One of the dream destinations of luxury travellers, Monaco is perched in South France on the Mediterranean Sea, this country is a postcard-perfect location. Often touted as the wealthiest place on the globe, it is the residence of royalty, celebrities and billionaires. Home to the Monaco Grand Prix, this country defines the true meaning of opulence and richness.
For 700 years, it has been ruled by the Grimaldi family, whose most popular ruler was Prince Rainier III, who made the country popular with his jurisdiction. He strengthened the economy, the tourism industry thrived during that time, and taxes became liberal. His marriage to the famous actress Grace Kelly made the spotlight fall on Monaco. Now, Monaco is one of the most beloved places for tourists and celebrities alike to visit because of its prime location, lavish lifestyle, and vibe, which no other place provides.
Tax Haven
The laws and policies of Monaco are such that the tax regime is very favourable to the residents. Since there are no direct taxes, many high-net individuals feel that the country is a good place to invest their earnings. Hence, many celebrities, businessmen and investors prefer this country, making it one of the richest places per capita in the world.
Uber Luxury
Boasting the best of five hotels, big designers, global brands, Michelin-star restaurants, and a thriving culture, Monaco is truly one of the best travel destinations if you want to indulge in the finer things in life. One of the most popular places is surely the Monte Carlo Casino, which has been the setting of many major films. Besides this, the Larvotto Beach is also a reminder of the picturesque Mediterranean sea coast’s beauty. The fleet of lavish yachts is mostly on display at Port Hercules, where there are tours of the scenic country, which is an amalgamation of the new and old architecture.
Events and Festivals
Thinking about Monaco and not mentioning the Monaco Grand Prix is a disgrace. The most noteworthy event of the year, which is the Monaco Grand Prix, is the highlight of the F1 calendar, which is attended by movie stars and royalty alike with its singular track that runs through the city of Monte Carlo. The Monte Carlo Yacht Show is another private event that brings the best yachts, manufacturers, and yacht enthusiasts together on a single platform. Lastly, the Monaco International Film Festival features the best of cinema on the world stage.
The Real Estate Market
Monaco is pricey in the truest sense, and it has super expensive real estate, making the properties very desirable. The three commercial districts, Monte Carlo, La Condamine, and Fontvieille, are known to have many luxurious apartments that can cost around $5,500 per square foot and above. Still, it is one of the most demanded as the ownership of any property in such a country is a premium status in itself, with its plethora of benefits being a great choice.
Residents
The classy European architecture, exclusive neighbourhoods, private schools and great public infrastructure make Monaco one of the best places to live. This makes it one of the most sought-after destinations for famous personalities, including movie stars, business legends, royal families and even Formula 1 drivers. They are provided with a sense of privacy and are also surrounded by high-net-worth individuals, adding to the charm and glamour.
Sustainability and Future
Due to the limited space available in the country, making Monaco feel more spacious and accommodating new residents is always a challenge. For sustainable growth, many land reclamation activities are being done to create more space for living and for other recreational purposes. One such example is the Portier Cove project which is a reclaimed space in the sea and is a haven of greenery and several luxury homes. These projects help to navigate and accommodate more living and commercial spaces in this small country.
