| Escapees from the tax system are already paying | | | | perhaps best known for the Monaco Grand Prix. |
| nearly US $1,000,000 for studio apartments but | | | | In addition to the race that takes place each May, |
| Monaco property prices could still rise steeply in the | | | | the world's premier yacht show is held in September, |
| next couple of years, and Europe's favourite tax | | | | attracting millionaires and billionaires to view what the |
| haven could be out of reach for some millionaires | | | | yachting world has to offer. |
| according to a local travel guide. | | | | Monte Carlo real estate specialists Tribune properties |
| Different recent surveys have all been good | | | | say that the yacht show in September is |
| indicators for Monaco, showing more people likely to | | | | symptomatic of the way Monaco has progressed in |
| apply for residency and buy property in Monaco. | | | | recent years in attracting high profile events to the |
| Buyers from the UK in particular are expected to rise | | | | principality. |
| in number. | | | | 'Apart from the Monaco Grand Prix and the yacht |
| Commenting on the findings, Monte Carlo and Monaco | | | | show, there is the tennis in April and this year for the |
| destination guide say 'While we would like perhaps to | | | | first time a flower show. If it goes the same way as |
| imagine that it's the fine cuisine and good weather in | | | | the other events it will be a success in its own right |
| Monte Carlo that is attracting the British to Monaco, | | | | before too long. Having different events throughout |
| we know realistically that it is because residency | | | | the year benefits the Monaco hotels and the tourist |
| entitles them to a zero rated income tax. | | | | sector generally'. |
| One survey says that the number of millionaires in | | | | The European tax haven is the second smallest |
| the UK will increase four fold in the coming years, and | | | | country in the world, but the Monaco map was |
| the UK has become a very important market for | | | | re-drawn twenty years ago when land was reclaimed |
| Monaco real estate recently - that will boost prices as | | | | from the sea. Earlier this year bids were invited for |
| the demand feeds through. Another survey coming | | | | an island to be built off Monte Carlo. |
| out of the UK predicts that house prices will rise by | | | | 'When complete the island will add to the Monaco |
| 70 per cent over the same period. Inheritance tax in | | | | housing stock', say Tribune Properties, 'And this might |
| the UK is quite a big issue at the moment as many | | | | help dampen the property prices a little. But we |
| more people are above the government threshold | | | | anticipate that the apartment blocks will be low rise |
| due to their house price, and in Monaco there is no | | | | as Prince Albert is very keen to promote Monte |
| inheritance tax, which gives an added incentive for | | | | Carlo as an environmentally sound place to live. We |
| some to move to a tax haven. People choose to | | | | expect some of the properties will be reserved for |
| leave their money to their children, cutting out the | | | | key workers while the rest will be available for |
| government that would take a large share.' | | | | general sale. But overall we doubt if the new |
| A CBRE report on world property also noted that | | | | apartments will keep up with increased demand, and |
| Monaco real estate prices match those of London | | | | property prices in Monte Carlo will stay as high as |
| and New York's Manhattan. | | | | London and Manhattan'. |
| 'Apart from the very obvious financial advantages | | | | It is also possible that when the island is complete |
| that can be had by moving to Monaco', conclude | | | | that the Monaco Grand Prix circuit will change. |
| YourMonaco.com, 'Perhaps the most telling survey for | | | | Monaco has long been notorious for a lack of |
| us was the one by Laura McKenzie, a US travel | | | | overtaking places, and this might help alleviate the |
| expert. She rates Monaco as the number one | | | | situation. Included in the plans will be new Monte Carlo |
| destination for safety. For people with money | | | | hotels. |
| preserving and optimising what you have in the bank | | | | 'Overall all the key elements are in place to see a |
| is important, but so is the ability to walk down the | | | | significant rise in Monaco property prices in the near |
| street without fear. Monaco provides both the | | | | and medium term', claim Tribune Properties. 'Quite |
| financial and personal security the wealthy seek, and | | | | ordinary one bedroom apartments are changing |
| it should come as no surprise when they decide | | | | hands at a touch under a million Euros at the moment |
| Monaco is the best place for them and their families | | | | - over a million US $'s. Give it two or three years and |
| to live.' | | | | it's possible that you won't be able to buy even a |
| Hotels In Monaco | | | | studio apartment suitable for under a million Euros. |
| Apart from being a tax haven, the principality is | | | | |