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Living in Monaco: 6 reasons why UHNWIs call it home

By LLM Reporters on 26th March 2021

What could be better than living in Monaco? There are so many reasons to take up residence in the tiny principality – from safety and security to financial advantages, and of course, quality of life. Indeed, the principality’s many offerings has made it one of the most sought-after destinations with the world’s wealthiest.

A Monaco residence in the middle of the stunning Côte d’Azur, bordered by France and the Mediterranean Sea, is the perfect location given its outstanding weather and proximity to the rest of Europe, but there’s so much more! Here are six top reasons why living in Monaco is an excellent choice.

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Elegant super-prime residences are available at some of the world’s most prestigious addresses in Moncao

Living in Monaco

Safety and security

Whether you’re enjoying a casual walk in one of Monaco’s many parks, attending an event wearing your most expensive jewellery, or heading home after a late-night dinner, there’s never a reason to look over your shoulder. Living in Monaco – known as the safest square mile in Europe – affords the utmost in security. Monaco has a well-deserved reputation for safety, with one police officer for every 100 residents and round-the-clock video surveillance throughout the principality.

Financial advantages

Monaco residency carries with it several financial advantages. The principality has a favourable tax system, as there is no personal income tax, capital gains tax, or inheritance tax in direct line. The tax-efficient regime allows high-net-worth individuals to retain more of their assets while enjoying the world’s highest standard of living.

security Monaco
Monaco is known as the safest square mile in Europe and affords the utmost in security.

Full 5G coverage

Living in Monaco offers an advantage that no other country has to date: Full 5G coverage throughout the country. As part of the government’s Extended Monaco programme, individuals and businesses in Monaco have had access to the new technology since July 2019. In addition to fast mobile access, it also provides a high-density level, which is key for smart homes, connecting with the Internet of Things, a pillar of Monaco’s Smart City goal.

High-quality health care and education

Monaco’s public and private health care sectors are ranked among the best globally. For those registered with the national system, top-level care is provided by the principality’s main hospital, the Princess Grace. It also offers private treatment, as many wealthy ex-pats have private insurance. High standards also prevail in Monaco’s education system, which meets international standards. Furthermore, the principality has a literacy rate of 99 percent.

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There are many reasons to live in Monaco – safety, financial, health care and prime real estate to name a few

Sustainability

Prince Albert II’s commitment to protecting the environment and the promotion of sustainable development encompasses every aspect of living in Monaco, from the expertly planned luxe eco-district, Mareterra, to marine conservation, organic urban gardens, green technology, and incentives for ‘clean’ vehicles.

Super-prime real estate

Another of the foremost advantages of living in Monaco is that elegant super-prime residences are available at some of the world’s most prestigious addresses, featuring such amenities as swimming pools, spas, concierge services, and fitness centres. Older buildings have been refurbished with high-quality finishes and enhanced security, while new developments continue to set new super-prime real estate standards.

With the variety of options for prime Monaco real estate, along with numerous other advantages, it’s easy to understand why living in Monaco is so desirable.