Living in Monaco

[eatshitndie]

A summer vacation home in Spain?
..........rivieras.

i love spain, even though she's an economic basket case now. dining after 9pm is perfect for me. food is affordable, people friendly, and i speak the language. homes in the spanish riviera are now more affordable than ever. the only issue is the economy and what lousy taxation policies will arise out of the poor economic situation. but it deserves a look. language and dining habits are insignificant disadvantages.

 

[eatshitndie]

Again, the Russian invasion of these places really spoil the mood.

i'm ok with russians. but no chinese please. :p

 

[neddy]

i love spain, even though she's an economic basket case now. dining after 9pm is perfect for me. food is affordable, people friendly, and i speak the language. homes in the spanish riviera are now more affordable than ever. the only issue is the economy and what lousy taxation policies will arise out of the poor economic situation. but it deserves a look. language and dining habits are insignificant disadvantages.

See the difference, YOU SPEAK the language. Spain to me is too divided.
And the people do not like my looks. But I did not cause their economic trouble.

Food prices, Portugal is half of what I pay, it is less salty.
Because of English influence, I do not miss out as much in Portugal, but tax going up too. Close to Lisbon is nice, and more used to asian faces. The roof tiles remind me of home.


I think Spain has built enough new houses for another Spain. So, it will be worth waiting for prices to collapse when they realise that they cannot sell more than 2b bonds for >5yrs

i'm ok with russians. but no chinese please. :p

At least I know when the Chinese are talking about me.

 

[Leongsam]

See the difference, YOU SPEAK the language. Spain to me is too divided.
And the people do not like my looks. But I did not cause their economic trouble.

it is precisely because of all the issues you guys have brought up that I'm looking at Monaco as home base. $$ is all that matters in Monaco. Everything else is secondary.

The only issue I have to confront is the fact that I'll be a pauper compared to everyone else. My $600.000 "yacht" will look like a jet ski moored next to $200 million floating mansions. A berthing spot will probably cost more than the boat.

 

[eatshitndie]

The only issue I have to confront is the fact that I'll be a pauper compared to everyone else. My $600.000 "yacht" will look like a jet ski moored next to $200 million floating mansions. A berthing spot will probably cost more than the boat.

berthing cost on the italian riviera is higher than monaco. for example, the daily average in capri is 3000 euros. in portofino, it is around 2400 euros. berthing in portofino cost twice that of port hercule in monaco, which averages 1200 euros. for half a year, that will amount to about 214k euros. cycling is a more wallet-friendly sport. :p

 

[Leongsam]

berthing cost on the italian riviera is higher than monaco. for example, the daily average in capri is 3000 euros. in portofino, it is around 2400 euros. berthing in portofino cost twice that of port hercule in monaco, which averages 1200 euros. for half a year, that will amount to about 214k euros. cycling is a more wallet-friendly sport. :p

In NZ, I used my $600,000 yacht to impress the chicks. In Monaco, it would be a definite liability in more ways than one. :o

I own my berth in Auckland and the monthly maintenance fee to keep everything ship shape is about NZD600.

http://www.hmbmarina.co.nz/

 

[axe168]

Sounds NZ is a better choice

 

[neddy]

In NZ, I used my $600,000 yacht to impress the chicks. In Monaco, it would be a definite liability in more ways than one. :o

I own my berth in Auckland and the monthly maintenance fee to keep everything ship shape is about NZD600.

http://www.hmbmarina.co.nz/

I will be interested to know how often those 2mil boats sail out of the harbour in today's fuel prices.

 

[eatshitndie]

I own my berth in Auckland and the monthly maintenance fee to keep everything ship shape is about NZD600.

http://www.hmbmarina.co.nz/

in san mateo where i am, there's a half moon bay too. the marina is called pillar point, and berthing fees are not too expensive: usd 15 base fee plus about usd 8 per foot per month. america's cup will be in sf bay next year, and you're more than welcome! i'm sure the berthing fees will temporarily shoot up during the cup race.

