Why do millionaires stay in Monaco?
Why do millionaires stay in Monaco? Tax Haven. One of the main reasons for Monaco's wealth is its status as a tax haven. As early as 1869, the principality abolished income tax, making it an attractive destination for the super-rich. Monaco's tax system is designed to encourage capital transfer and income generation without heavy taxation.
Can you live in Monaco without being rich?
In order to become a resident, applicants must rent or purchase a property here, and deposit and maintain at least 500,000 euros into a bank registered in Monaco.
What is the best country to live in for millionaires?
Switzerland is a favorite among crypto millionaires. For ultra-wealthy individuals, Switzerland remains a preferred country for the past decade or so. The country remains a global leader in terms of wealth management.