I have relocated many families and individuals from Monaco to Andorra and as a first hand example, the rent in Monaco for an average 3 bedroom apartment, nowhere near the expensive area of Monaco was costing upwards of €120,000 per year.
A 3 bedroomed house here with garden, brand new can be rented for €18,400 per year.
Furthermore it is clear that bringing up children in Monaco is an absolute no-no, where every blade of grass bears the "Keep off The Grass" signs. There are clearly disadvantages for bringing up children there and compared to the ski schools, summer camps and out door education that children enjoy in trilingual Andorra, there is no comparison at all.
As outlined above there is a clear difference in value for money and just as a comparison and this is only a guide:-
"....Due largely to Monaco's income tax free status property in Monaco ranks among the highest per m2 in the world.
For example a studio 28m2 (300 square feet) on the Boulevard d'Italie is on the market for 350,000 Euros.
A two bedroom 95m2 (1000 square feet) with a terrace of 23m2 (247 square feet) apartment in Monte Carlo with views of the casino and the Grand Prix circuit is 1,900,000 Euros and a three bedroom 229m2 (2400 square feet) with a terrace of 79m2 (850 square feet) apartment is 4,950,000 Euros.
Purchase costs in Monaco are high in comparison to much of Europe, and are typically between ten and eleven per cent including estate agent commissions, notary and legal costs....."
Or perhaps a luxury apartment in Monaco:-
A 2-3 bedroom apartment in Andorra, together with the views of the mountains which can be breath-taking will cost about 300,000- 400,000 €. The top range apartment in Monaco of over 250 m2 and a terrace will cost up to 50,000,000 €, and in Andorra you simply could not find the most magnificent house with gardens and views for a fraction of that price !
The Chalet pictured here is currently for sale in Andorra and the asking price is € 950,000, there simply is no comparison in value for money and of course for a family place to live.
As far as rental is concerned in Monaco you can pay over 30,000 € per month for an apartment, in Andorra you would be hard pressed to pay more than 3,000 € per month at the very top end of the market. An average rental price in Andorra for a two bedroom apartment is about 600 € to 800 € per month.
Purchase costs are also cheaper in Andorra and estate agent commissions normally being 5% are paid by the seller.
The bureaucratic requirements such as police reports, insurance, bank certificates etc are largely similiar in nature. What is fixed in Andorra is the bond or interest free deposit that is payable to the Government, currently 50,000 € for an individual. Monaco appears to depend on which bank issues a certificate and which apparently varies from 100,000 € to 400,000 €, which monies are not required to be kept in Monaco after the certificate is issued.
So the choice really is one of the prestige of Monaco, or enjoying the same benefits and tax advantages at a fraction of the price of Monaco in Andorra. One recent client from Monaco said to me that with the money you save on not paying tax in Monaco is soon swallowed up in paying landlords and restauranteurs.
Both countries owe their continued existence on banking "secrecy". I am unable to comment on Monaco, but I can state that Andorra has and will continue to have one of the most "confidential" banking systems in the world. As a resident you can enjoy numbered accounts which remain very anonymous. Under new fiscal paradise agreements and pursuant only to a judicial request with a country that has signed a bilateral agreement, showing fraud is involved will any details ever be disclosed and as of this date to my knowledge no such judicial request has yet been forthcoming.
If I can assist on information about making Andorra your preferred domicile please [link:3]contact me[/link:3] and I will be delighted to answer any questions you may have, and remember, no filling in boxes to anonymous websites.......