Why Millionaries have residency on Monte Carlo?

Hedge -

Thanks for the info, very useful indeed.

 

That's gotta be tough!!

 

no i think its 10 years?

as an aside, California is reportedly considering taxing people who worked here and then moved.... working in Cali and driving a couple hrs and retiring in Reno, NV is not uncommon and NV does not have state taxes.

 

I'm curious how that would work? Do you have any details?

 

http://www.monaco-consulate.com/business_opening.htm

 

But you don't pay tax on illegal income...

 

Until you get caught...

 

I really don't think the garden variety millionaires can afford to live in Monaco. The cost of living is outrageously expensive. You are a nobody there unless you have at least a decent size yacht.

 

So it comes down to this...There are no Tax Havens for US citizens...right?

 

Yeah, i dont know how they cope