As we approach May and the date for the Monaco Grand Prix it is the usual norm for property journalists to cast their gaze towards the Monaco real estate market along with the associated personalities, glitz, glamour and wealth it portrays. This heady journalistic combination makes great copy and we will doubtless find articles in newspapers, magazines and on-line media in due course describing life in the ‘sun-soaked tax haven’ with accompanying photos of Philip Green, racing drivers and a model or two.
This year we anticipate a break from the normal reporting. Why?
The UK general election is poised to be the most intriguing for many years. Whatever one’s political persuasions there is no doubt that the way the people of the UK vote has changed significantly and this in turn is creating some uncertainty about the complexion of the next government. As the campaign heats up it is becoming clearer, from a mathematical perspective, that Ed Miliband is likely to be the next PM. The bookies rarely get these things wrong. Miliband is now the favourite with his odds improving.
What has this got to do with Monaco real estate?
A key Labour policy commitment is to radically change the rules concerning Non Doms who are resident in the UK. This will affect many wealthy individuals and families. On the basis the policy is implemented we can be sure to see many Non Doms making their way to Monaco in order to protect their wealth from what may be an aggressively re-distributive Government.
Monaco or Miliband?
Or should that be Monte Carlo or Bust? This will be a straightforward choice for most.
Monaco has a sophisticated banking and financial services industry. It is extremely tax friendly and is well connected globally thanks to the worldwide connections from Nice airport. It also has all that the south of France has to offer on its doorstep. A pretty compelling set of reasons should you need them.
Hindle & Baldock are able to advise buyers completely impartially.
We do not sell real estate in Monaco as we only represent and advise buyers in what can be a complex market. Despite being the second smallest state in the world the real estate market is heavily segmented. Nothing is obvious or simple. Good advice is critical: we provide that advice.
Nigel Hindle, Partner, commented:
“the febrile political situation in the UK is certainly concentrating the minds of wealthy individuals, families and their advisors. The prospect of Ed Miliband as Prime Minister will undoubtedly persuade some to relocate, with Monaco being an obvious choice”.