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Just the name "Monaco" captures the imagination conjuring images of great indulgence and extreme wealth.
You might imagine European aristocrats cruising the perfect beachfront in Italian supercars, sipping expensive champagne and laying small fortunes on the green felt of the principality's 19th-century gaming halls.
A few years ago The New York Times Travel Section unloaded on the Principality of Monaco as follows:
The 1.08 square miles of Monaco on the French Riviera is home to about 33,000 people, nearly 85% of them foreigners, most very wealthy. This unique and ancient principality is not for everyone. For those who wish to make this their permanent home, it helps to have a great deal of money and an assured income for life.
And it doesn't hurt to know H.S.H. Prince Albert II and the royal family, (not counting his illegitimate offspring).
A major reason we recommend Monaco, (for those who can afford it), is because it is a true tax haven for the exceedingly wealthy - and it takes great wealth to afford living here. It's home to many millionaires and billionaires from around the world, including many retirees enjoying the good life.
Aside from beautiful weather and a spectacular view of the Mediterranean, there are undeniable tax benefits available in Monaco.
The authorities don't want you to call Monaco a "tax haven" even though that's exactly what it is. Since 1869 there have been no income taxes for Monegasque nationals and resident foreigners. There are no direct, withholding or capital gains taxes for foreign nationals, (except for the French, who because of a bilateral tax treaty with Paris, cannot escape the clutches of the French tax system).
In fact, there's only one extreme drawback to choosing Monaco as your personal tax haven (assuming of course, you can afford it). I'll explain all about it tomorrow. Until then...
BOB BAUMAN, Legal Counsel
P.S. Monaco might be a little rich for your blood, but the world has a multitude of offerings that can help you protect your wealth and even retire in a tropical paradise. Join myself and a panel of experts from across the globe in Cancun on November 5th through 8th for The Sovereign Society's 3rd annual Offshore Advantage Seminar. Reserve your spot before October 13th and receive a special discount. Click here for details.
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