Nearly 35 in every 100 Monaco residents are millionaires and more of the global super-rich want to join them. Most of his clients looking to buy in Monaco have vastly more than seven-digit fortunes. You can’t avoid that Monaco is a tax haven, you can dress it up as a low-tax environment, but it is a tax haven with a lot of tax breaks for families, businesses and importantly inheritance tax. Companies incorporated in Monaco are exempt from taxes if most of their business is based in the principality. In order to apply for Monaco residency, applicants must open a Monaco bank account and deposit at least €500,000 (£440,000).

Source: The Guardian November 19, 2017 16:49 UTC