This post is not for real. Why would you be asking this question on a public message board? If I were making 7 figures a year, then I would contact my attorney to have him hash out these details. Why would you seek advice off of a public message board if you are a multi-millionaire? This doesnt make any sense. In any event, I wouldnt want to go to Monaco. Get yourself a place in Southern California or Southern Florida. Find a bunch of female groupies and get some friends like that guy on the HBO special Entourage. Get yourself a Mercedes, cruise down the Hollywood strip with the top down and make your way into the clubs with your entourage and female groupie team. Monaco, come on, thats for guys in wheelchairs.
It's a surreal place thats for sure, walking around the streets reminded me of some Disney Land theme town
Thanks everyone for the replies. I've done some research and the 2 issues I come up with according to their residence criteria: -work document endorsed by the Employment Department of the Principality, or any other professional substantiating document, or a request for authorisation to set up a business or a company, or a bank reference proving sufficient means of subsistence, - a rental contract, or a promise of rental, or a certificate of accommodation (examined by the ad hoc) Commission) or a deed of ownership, or a written undertaking by the interested party to produce one of the four aforementioned substantiating documents within the three months following his or her arrival in the Principality Seems you need a work document, request to set up a business or proof that you don't need to work. In the case of a trader I guess I could apply to set up a business as a sole operator (as I do here). Companies don't pay tax if no more than 25% of turnover outside of principality. I guess it could be argued that turnover is generated in Monaco if trading from home. The second point is that you don't need to buy property to get a residence permit, it is sufficient to rent. I looked at http://www.montecarlo-realestate.com and the prices don't look too obscene when you take into consideration all the tax you will be saving. It looks like you could get something liveable for 3-5k Euro/month. Say it costs 75k/year more to live in Monaco than a typical major city. Where I am, paying almost 50% taxes, only have to be earning over 150k year to start being better off in Monaco. This has made me wonder why the place isn't filled with independent traders? I am planning to find this out myself, but thought there would be at least a few on ET living there....so feel free to PM if you are out there!
http://en.wikipedia.org/wiki/Tax_heaven Also try "offshore financial centers" The winner was the Cayman Islands... If you like Europe, Croatia and Andorra are still good choices...
I have a place in Malta. 15% flat tax and residency is as simple as a 300k purchase or sufficient rent outlay. High standard of living, educated locals and English-speaking.
Andorra is landlocked, no? That rules out docking a sailboat in front of the pad, Skiing is said to be good though and there are little hassles about residency. As a formula I fan, if I died in Monaco it would be ok.