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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.'
Yahoo
11-05-2025
- Yahoo
Pope chosen as NEPA natives' tour Italy
(WBRE/WYOU) — Dozens of local people experienced something that rarely ever happens, witnessing history with the selection of a new pope. 28/22 News met with some NEPA natives who were among those who got caught up in the excitement happening in Vatican City. 48 lucky people, most of them from NEPA, never could have imagined what they'd be in for when they first planned their trip to Rome. The ones 28/22 News Reporter Avery Nape spoke with told him the announcement of Pope Leo the 14th's papacy is something they will never forget. 'We had no idea any of this would transpire,' TravelWorld Tour Escort Tom Harfman said. Harfman has been to Rome more than two dozen times, but as well-traveled as he is, he never experienced Vatican City during the conclave, let alone for the naming of a new pope. 'To be there for such a historic event, it was just happenstance,' Harfman told 28/22 News. The 48-person trip was planned last August to bring them to Italy for the first nine days of May. The group was at the Vatican just hours before the white smoke billowed from the chimney of the Sistine Chapel. They were at dinner just 10 minutes away when the news broke. Cruisin' for a Cause with vintage cars in Wilkes-Barre 'Everybody was just elated. We had no idea then it was even an American,' Harfman explained. 'Everybody was looking at each other like 'What?', They couldn't believe it, and everyone just started to cheer and clap, and you could just feel the energy around you,' TravelWorld Owner Matt Kizis said. Harfman told 28/22 News the group included people from all different religions, faiths, and denominations, but that the announcement of Pope Leo the 14th's papacy brought out excitement from everyone who was there. And when they found out he was an American, the excitement grew even more at the Italian restaurant. 'The staff, they were thrilled that it was an American, which was of interest to me. I would think they'd want another Italian,' Harfman stated. And while the local travelers did not get to see the white smoke, just knowing they were there at such a historic time and so close to something as secretive as the conclave was enough. 'You read about this stuff, you learn about this stuff, but to actually witness it and be part of it? Is, um, is, uh, I mean it's- we were all lucky to be there,' Kizis said. TravelWorld has a faith-based tour planned for this August with Bishop Joseph Bambera from the Diocese of Scranton. The sold-out, 100-person trip will give the group a chance to experience a mass celebrated by Pope Leo the 14th. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Yahoo
09-05-2025
- Yahoo
Area Catholic leaders, visitors in Rome react to new pope's election
A group of Northeast Pennsylvania residents witnessed history. A group of 48 people from Luzerne and Lackawanna counties traveling with Scranton agency TravelWorld arrived in Vatican City when the papal conclave began Wednesday and were in Rome on Thursday when the conclave elected Cardinal Robert Prevost as pope. Prevost, who took the name Leo XIV, is the first American pope to lead the church. The group had already left the Vatican and were at dinner in another part of Rome when white smoke billowed from a chimney near the Sistine Chapel, said Matt Kizis, owner of TravelWorld. The group erupted in cheers. 'Everybody was smiling because everybody feels it,' he said. As the group celebrated the new pontiff, local religious leaders reacted to the new leader of the Roman Catholic Church. Both the Most Rev. Joseph Bambera, bishop of Scranton, and the Rev. Thomas Looney, president of King's College in Wilkes-Barre, noted the historic ending to the conclave Thursday afternoon. Looney noted the pope's chosen name, Leo, and the connection to King's College, which is affiliated with the Congregation of Holy Cross. 'It is a wonderful surprise to have a pope born, raised, and ordained in the United States. And it is a special joy for us at King's College that Cardinal Prevost chose the name Leo,' he said in a statement. 'The coat of arms of Leo XIII, who taught about the dignity of human labor and advocated for justice, is part of the College's official seal. Pope Leo XIV will be an advocate for the poor and the marginalized as a means to peace.' In a statement, Bambera called on the faithful in the Diocese of Scranton to pray for the new pope and said his experience working with the poor will be beneficial to him. 'While the election of Pope Leo XIV is historic as the first North American to be elected Pope, his vast missionary experience of walking among the poor and serving those on the margins with humility, will serve him well as he echoes Christ's call of going forth and making disciples of all nations to all people,' he said. ''With this selection, I believe the Cardinals have recognized the vibrancy, faithfulness, and strength of the Church in the United States. For generations, American Catholics have sought to embrace the Gospel with compassion — and having a shepherd chosen from among us is both humbling and affirming. It also speaks to the goodness that has grown in the church of North America — a goodness bearing fruit in service and evangelization.' While Prevost didn't come up on most media lists of potential popes, University of Scranton Vice President for Mission and Ministry Daniel Cosacchi had Prevost on his short list for the role because of his alliance with Pope Francis. Under Francis' papacy, Prevost was named bishop of Peru in 2013 and head of the office of the Dicastery for Bishops a few years ago, he said. Cosacchi, an expert in the papal conclave, said Prevost struck people as a moderate, carrying on the main points of Pope Francis' legacy and his pontificate, and that as a missionary in Peru he has experience in the global church. He said Prevost's historic appointment was remarkable to him from on a professional and personal level. 