cable television! It is one of the most expensive places to live on Earth and I doubt that just anyone can pick up and move there. It would probably be much easier for you to move to Nice, St. Tropez, or anywhere else along the French Riviera and then just visit Monaco.

One drawback to Monaco is that it is basically just a bunch of skyrises in a one square mile area (km?). Monaco is smaller than my neighborhood here in Rapid City, South Dakota. I do love the Riviera though!

[edk]

They also have no compulsory military service. There is a long-standing treaty that says that if the ruling Prince of Monaco fails to produce a male heir, the territory reverts to France. No wonder the Monegasques were so anxious for Grace Kelly to have a boy.

[DannyBanany]

I don't know if it's just a rumor, but wasn't one of the Grimaldi's gay? Must have made it very difficult to produce an heir!

[iamwhiteknight]

Originally Posted by edk

They also have no compulsory military service. There is a long-standing treaty that says that if the ruling Prince of Monaco fails to produce a male heir, the territory reverts to France. No wonder the Monegasques were so anxious for Grace Kelly to have a boy.

I heard that. Didn't they modify it so that his daughters could take over? Besides which... doesn't Albert II have a boy to a flight hostess?

Prince Albert II of Monaco formally acknowledges illegitimate biracial son | Jet | Find Articles at BNET.com

[iamwhiteknight]

Originally Posted by DannyBanany

One drawback to Monaco is that it is basically just a bunch of skyrises in a one square mile area (km?). Monaco is smaller than my neighborhood here in Rapid City, South Dakota. I do love the Riviera though!

Sounds unbelievably small. And they have 33,000 residents? wow.

What's it like for connections to other places? Is the land separated by water and bridges? Is it drivable, or do you need air/boat transportation to connect to the rest of mainland Europe?

[BlueWillowPlate]

Originally Posted by iamwhiteknight

Sounds unbelievably small. And they have 33,000 residents? wow.

What's it like for connections to other places? Is the land separated by water and bridges? Is it drivable, or do you need air/boat transportation to connect to the rest of mainland Europe?

It's basically a city-state and is right on the coast between France and Italy.
It is certainly driveable but train service is excellent.
The main industry is tourism--you've heard of Monte Carlo?
It's a pricey place to visit, let alone live.

[iamwhiteknight]

Originally Posted by BlueWillowPlate

It's basically a city-state and is right on the coast between France and Italy.
It is certainly driveable but train service is excellent.
The main industry is tourism--you've heard of Monte Carlo?
It's a pricey place to visit, let alone live.

Thanks.

Yes, I know it's pricey. The main attraction for me is no income tax - that would free up at least €10k a month.

That being the case, it sounds like you need to be a multi-millionaire just to get residency, so I'm not sure how realistic it is. Property is insanely priced, too, and I've heard there are bars on the island that charge 55 euros for a beer.

What I'm wondering is about living conditions for moderately comfortable earners. My salary is around $200K a year. Do they have all the regular amenities like a decent supermarket, movies, hardware stores, etc?

Or is all that stuff imported from elsewhere?

I'm personally trying to benefit tax savings with living costs. If there's not a lot of difference in the end result, I don't see much attraction with living on a 1km stretch of coast if there's not a lot of "lifestyle" options.

[Mooseketeer]

Originally Posted by iamwhiteknight

Sounds unbelievably small. And they have 33,000 residents? wow.

What's it like for connections to other places? Is the land separated by water and bridges? Is it drivable, or do you need air/boat transportation to connect to the rest of mainland Europe?

You just drive into it From France. It is part of Mainland Europe. You can get anythong you need as it just comes in by truck from France. Litterally 2 minutes away.

I have to say I find it incredibly dull , boring, overbuilt and one of the snobbiest places on earth.

Same with Monte-Carlo ( especially considering how incredibly beautiful that bit of coast used to be before the high-rise)
It's a tax-haven for those who try to evade paying taxes in their own country.

You need a resident's permit to prove residency and if you can afford the real estate you should be fine. It's basically a playground for multi-millionaires and billionaires , because of the tax issue. If you can't afford a yacht and a string of polo horses you might feel out of place. It's very, very expensive.

Personally I think Provence or Italy just on the other side has much, much more to offer, culturally, in scenic terms and just about anything else.

But if you love chi-chi women with little lap-dogs who have faces like tanned leather and wear a lot of couture, or leather trousers and a lot of gold in their 60s and bimbos, and vapid people it might be the place for you. And of course if you love casinos. Guess how the tax-free status is funded.

French is the National language but Italian is also commonly spoken.

IMO possibly the least interesting place in Europe. Would have been fantastic about 80 years ago.

The Royal Family has had a very trouble time in recent years with Albert reputed Gay ( though he did play the playboy role pretty well considering he was always being photographed with models), Stephanie the wild child who was supposedly driving the car ( aged 14) when her mother Grace ( Kelly) was killed in the fatal accident
, she is known for sleeping with anything that moves and has had many notorious deemed unsuitable affairs with personal trainers, valets, and I think her latest was a circus performer, She also had a brief career as a really, really bad pop star, Caroline has herself had a rather stormy love life.

The Monegasques love their Royal Family.

BBC NEWS | World | Europe | Country profiles | Country profile: Monaco
https://www.cia.gov/library/publicat...k/geos/mn.html
Monaco

[iamwhiteknight]

Thanks for the info, Mooseketeer.

What I'm looking for primarily is residency in somewhere fiscally favorable, hence the look at Monaco. Plus it's not too far from where I currently live (2 countries over).

I intend to spend the minimum required time in any such place, as to retain the residency, and the rest in the US/Canada where I actually know someone!

The snob factor concerns me. I'm certainly not in the "yacht and polo horse" league. It also sounds like, should the state family be the victims of a nasty plane crash, there's a lot of residents on the island who'd be forced to look for other homes. That doesn't seem too stable, if you ask me.

Hmmm... the search continues. Thanks again.