For many years, Hong Kong reigned supreme as one of the world’s most expensive destinations. However, for several years, it has been surpassed by the glitz and glamour of the Principality of Monaco, a European country that now attracts the world’s wealthiest investors and holds the title of the world’s most exclusive destination.
What makes Hong Kong and Monaco similar?
There are multiple similarities between Monaco and Hong Kong. Both are small city-states that boast a high standard of living, super-prime real estate, a diverse multicultural population, and ultra-luxury service providers. A key draw, however, is Monaco’s political and economic security, making it the world’s most exclusive safe haven for the world’s richest individuals.
Living in Monaco
Monaco offers a safe haven for wealthy investors from around the world, including those in Hong Kong. With no restrictions on property ownership, investing and residing in this European city-state is a relatively seamless process. There are many reasons to move to Monaco; here, we explore just a few of them.
Hong Kong to Monaco
1 – A central European location
Monaco’s central location in Europe along the stunning French Riviera puts key cities within each reach. The Cote d’Azur International Airport, just a short distance from Monaco, boasts international flights to European cities like Paris, Milan, and London, as well as destinations in the US and the Middle East. Beyond the beautiful beaches lie the stunning French Alps, which are just a couple hours drive away and home to some of the world’s most exclusive ski resorts.
2 – Ultra-luxury amenities
Monaco’s ultra-luxury boutiques, hotels, restaurants, and service providers rival anywhere else. Around the famed Carré d’Or in Monte-Carlo, shoppers will delight in the world’s most covetable designer boutiques, including Louis Vuitton, Dior, and Chanel, alongside high-end jewellers.
Monaco is also home to a superb selection of Michelin-starred restaurants, offering a range of cuisines, from classic French haute cuisine to Asian fusion. Some of the most acclaimed include the three-star Le Louis XV – Alain Ducasse at Hotel de Paris and the one Michelin star Yoshi.
Those in search of relaxation and rejuvenation will also not be disappointed with a wonderful selection of award-winning spas.
3 – Home to the world’s richest individuals
UHNWIs are in good company in Monaco as the Principality is home to one of the highest number of millionaires per capita, with nearly one in three residents holding millionaire status. Monaco is also one of the top-ranked countries in terms of wealth per capita, with the average wealth of a Monaco resident exceeding US$10 million. With so many wealthy individuals, Monaco has become a sanctuary of exclusivity and opulence, with a host of service providers dedicated to meeting the needs of the world’s most discerning individuals.
4 – Ultra-safe
Monaco is considered one of the world’s safest destinations, according to the World Risk Index, ranking second just behind Andorra.
Monaco has zero tolerance for crime and boasts one of the world’s largest police forces per capita. Not only does Monaco offer a high level of personal safety, but its financial regulations make it a highly secure destination in which to invest. Monaco’s banking regulations are broadly identical to the European Union Banking regulations, with the Principality signing conventions with France and the European Union, providing enhanced protection levels and peace of mind.
5 – A mild tax regime
Monaco’s mild tax regime adds to its high appeal to the ultra-rich who want to protect their wealth for future generations. Monaco residents enjoy no direct income tax, capital gains tax, or property taxes, and there are no taxes to pay on dividends paid by local companies. Along with world-class banks, Monaco is also home to multiple family offices, supporting wealthy individuals with their investments and wealth planning.
6 – Economic and political security
In an uncertain and volatile world, Monaco boasts economic and political security. The Principality is a constitutional monarchy and is governed by a sovereign prince, Prince Albert II, and an elected National Council, made up of 24 members. The Principality also has robust human rights, which protect its citizens from arbitrary arrests or trials, as well as detention when a person is not suspected of a crime.
Monaco’s open economy actively encourages foreign investment, with a GDP that is expected to reach US$9.34 billion by the end of 2024. According to the latest 2023 Quarterly Economic Report released by Monaco Statistics, Monaco’s economy continues to grow, with sales exceeding 10 billion Euros and the cumulative number of hours worked exceeding 50 million.
7 – World-class events
Living in Monaco provides access to some of the world’s most glittering events that regularly attract VIPs, celebrities, and royalty. Highlights on the annual calendar include the highly prestigious Monaco Yacht Show, held in Port Hercule, the iconic Monaco Formula One Grand Prix, and the Rolex Monte-Carlo Masters tennis tournament. Glittering galas, such as the annual Monaco Red Cross Ball, punctuate the annual entertainment calendar, providing a roster of refined events to see and be seen at.
8 – Ultra-exclusive real estate
Monaco is home to a superb selection of prime apartments, penthouses, and ultra-exclusive villas. Catering to the world’s wealthiest individuals, many residences come with a range of superb amenities, including concierge services, fully equipped gyms, and wellness facilities, such as swimming pools and spas.
Monaco’s leading real estate agents work with global investors, including individuals based in Hong Kong, seeking to purchase a luxury property in the Principality, either as an investment or for those seeking to reside permanently in the city-state. The best agencies have access to Monaco’s most exclusive apartments, including those located in the highly sought-after districts of Monte-Carlo and Larvotto. They will also have access to coveted off-market properties that are not publicly listed.
If you’re looking to invest in the world’s most exclusive destination, then contact a Monaco real estate agent.
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