 

[eatshitndie]

I will be interested to know how often those 2mil boats sail out of the harbour in today's fuel prices.

bigger yachts run on diesel, which is cheaper. sailing yachts are more fuel efficient.

 

[eatshitndie]

city of half moon bay, california:

http://www.half-moon-bay.ca.us/

pillar point harbor, next to half moon bay:

http://www.smharbor.com/pillarpoint/

 

[Leongsam]

bigger yachts run on diesel, which is cheaper. sailing yachts are more fuel efficient.

A full tank of diesel costs me NZD3000!!!!

 

[eatshitndie]

A full tank of diesel costs me NZD3000!!!!

that's a huge tank fit for a personal frigate! must be a pretty yacht. :p

 

[Leongsam]

that's a huge tank fit for a personal frigate! must be a pretty yacht. :p

Sea Ray 510.

 

[neddy]

I think it is worth bringing up The Dalmatian Coast again because it is such a beautiful place. I find Croatians are more friendly and honest. I remembered a saleslady panicked when I asked her about different prices on their similar clothing products. They were not trying to cheat but they made poor business people. Hopefully, it will stay that way.

They consider themselves different from the rest of the former Eastern bloc people. Why not, they have good manners and started one of the oldest pharmacy in the world. Zagreb is boring but the coast is not.

There is only a short section of the Croatian coast is given up to Bih (Bosnia) so that Bosnia has a sea outlet. (Forget about Bosnia. Of course, if you are sick of the Lebanese in OZ/NZ, Bosnians are the same dodgy people.)

Croatia- The Yachtsman’s Haven ........................................ ** It is a Hidden Gem, you have to visit the country to see for yourself **
Taken some notes from http://www.escapeartist.com/OREQ9/Living_In_Croatia.html

Croatia is a relatively small country, but it has a spectacular 6,000 km coastline on the Adriatic Sea with more than 1,100 islands, of which only 66 are inhabited. This coast is considered to be the most beautiful in Europe with innumerable bays, inlets, coves and beaches. There are also many historic places such as Pula, Split, Korcula, Hvar, Trogir, Dubrovnik. On the Adriatic coast alone there are four historic places which are listed as World Heritage sites by UNESCO.

Most islands receive more than 2,600 hours of sun a year.

...

However, Croatian tax laws offer unique advantages for persons who receive certain foreign income or a foreign pension. Croatia also offers important tax advantages to yacht owners. As these advantages are not well known, Croatia offers the interesting possibility of establishing tax-free residence in a high-tax country.
Croatia was the second largest state in the former Yugoslavia. When Croatia declared independence in 1991, a four-year war with Serbia followed. Although most of Croatia remained untouched by the war, this nevertheless distracted attention from the Croatia’s clear seas, over 1,000 islands, romantic fishing villages, beautiful beaches, vineyards, Roman remains and medieval towns. Croatia is now a sovereign state and in 1992 became a full member of the United Nations. Elections in January 2000 brought in a new free-market-oriented government determined to attract foreign investment. The political, social and economic situation is rapidly improving.

In addition to this, thanks to the fact that Croatia is not a member of the European Union (EU), foreign yachtsmen can avoid Value Added Tax (VAT) on the purchase price of their yachts if they are residents in Croatia, while staying at the most beautiful and cleanest coastline in Europe.


Some of the many advantages of Croatia include:

• Most beautiful coastline in Europe with unspoilt nature and rich culture.
• Residence permit easily available, also for yachtsmen.
• Certain income may be received 100% tax-free.
• Use of offshore structures is possible for tax planning and privacy.
• Croatian residence permit has no minimum stay requirement.
• Possible fiscal incentives for substantial investments.
• Residence and Personal Taxation.

Tax Residence
You are tax resident in Croatia based on physical presence if you stay for at least 183 days under circumstances that indicate your visit is not temporary. The 183-day visit may overlap calendar years.


