There are few places in Europe that are as glamorous as Monaco. It’s home to some of the richest, most famous, and most successful people on the planet who have all crammed themselves into the tiny principality to enjoy everything that it has to offer.
A trip to the micronation will reveal just how glamorous it is. It’s a place where you’ll find Ferraris around every corner, stores advertising yachts like an estate agent sells houses, and more designer clothing than New York Fashion Week.
Take a stroll to the waterfront and you’ll find superyacht after superyacht lining the harbor, so much so that there’s sometimes little room for them to moor. Similar things happen on the streets with supercars, sports cars, and luxury vehicles filling up the limited parking spaces that are available in the principality.
Some of the wealth on show in Monaco is owned by visitors, but most of it is the property of its rich and famous residents.
The list of celebrities that do or have called the micronation home includes Sir Roger Moore, Caroline Wozniacki, Björn Borg, David and Ezra Nahmad, Dame Shirley Bassey, Ringo Starr, and James Caan.
But what attracts all this glamour to Monaco?
Low Taxes
It’s no secret that one reason wealth is attracted to Monaco is that it offers lower taxes than in many other parts of the world.
Individuals don’t have to pay income or capital gains taxes, there are property taxes, and profits on local companies are not taxed either as corporation tax or when it’s paid as a dividend.
Instead, the government generates revenue from a tax on rental income, selling stamps, registration fees, taxes on certain recreational goods, and from its casino.
Casino de Monte-Carlo
Located in Place du Casino is the Casino de Monte-Carlo, one of the oldest gaming establishments still operating in the world.
Opened in July 1865, it has been welcoming players from across the continent and further afield for more than 150 years.
It offers all of the typical casino games you would expect, including roulette, baccarat, and slots. Players will also find plenty of blackjack tables offering them the opportunity to try out different strategies like doubling down or using the insurance side bet when it looks like the dealer may have blackjack. In both instances, these involve adding more chips to the table after the cards are dealt, adding additional jeopardy and excitement to the game.
Of course, there are plenty of places where these types of games can be played, but none offer the history, atmosphere, and stunning architecture (both inside and out) that the Casino de Monte Carlo does.
Formula 1
On top of the long list of actors, business people, singers, and tennis players that call Monaco home, it’s also where many current and former Formula 1 drivers, team bosses, and officials live.
Seven-time world champion Lewis Hamiton is joined by former teammates Nico Rosberg, Jenson Button, and Valtteri Bottas, as well as David Coulthard, Charles Leclerc, Eddie Irvine, Max Verstappen, Eddie Jordan, and Daniel Ricciardo.
They don’t just live there for the low taxation though. Many F1 drivers move to Monaco because of its location and the fact that it is home to the Monaco Grand Prix.
Each year, the streets of where they live are turned into the most famous and most glamorous Grand Prix of the season with cars weaving their way between famous landmarks like the harbour and the Place du Casino.
Location
There are plenty of other places that offer similar things, including great weather, tax breaks, and casino games, but none are located in the heart of Europe.
Monaco is located on the south coast of France, overlooking the Mediterranean Sea. It’s a short drive from Nice, in France and two hours and 3.5 hours from Italy’s Genoa and Milan respectively. Many other European cities are within a day’s travel by land, including Barcelona, Zurich, Munich, and Luxembourg.
And with several international airports nearby and easy access to the sea, getting in and out is simple for people that live busy lives, like athletes, business people, and movie stars.
