The pull of a ritzy lifestyle on the Mediterranean is just too strong for many wealthy Americans to resist.
It doesn’t come cheap, but Monaco, long considered the glittering jewel of the French Riviera, has landed on the radar of thousands of US citizens.
They are now flocking to the country, which is known for its beautiful ocean, luxurious casinos and as being the backdrop for various James Bond movies.
Expats love its tax-friendly policies (even though the lifestyle is lavish and its shopping expensive) and its prime European location, with easy access to neighboring countries.
‘I’ve been actively working this market for more than 20 years,’ luxury Monaco realtor Caroline Olds tells DailyMail.com. ‘I’ve come across more and more Americans moving here in the last four weeks, in particular for rentals that are $50,000 plus a month. So something is changing.’
Olds says that it’s easy to make friends in Monaco and that it’s a very inclusive place.
‘What everybody knows that it’s completely safe here, that it’s very beautiful and that the crowds are very, very nice. We are sophisticated people with a lot in common.’
Monaco, a small slice of land that sits on the French Riviera, is an independent country that is surrounded by France on three sides.
Monaco has landed on the radar of thousands of US citizens who now call the country home
Luxury realtor Caroline Olds has seen an influx of Americans moving to Monaco full time
While it uses the Euro and shares some French laws, Monaco does have its own government and borders.
Monaco is a paradise for so many reasons — including huge tax breaks and excellent schools.
‘People love the Mediterranean Sea. They love the Mediterranean way of life. They love the Mediterranean food and diet. They love the lifestyle on the sea. The big yachts, the boats, easy access to those things,’ Olds said.
‘Everything here is easily accessible. Top quality of everything, whatever you need. Great clothes, food, everything is here.’
Americans can speak English, Olds said, and do not need to speak any other languages.
There is also a great education system.
‘The schools are excellent. It’s possible to get into the best universities and schools in the world from here,’ she added.
Expats can quickly make friends in the country, and they seem to get on with each other and the longtime locals.
Traveling around Europe is easy to do from Monaco and you can visit different countries easily
Monaco can feel like a small town and it’s extremely walkable, say local realtors
Top notch shopping and low crime keep expats pouring into Monaco
Traveling around Europe is easy to do from Monaco.
‘You can visit different countries by helicopter, by plane, by boat. France, Italy, London, wherever you want to go is very close by,’ Olds said.
For non-French residents who live there, there is no personal income tax, no wealth tax, and generally no capital gains tax.
To establish residency, expats need to prove they have a clean criminal record and at least $550,000 in savings and secure an address by either renting or buying a home.
Once all those are secured, the French Consulate will issue a long-term visa. Once an expat has a visa, they can then apply for official residency in the country.
For those that also want to maintain US citizenship, they must file an annual federal tax return at home and report any global income.
All US citizens and green card holders who earn a minimum of around $10,000 (or $400 for self-employed individuals) anywhere in the world are required to file a US federal tax return and pay taxes to the IRS, regardless of where they live.
But on the upside, expats won’t pay any income tax to Monaco while living and working there.
Many Monaco residents own a boat for days on the water
The Monte Carlo pavilions hold multiple luxury boutiques and restaurants for big spenders
Apartments in the country can rent for upwards of $50,000 a month, says Olds
Americans can also reduce their US taxes owed by claiming the Foreign Earned Income Exclusion.
This allows them to exclude the first $100,000 of foreign-earned income from tax filings if they can prove that they are a Monaco citizen.
Alongside tax breaks, the year-round sunny climate and beaches are also a draw for Americans.
Multiple beach clubs and restaurants are scattered near Larvotto Beach, a pebbled stretch of water located at the east end of the country’s coastline. It’s a popular spot for swimming, sunbathing, jet skiing, and windsurfing.
Monaco is also its own character in the James Bond franchise, with the Casino Monte Carlo and its impressive façade featuring prominently in Never Say Never Again and GoldenEye.
Foodies also come for the fish and locally grown produce.
‘The food is excellent. I went to the US for three weeks, and compared to Monaco, the food is inedible, Olds said.
‘Monaco feels like a little village. The quality of life is unbelievable.’
Monaco is its own character in the James Bond franchise (Pierce Brosnan in GoldenEye)
A life on the water with boating and waterskiing are big in Monaco, even in the movies
The Casino Monte Carlo and its impressive façade feature prominently in Bond films
Sotheby’s international realtor Alexander Kraft lives in Monaco and calls it a haven for expats
Sotheby’s international realtor Alexander Kraft, who sells luxury homes in Monaco and calls the country home, says he has seen more Americans moving over in the last few months. He says political unrest in the US is another reason people are moving there.
‘Especially in challenging times, Monaco is a safe haven of peace,’ he told DailyMail.com.
‘Contrary to other destinations, it is not in some far-flung location but easily accessible in one of the most desirable corners of the world.
‘In Monaco, one can safely enjoy the best life has to offer, without the constant political or economical challenges of so many other countries.’
Kraft calls it one of the ‘most agreeable countries in the world.’
It comes amid a market meltdown in parts of the US, where second-home owners are racing to offload their properties, spooked by fears of a house price crash and anxious about their financial future.
The shift is especially striking in a state that once topped the nation for vacation ownership — nearly 1 in 5 homes in Maine were second residences as of 2019.
Local realtors say it’s mostly Baby Boomers dumping their properties after their stock market portfolios took a hit during the recent tariff crash.
