| Escapees from the tax system are already paying | | | | tax haven, the principality is perhaps best known for |
| nearly US $1,000,000 for studio apartments but | | | | the Monaco Grand Prix. In addition to the race that |
| Monaco property prices could still rise steeply in the | | | | takes place each May, the world's premier yacht |
| next couple of years, and Europe's favourite tax | | | | show is held in September, attracting millionaires and |
| haven could be out of reach for some millionaires | | | | billionaires to view what the yachting world has to |
| according to a local travel guide. Different recent | | | | offer. Monte Carlo real estate specialists Tribune |
| surveys have all been good indicators for Monaco, | | | | properties say that the yacht show in September is |
| showing more people likely to apply for residency and | | | | symptomatic of the way Monaco has progressed in |
| buy property in Monaco. Buyers from the UK in | | | | recent years in attracting high profile events to the |
| particular are expected to rise in number. Commenting | | | | principality. 'Apart from the Monaco Grand Prix and the |
| on the findings, Monte Carlo and Monaco destination | | | | yacht show, there is the tennis in April and this year for |
| guide say 'While we would like perhaps to imagine that | | | | the first time a flower show. If it goes the same way |
| it's the fine cuisine and good weather in Monte Carlo | | | | as the other events it will be a success in its own right |
| that is attracting the British to Monaco, we know | | | | before too long. Having different events throughout the |
| realistically that it is because residency entitles them to | | | | year benefits the Monaco hotels and the tourist sector |
| a zero rated income tax. One survey says that the | | | | generally'. The European tax haven is the second |
| number of millionaires in the UK will increase four fold in | | | | smallest country in the world, but the Monaco map |
| the coming years, and the UK has become a very | | | | was re-drawn twenty years ago when land was |
| important market for Monaco real estate recently - | | | | reclaimed from the sea. Earlier this year bids were |
| that will boost prices as the demand feeds through. | | | | invited for an island to be built off Monte Carlo. 'When |
| Another survey coming out of the UK predicts that | | | | complete the island will add to the Monaco housing |
| house prices will rise by 70 per cent over the same | | | | stock', say Tribune Properties, 'And this might help |
| period. Inheritance tax in the UK is quite a big issue at | | | | dampen the property prices a little. But we anticipate |
| the moment as many more people are above the | | | | that the apartment blocks will be low rise as Prince |
| government threshold due to their house price, and in | | | | Albert is very keen to promote Monte Carlo as an |
| Monaco there is no inheritance tax, which gives an | | | | environmentally sound place to live. We expect some |
| added incentive for some to move to a tax haven. | | | | of the properties will be reserved for key workers |
| People choose to leave their money to their children, | | | | while the rest will be available for general sale. But |
| cutting out the government that would take a large | | | | overall we doubt if the new apartments will keep up |
| share.' A CBRE report on world property also noted | | | | with increased demand, and property prices in Monte |
| that Monaco real estate prices match those of London | | | | Carlo will stay as high as London and Manhattan'. It is |
| and New York's Manhattan. 'Apart from the very | | | | also possible that when the island is complete that the |
| obvious financial advantages that can be had by | | | | Monaco Grand Prix circuit will change. Monaco has |
| moving to Monaco', conclude YourMonaco.com, | | | | long been notorious for a lack of overtaking places, |
| 'Perhaps the most telling survey for us was the one by | | | | and this might help alleviate the situation. Included in the |
| Laura McKenzie, a US travel expert. She rates | | | | plans will be new Monte Carlo hotels. 'Overall all the |
| Monaco as the number one destination for safety. For | | | | key elements are in place to see a significant rise in |
| people with money preserving and optimising what you | | | | Monaco property prices in the near and medium term', |
| have in the bank is important, but so is the ability to | | | | claim Tribune Properties. 'Quite ordinary one bedroom |
| walk down the street without fear. Monaco provides | | | | apartments are changing hands at a touch under a |
| both the financial and personal security the wealthy | | | | million Euros at the moment - over a million US $'s. |
| seek, and it should come as no surprise when they | | | | Give it two or three years and it's possible that you |
| decide Monaco is the best place for them and their | | | | won't be able to buy even a studio apartment suitable |
| families to live.' Hotels In Monaco Apart from being a | | | | for under a million Euros. |