It can be done with a $150k deposit as well. It only depends on your bank, consequently on the relationship that you have with the bank. The authorities doesn't require any specific amount instead the bank must issue a letter to the government stating that you're self-sufficient. It's up to the bank that what's enough and what's not. Banks usually take this opportunity to ask more money from you because that money must stay deposited in Monaco as long as you have your permit so banks are quite reluctant to issue this letter under $500k or preferably $1 million. However if you're already banking with them in another country and you're a good client then they can get it for as low as $150k. Societe Generale, Barlcays and other banks issued letters for deposits below $200k. Btw if all you want is a tax-free address and you want to travel around and remain a non resident in other European countries then why bother with Monaco? There are plenty of options. Malta is far better suited for this purpose but you can get a permit in Panama for almost nothing.
my understanding is that you only need to actually be present in Monaco for 90 days of the year to maintain temporary residency (1st 10 years). You can then progress to privileged residency and citizenship. If you show electricity bills every year amongst other docs the renewal will be easy. The border is completely open there are no checks, it would be impossible for anyone to prove that you were not there for 90 days unless you were under 24-7 surveillance lol. For the mega rich people they obv have a bigger place in the principality and likely large motoryacht.
Your insight & feedback is much appreciated, thanks. Thoughts on Portugal's non-dom offering? It seems like one of the better low tax arrangements - 20% on active trading/business, 0% on passive investment income (subject to certain criteria). Bulgaria and Estonia are roughly the same overall rate. Any others I overlooked? (you alluded to having found a low-tax EU solution, curious if it was any of these 3 or something else)
i read Streber post by now... the issue with crs is which countries do exchange information, especially willingly. we both made out point suficiently with different links and apparently different feedback. As of Dubai there are many issues, but this newsclip is not convincing, the accused claimed domething different than the witness who called the cops. Why would u prefer to believe the accused couple ?
How about we create a list that summarises the tax benefits/points raised etc for the countries mentioned in this thread. This is a long thread now, I'm sure many would appreciate it. A list ranking them would be ideal.
You can say that you live in Monaco while you live elsewhere. You can do numerous things to cheat the system. You can lie about countless things. These are collectively called as tax evasion. The question is, why would you do that when there are legal or at least gray options to avoid paying taxes? Why do you need Monaco so desperately? Go to Malta, get an address without any bank deposit and enjoy your non domiciled status and tax free trading income while you're traveling around. Far better and far more low profile than Monaco. Like I said, if you "live" in Monaco but you own/rent an apartment in France then you're a tax resident whether you spend there 1 day or 100 because you're resident on the day you buy/rent your property. I don't see the point anyway... why would you pay that much rental fee? To get a tax-free address? Rent a flat in Malta for $500/mo then or in Panama.
Unfortunately the Portugal NHR scheme is not working for traders and even not for investors because the basic rule is that your foreign sourced income/capital gain either must have been subject to taxation elsewhere or based on the double tax treaty between Portugal and the source country, the source country must have the right to tax your income/capital gain even if it didn't tax your income/capital gain. However 99.99% of the tax treaties exempts non residents capital gains sourced from regulated capital markets and makes it taxable in the taxpayers' country of residency. Consequently your trading income and capital gain sourced from the UK for instance is 100% taxable in Portugal at the regular tax rates up to 48%. Estonia is probably the best solution if you make more than you spend because you can retain your profits in your company tax-free and you pay the 20% CIT only on the distributed profits.
I already did that, visit page 36. I'll create a new one on the weekend, thanks for the recommendation.
I have never been to Dubai and presently I have no intention to go there because (now you can truly laugh on me!) I'm seriously afraid to even visit Dubai. I know, I know, tens of millions of people went there without any troubles but still, I'm just afraid. It can be 100% my fault and Dubai may work nice and fine for most people but I feel like I can't live in a country where you can get jailed for almost nothing. Do you read this blog? It's a non-profit organization trying to help people in Dubai. You can read truly horror stories here: http://www.detainedindubai.org