Latest news with #CarolineOlds
New York Post
22-05-2025
- Business
- New York Post
This exclusive European enclave is luring deep-pocketed Americans looking to leave the US behind
For wealthy Americans, Monaco is the new Palm Beach — without the taxes. A wave of wealthy Americans is flocking to that European city-state, trading rising tax burdens at home for Mediterranean breezes, luxury shopping and fiscal leniency in the storied principality. The tiny sovereign state on the French Riviera — long a favorite of European royals and Formula One fans — has recently caught the attention of high-net-worth US citizens in growing numbers, said top local property agents. 6 Monaco is quickly becoming a magnet for wealthy Americans drawn to its tax-friendly policies and Mediterranean lifestyle. TravelWorld – The influx has been especially pronounced in recent weeks, with prime rentals commanding over $50,000 a month. 'I've been actively working this market for more than 20 years,' Caroline Olds, a luxury real estate agent in Monaco, told the Daily Mail. '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.' With no personal income tax, no wealth tax and generally no capital gains tax for residents who are not French nationals, Monaco offers financial incentives that few jurisdictions can match. 6 Long known for its luxury casinos, beaches and James Bond cameos, the glamorous principality is seeing a surge in US expats, with some rentals now fetching over $50,000 a month. Getty Images Expats must prove they have at least $550,000 in savings, a clean criminal record and a lease or property purchase to establish residency. From there, they can apply for a long-term visa through the French consulate and then seek official Monegasque residency. Though Americans must still file US tax returns and report global income, many reduce their liability by claiming the Foreign Earned Income Exclusion — potentially shielding over $100,000 of foreign earnings from US taxes if they qualify. 6 The appeal includes no income, wealth or capital gains taxes for residents, a strong education system, English-friendly environment and seamless access to European destinations. Sergey Yarochkin – Beyond financial perks, Monaco's pristine setting — wedged between France and the Mediterranean Sea — has long been a draw. 'What everybody knows is that it's completely safe here, that it's very beautiful and that the crowds are very, very nice,' Olds said. 'We are sophisticated people with a lot in common.' The country's manageable size and cosmopolitan population make it surprisingly easy to form connections, she added. Olds said Monaco it's very inclusive, adding 'it's possible to get into the best universities and schools in the world from here.' 6 To gain residency, applicants must have a clean record, secure housing and prove assets of at least $550,000. GISTEL – Though Monaco uses the euro and abides by some French laws, it maintains its own government and borders. The result is a distinct cultural identity — equal parts Riviera chic and financial haven. 'Everything here is easily accessible,' Olds said. 'Top quality of everything, whatever you need. Great clothes, food, everything is here.' The country's English-speaking environment also lowers the barrier for American transplants. 'Americans can speak English,' she said. 'And do not need to speak any other languages.' 6 Amid US economic uncertainty, Monaco is increasingly seen as a 'safe haven,' said Sotheby's agent Alexander Kraft. SvetlanaSF – Realtors say the recent uptick in demand is due in part to growing unease among US property owners, especially in traditional second-home destinations. Baby Boomers in markets like Maine — where nearly 20% of homes were second residences as of 2019 — have begun shedding vacation properties in response to a turbulent housing market. Sotheby's International Realty's Alexander Kraft, who sells high-end homes in the principality and lives there himself, attributes the rising interest from Americans to broader unrest. 'Especially in challenging times, Monaco is a safe haven of peace,' he told the Daily Mail. '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.' He added, 'In Monaco, one can safely enjoy the best life has to offer, without the constant political or economical challenges of so many other countries.' 6 Disillusioned Americans — especially Baby Boomers — offloading US second homes are looking for a stable, sun-soaked life along the Riviera. dudlajzov – Residents also enjoy a robust Mediterranean lifestyle — complete with fine dining, sea access and no shortage of luxury amenities. The country's iconic Casino Monte Carlo has been featured in James Bond films like 'Never Say Never Again' and 'GoldenEye.' Its coastline is dotted with beach clubs and restaurants near Larvotto Beach, popular for sunbathing, swimming, and water sports. 'The food is excellent,' said Olds. 'I went to the US for three weeks, and compared to Monaco, the food is inedible.' For those who can afford the buy-in, the appeal of the Riviera enclave lies not just in the tax code or scenery — but in the promise of a more secure, curated life. 'Monaco feels like a little village,' Olds said. 'The quality is unbelievable.'
Daily Mail
20-05-2025
- Business
- Daily Mail
Americans flock to unlikely foreign country for its James Bond vibes and big tax breaks
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 '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. 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. '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. 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.' 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 '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.