'I am joining people all around the world in praying for Pope Leo the XIV and I'm very excited and hopeful to see how he'll lead the church,' he said. The tour group arrived in Venice last Thursday before arriving in Rome earlier this week. While in Rome, they visited the Colosseum and several spots in Vatican City, including St. Peter's Basilica, the Papal Basilica of St. Mary Major and the Vatican Museum. Kizis said the visits to the sites were planned before the conclave, allowing the group to visit them. While at the Basilica of St. Mary Major, Pittston resident Tom Harfman, an escort with Travel World, was able to see the tomb where the late Pope Francis was buried. 'It was overwhelming because everybody loved him so much,' he said. One site they were unable to visit was the Sistine Chapel, which was closed to the public during the conclave. They were able to see the entrances to the chapel, which were guarded. While in the Vatican, they had a view of the smokestack affixed to the top of the chapel but weren't able to see the black and eventually white smoke that emitted from it. However, being in the city, they quickly learned when the white smoke came from it. Those on the tour said the city was busy because this year marks a jubilee year in the church, but the conclave made it even busier. Kizis, who traveled with the Travel World group for the first time and holds dual American and Italian citizenship, estimated the group was among 250,000 people who came to Vatican City to see the new pope. On the streets, he heard people reciting prayers in multiple languages, talking about the future pope and expressing awe at the tradition of electing a pope. 'It was interesting because there's people from every corner of the world that are out there here at Rome, the Vatican specifically, and it's one of those things that it reminded me that no matter how defined the world may seem, faith brings everybody together,' he said. 'It was a very unique experience.' Mark Rowan of Pittston and Wilkes-Barre resident Bob Reilly are among the group. Reilly said the enthusiasm he experienced in the crowds around him is something he will never forget. He also said the security is immense and makes them feel safe. Rowan, who is in Italy for the first time, said seeing so many people from around the world makes him and his fellow travelers feel like they are part of something big. 'The little towns of Wilkes-Barre and Pittston are represented over here but it's a small grain of salt on a big beach over here,' he said. Kizis said as a lifelong Catholic who graduated from the former Bishop O'Reilly High School in Kingston, being in Rome as a new pope was elected was special. John Madden, sales manager for the travel company that has offices in Kingston and Scranton, helped plan the trip and regularly heard from his colleagues during the trip. While he said Thursday morning he wished he was with the group as they experience the conclave, he will be able to see the new pope in August, when a group of 100 pilgrims from the Diocese of Scranton travels to Italy for a Jubilee pilgrimage. That trip will include a papal audience. * A group of people from Luzerne and Lackawanna County travelled to Italy this month and were in Rome during the papal conclave, which selected Robert Prevost, who took the name Pope Leo XIV as the new pope. (Submitted) * A group of people from Luzerne and Lackawanna County travelled to Italy this month and were in Rome during the papal conclave, which selected Robert Prevost, who took the name Pope Leo XIV as the new pope. (Submitted) * A group of tourists from the region happen to be in Rome at a historic time, as the as the leaders of the Roman Catholic Church begin deliberations for a new Pope. The group from TravelWorld gathered in St. Peter's Square. (TravelWorld) Show Caption 1 of 3 A group of people from Luzerne and Lackawanna County travelled to Italy this month and were in Rome during the papal conclave, which selected Robert Prevost, who took the name Pope Leo XIV as the new pope. (Submitted) Expand
Yahoo
23-02-2025
- Yahoo
Veteran Ireland traveler John Madden to lead Scranton's St. Patrick's Parade
John Madden, a Dunmore businessman who has traveled to Ireland 35 times, has been named the grand marshal of Scranton's St. Patrick's Parade. His 3-year-old granddaughter, Anna, has practiced waving at the crowd to be ready to walk in the March 8 parade. 'This will be exciting, because it is my first parade with my grandchildren,' Madden said. Weather permitting, even a baby granddaughter will go along. Madden is among several people named to places of honor by the St. Patrick's Parade Association of Lackawanna County. They will start the celebration with the tapping of a firkin of beer on Friday at Cooper's Seafood House to raise money for the parade. Madden is a sales manager at TravelWorld, which has offices in Scranton and Kingston. He is a former president of the Kiwanis Club of Scranton, a member of the Friendly Sons of St. Patrick of Lackawanna County and a member of the Irish American Men's Association. He is married to the former Mary Ellen Finnerty. 'It will be among the greatest honors of my lifetime,' Madden said. It was a total surprise. 'John has served and supported numerous local non-profit groups throughout our region,' parade committee member Tim Holmes said by email. 'In his role at TravelWorld, he has also organized and hosted countless tours of Ireland and thereby introduced hundreds of Northeast Pennsylvania citizens to their ancestral homes.' His parents, the late Jack and Josephine Madden, often took him to Ireland to visit a relative outside Galway. The honorary grand marshals of the parade are the Cooper family, owners of Cooper's Seafood House, Scranton, and the site of the firkin tapping fundraiser. The parade marshal is Raymond Lynady, president of the Friendly Sons of St. Patrick of Lackawanna County, and the honorary parade marshal is John Michaely. Marty Ratchford was named the Native Son, a token of respect that is bestowed by the association some years. The parade is dedicated to the memory of Tom Cawley and Bill Healy. Firkin Friday starts the official countdown for the association. Cooper's has a microbrewery, and a cask of its beer will be tapped at 5 p.m. at the restaurant, 701 N. Washington Ave. Admission is free, with proceeds of every pint sold from the charity cask benefiting the parade. The event goes until 7 p.m. The parade will step off from Mulberry Street and Wyoming Avenue on Saturday, March 8, at 11: 45 a.m.
