| Monte Carlo attracted the new rich Russians a | | | | with a bricks and mortar business who has sold up, |
| decade ago, but a decade later it's the British | | | | but also younger entrepreneurs, some of whom have |
| – using conventional banking methods and with | | | | made money in e-commerce. A significant number of |
| it a degree of respectability – who are | | | | buyers from the UK have worked in the financial |
| investing in Europe's top tax haven. | | | | sector, invariably in the City of London. We see a lot |
| While the British have been players in the region for | | | | of futures and commodity brokers who are on high |
| nearly two hundred years, with Nice just along the | | | | million pound and more salaries with annual bonues to |
| coast being a favourite resort of the genteel | | | | match. |
| Victorian English – in recent years the British | | | | Some British buyers continue to trade or run their |
| have held a presence in Monaco, but now they're | | | | businesses from Monaco. Nice Airport is a ten minute |
| back in numbers not seen for over a century. | | | | helicopter ride away, and the City of London can be |
| The new wave of British buyers is welcomed by | | | | just three hours away from their Monaco property |
| Monaco real estate agents as their funds are more | | | | with the right connections. With some clever |
| likely to be legitimately earned, while some of the | | | | accounting thrown in, today's technology enables |
| 90's Russian cash was often a little suspect. | | | | people to manage their UK business from Monaco in |
| 'Things have changed since the 90's when the | | | | a tax free environment'. Hotel de Paris Monaco |
| Russian mafia were the big players in town', explain a | | | | A loca Monaco travel guide has also noticed more |
| Monte Carlo property agency, 'Then it was easy to | | | | Brits on the streets of Monte Carlo. |
| put a few million cash down for a property and not | | | | 'The British have arrived in Monaco in numbers |
| have questions asked. In the last few years the | | | | recently. The ones I have spoken to have recently |
| banks have really tightened up due to government | | | | sold their business or are on very high salaries with |
| pressure because of the 'war on terror' and tracking | | | | million pound and more annual bonuses. I would like to |
| money from illegitimate sources. Estate agents in | | | | think they are coming here for the Monaco weather, |
| Monaco know that the chances of a British buyer | | | | but of course it is for the tax environment we offer |
| being able to show the source of their money as | | | | -and of course the Monaco Grand Prix.' |
| legitimate is very high'. | | | | In recent years the British economy has consistently |
| With quite ordinary one bedroom apartments at just | | | | been one of the strongest in Europe, and with a top |
| under a million Euros, and a typical three bedroom | | | | rate of income tax cut a decade ago to forty per |
| apartment at over three million Euros, property prices | | | | cent the wealthy have become wealthier – |
| have more than doubled in Monaco in the last ten | | | | and want to stay that way. |
| years. | | | | 'Despite the top rate of tax coming down to forty |
| In the past Monaco property buyers have often | | | | per cent, by the time other direct taxes such as |
| been retired sixty-somethings, staying away from | | | | National Insurance are taken into account around half |
| their home country to avoid the taxes that come | | | | of top earners salaries are – as many of the |
| with selling their business. But today's Monaco buyer | | | | Monaco property buyers from Britain see it – |
| is just as likely to be in his mid thirties or forties as | | | | being lost to the Inland Revenue. By moving to |
| they are in their sixties, with the middle age British | | | | Monaco they effectively double their disposable |
| leading the way. | | | | income. |
| 'A few years ago around one in ten enquiries we | | | | When you go to hotels in Monaco and see a couple |
| were receiving were from the UK', the agency | | | | with estate agent details on the table and a map of |
| continue, 'but now it's virtually four in ten – a | | | | Monte Carlo with various places highlighted, there's an |
| significant shift in the nationality of Monte Carlo | | | | almost even chance that they will be British. A lot |
| property buyers. | | | | more than just a couple of years ago. They like |
| The buyers have often made their money from one | | | | Monaco, the security, the tax advantages and the |
| of three sources. The traditional company owner | | | | closeness to London'. |