Real Estate Investor Magazine South Africa June 2014 | Page 58

MONACO

BY TONY IZELAAR AND ALEXANDRA BURGER

Living the High Life
A playground for both the wealth and the business minded

M

onaco has been very much in the news of
late since the marriage of Prince Albert
II to South African Charlene Wittstock,
a South African and former Olympic swimmer. In
fact, since the wedding of Albert’s father Prince
Rainier III to American Actress Grace Kelly, it has
been synonymous with glitz and glamour. It is also
a destination chosen for high net worth individuals
to relocate to. One of the reasons for that, being the
tax climate. Many businesses due to its favourable
business tax and naturally, its zero income tax.
Monaco has thus attracted many sports celebrities,
entertainers, millionaires and billionaires including
the likes of F1 driver David Coulthard, actor Sir
Roger Moore, and Stelios Haji-Ioannou, the founder
of Easy Jet. The security aspects (including CCTV
cameras on every corner and one policeman to every
resident) and privacy (press photographers being
banned from doing any unofficial work) has been a
notable attraction.

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June 2014 SA Real Estate Investor

Monaco is known for its glorious weather, excellent
quality of life, attractive scenery and is world famous
as a tourism and recreation centre. The prestigious
Monaco Grand Prix Formula One motor race is held
annually at the Circuit de Monaco..

Access
Monaco is bordered by France. Access to world-wide
destinations for those with international lifestyles
is also excellent since Nice airport, the second major
airport in France in terms of passengers handled, has
connections with all major European cities, many
direct intercontinental connections and is only seven
minutes from Monaco via the shuttle helicopter service.

History of Monaco
Today, Monaco is a constit utiona l hereditar y
principality with its independence is guaranteed by
treaty with France and by membership of the United
Nations. The Monegasque Prince is the Head of
the State, and together with an elected National
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