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Taxes, a big pain!

Posted by Cario - Created: 14 years ago
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4 replies (Showing replies: 1 to 4)

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Posted by Zeynep-183200 - 14 years ago

You can very well be resident in Monaco and also own a secondary residence in France. This is legal and lots of people do it.

However, be warned that the Monegasque police are not dumb and they check on who really lives in Monaco and who does not. They look at electricity & gas bills, and it is not unheard of for the neighbours to be questioned.

Also, obtaining residency in Monaco while having no business in the Principality is kind of a Catch-22 situation that depends to a significant degree on your net worth - You need to have a bank account in Monaco to ask for residency from the Monegasque police, and you need to be resident in Monaco in order to open a bank account here. Unless, of course, you bring in a minimum of about EUR 100,000 to a bank, in which case they will open an account for you even if you are not resident here.

Good luck,

Zeynep

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Posted by Adrian H - 14 years ago

One way may be to work through your own limited company. You pay yourself a small income, which is taxable in France. The rest is paid as dividend in Monaco which is tax free.

A H

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Posted by simonwynne - 14 years ago

Living in Monaco is one thing, if one lives in the limitrophe of Monaco i.e. La Turbie, Eze, beautiful Beausoleil etc....is another...some of the Mc sites have more info on this subject..

 

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Posted by hope-186232 - 14 years ago

I think you should change your job to Monaco aswell as have a 1st residence there but I could be wrong! wait for some other replies.yvonne