Livin’ La Vida Loca – living in Monaco

Jul 27, 2016 12:23:24 PM


For $240 million you can purchase the most sought after penthouse suite in the world, as recently named by the New York Post.

And by living in the top floor, palatial luxury of the Odeon Tower, you would also be living in the most sought after destination on planet earth –Monaco.

If you’re not a car racing fan, you may struggle with one week a year, listening to the supersonic whine of the Formula Ones as they navigate the iconic street circuit below, but being 49 stories above, the noise will be much more bearable.

It is no coincidence that the world’s most sought after penthouse is in Monaco. There are many penthouses just as plush, but the location is the undeniable defining factor.

For years, this small principality has belied its size. At just over the size of 200 rugby fields, Monaco continues to hit above its weight as the premiere destination for the world’s wealthiest and well-to-do, with over 2000 millionaires and 50 billionaires thought to call it home – the highest concentration of incredibly wealthy anywhere.

The world famous Grand Prix, and former glamorous US actress Grace Kelly who married the Prince of Monaco in the 1950s in front of an estimated 30 million television audience, helped stamp Monaco on to the minds of many in the world as a destination like no other.

However, top of mind for many with the means to buy in Monaco is its status of “tax haven”, where no residents are subject to tax on their worldwide income. For example, a British man who recently sold a business for $88 million, saved $26 million in capital gains tax by moving to Monaco.

With one of the world’s lowest crime rates and a very generous quota of policeman per resident, stashing a few dollars under the mattress is almost as safe as a bank.

As you sit in one of the many alfresco café’s sipping a coffee, expect to see nothing but luxury vehicles pass by – Ferraris, Lamborghinis, Aston Martins and Rolls Royce. It’s strictly a no Skoda zone!

The Mediterranean coast is on your doorstep, with Monaco between the French and Italian Riviera’s with all their breathtaking scenery, luxury resorts and world famous scenic drives made famous by James Bond and Mission Impossible. Iconic locations such as Cannes, Saint Tropez and Portofino are within a short drive.

Majestic cliffs rise from the harbour which is filled with hundreds of yachts and lavishly appointed sea-going mansions, most bigger than a house, and some with a helicopter pad and helicopter awaiting on top.

At night, the lights of the high rises circling the piers and jetties giving the illusion of a city double in size. There are no sprawling acreages here, with most of the population living in units and apartments, and if you’re wondering about buying, the average price for real estate being around $US80,000 per metre.

With mild and sunny winters and gloriously hot summers, it’s no surprise that the world’s most affluent and famous flock to Monte Carlo to enjoy the best of day cruising or lounging on a nearby sandy beach.

It’s not all relaxation in city centre renowned for its business savvy populace. Monte Carlo is just 30 minutes’ drive from France’s second largest airport and hub for international flights, Nice Cote d’Azure, and is home to some of Europe’s top schools and the International University of Monaco.

Anything that money buys, Monaco delivers very well with perhaps the most famous casino in the world, five-star hotels and restaurants and classical and popular music concerts featuring the biggest of stars.

Monaco is clean, peaceful and beautiful, but three little letters have given this unique place it’s worldwide prominence – tax – or lack there of!

Topics: Luxury Destination