1. Provides No Income Tax
The most common reason why rich people choose to live in Monaco is the fact that the city-state does not have personal income tax. You can earn as much money as possible and you will get all of it with no tax cut.
This is why Monaco is popularly known as the tax haven. People from outside Monaco, who owns business outside Monaco, choose to live in Monaco to dodge from their own country’s taxes.
This regulation is proven to be effective in decreasing the number of poverty. Monaco is indeed the world’s richest country based on its GDP per capita.
If you are a business owner who loves luxurious lifestyle in warm country and want to dodge your country’s ridiculous tax cut, Monaco is the perfect place for you.