Residence Permits for Yacht Owners
Foreign nationals who wish to stay longer than three months in Croatia must obtain a residence permit. To get a residence permit, it is sufficient to have a yacht moored in a Croatian marina or to rent or own an apartment. An application for residence in Croatia involves submitting various government forms and identification documents, including proof of sufficient funds, and requires a visit to Croatia followed by six to eight weeks processing time. The residence permit is valid for a maximum of one year and can be easily renewed.

 

[Leongsam]

I like Monaco because it's almost in France but I can live there without having to put up with the French on a daily basis. :p

 

[Television]

This is the good thing about being a Millionaire, You have options.

 

[Television]

Hi Sam, I honestly suggest you to stay put or look to live somewhere else, I have lived in Monaco for a month and its a pretty boring place. Behind all the glitz and glamor its not really a place to live in permanently.

 

[Leongsam]

Hi Sam, I honestly suggest you to stay put or look to live somewhere else, I have lived in Monaco for a month and its a pretty boring place. Behind all the glitz and glamor its not really a place to live in permanently.

I'm not just going to sit in my apartment and watch the world go by. I'll probably spend most of my summer on my bike in France plus make trips to other parts of Europe which are on my bucket list.

I'll return to NZ in November when it starts getting cold in Europe.

What I want is tax residency so I don't have to part with a quarter of my income every year to fund some losers who refuse to put in an honest day's work.

 

[Meltdown]

I'm not just going to sit in my apartment and watch the world go by. I'll probably spend most of my summer on my bike in France plus make trips to other parts of Europe which are on my bucket list.

I'll return to NZ in November when it starts getting cold in Europe.

What I want is tax residency so I don't have to part with a quarter of my income every year to fund some losers who refuse to put in an honest day's work.

You don't need to buy an apartment to qualify for residency in Monaco. You can rent an apartment and still qualify as a resident as long as you stay for 6 months a year and make the EUR 350-400K deposit into a local bank. You'll need to sign a 12-month lease at the very least in order to apply for residency.

Invest the capital you intend to buy an apartment in Monaco somewhere else where you can get a good rate of return and use the cash flow to pay the rent. When I was in Monaco 18 months ago, the annual rental yield is between 1% to 3% depending on the property. This means property investors are paying too much and renters are getting a bargain.

One property where you can rent long term is at the Fairmont Monte Carlo Hotel. They have rooms specifically designated for long term leases. Each room comes with a small kitchen with a small fridge, dishes and utensils, full bath with towels, telephone, bed & linens, cable TV, air conditioning/heating, work desk, internet access, balcony, etc... The hotel housekeepers will come and clean your room everyday but they won't clean your dishes and utensils because what you cook and eat is your own business. You'll get a 20% discount if you order room service, dine at the hotel's restaurants, or use the hotel's laundry/pressing service. According to the real estate agent whom I spoke to and was in charge of looking for tenants, some of the tenants have been living there for more than 12 years. Most of them are from overseas but spend 6 months in Monaco to qualify for residency.

If you are interested to lease a room at the Fairmont Monte Carlo, just reply to this post and I can give you the name and website of the real estate agency.

One thing about Monaco is that there aren't that many east Asians who are residents. Most of the east Asian residents there are Japanese and Koreans. However, the Pinoys are the largest group of foreign workers from Asia as most of the wealthy households would have a Filipino maid and/or a butler. But, there are some very wealthy, gorgeous, and classy young Pinays with very light skin who are residents. They must be the spoiled daughters of those corrupt politicians in Pinoyland.

There are very few Chinks who are residents. Most of the Chinks in Monaco are tourists traveling together in tour groups. Most of the millionaire Chinks from east Asia would set up residence in Singapore instead of Monaco as the culture and food in Sinkieland is closer to Chink's own than the European culture and food in Monaco.