Monaco, the tax haven on the French Riviera, is experiencing a luxury housing boom that includes the world’s most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.
A flow of new residents is emigrating from Switzerland, where financial-secrecy laws are crumbling, said Jean Claude Caputo , managing director of broker Savills’s French Riviera unit. They’re drawn by the principality’s “security, sophistication and climate,” he said – as well as for financial reasons. The Swiss government signed an accord in May to automatically share bank data across borders.
Bloomberg
Source link : https://www.afr.com/world/europe/monaco-429-million-penthouse-lures-secrecy-migrants-20140820-jcl9q
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Publish date : 2014-08-20 03:00:00
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