New French property tax laws are pushing wealthy buyers away from the traditional Riviera resorts and into Monaco say accountancy experts.
Monaco is becoming an ever-more popular choice of tax residence not only because there is no wealth or income tax but also because of its aspirational location on the coast, its high quality of life and its high levels of security.
Cecile Acolas – a tax consultant from Ellisium Partners told OPP that "the June 2011 law reduced to 4,5% the registration tax charged on a typical Monaco property sale. Monaco in particular allows an investor to rent their property without any tax on the rental income and also to sell a property without paying Capital Gains Tax. It is also possible to own a property in Monaco through offshore companies and trusts without being penalized and providing a secure and discrete investment, which is good for clients wishing to protect their assets".
Source: http://opp.org.uk/news-article.php?id=6212