Wednesday 13th September 2023
The sovereign principality of Monaco is in the limelight. Billed as ‘undergoing a renaissance’ in a Conde Nast Traveler US feature article (Sept 5, 2023), earlier this summer Hamptons’ prime partners in the French Riviera expanded along the Mediterranean coast to open an office there.
What can we share with you about Monaco, the second smallest country in the world? Despite its small size & population around 39,000 this principality punches high above its weight. And ranks as one of the safest countries in the world (Global Residence Index) after Leichtenstien, Andorra and Isle of Man.
No longer viewed as a tax haven, (non-French) nationals residing there do not pay personal tax and it has the highest GDP per capita of any country, followed by Luxembourg. Monaco has been identified by Henley & Partners as one of the European cities to have experienced especially strong wealth growth over the past decade (2021 – 2022). The average wealth of a person living there exceeds USD$10m.
It is possible for foreigners to buy property in Monaco, but there are some conditions. The majority of the resident foreigners come from France, Italy and the UK, although a 2020 IMSEE report recorded 139 nationalities represented there, including communities from Belgium, Switzerland, Germany and North America. The world’s most expensive city, apartment prices can exceed USD$35,000 per sq. m. with additional purchase costs around 6% of the purchase price. There is great rental demand too
For the super-rich and the growing number of tourists each year (363,000 in 2019) Monaco provides an amalgamation of glamour, heritage, and natural beauty, with a population that enjoys one of the highest standards of living on the planet. From its iconic casinos to the charismatic charisma of the Grimaldi royal family, Monaco is a place that has captured the world's imagination for centuries.
Monaco is brimming with captivating sights and activities. The Monte Carlo Casino, with its stunning Beaux-Arts architecture, is a must-visit. Even if you're not a gambler, the sheer grandeur of the building is worth the trip. For motor enthusiasts, the Monaco Grand Prix is an unforgettable experience. The spectacle of Formula One cars whizzing through the city streets is truly extraordinary.
If you're a lover of the arts and sciences, the Oceanographic Museum is a must-see. Its collection of marine artifacts and species is one of the most comprehensive in the world. And of course, no visit to Monaco would be complete without a leisurely stroll through the Princess Grace Rose Garden. With over 4,000 roses in bloom, it's a sensory delight.
Its Mediterranean climate promises warm, dry summers and mild winters, making it a year-round destination. The principality is divided into several neighbourhoods, each with its own character, from the historic Monaco-Ville to the bustling La Condamine, the glamorous Monte Carlo, and the tranquil Fontvieille.
So whether you're a lover of history, a thrill-seeker, or just someone looking for a slice of Mediterranean paradise, Monaco has something for everyone. Discover the magic for yourself - and if you are in the league to buy a property there, get in touch. We have the best people in place to help you there.