became so filthy rich but it could afford to stop collecting income texts from all citizens and residents except the French but we'll come to that later thanks to its mild climate exclusive events and especially thanks to the absence of income tax Monaco became a magnet for rich people save millions in taxes just by living there and because the whole country despite efforts to make more land is so small you can go from end to end on a casual NUMBER_TOKEN-minute walk real estate prices are off the charts you might feel that you to want to save taxes and live among the rich and cosmetically enhanced and you can to become a resident of Monaco you only need to follow a few easy steps you rent or buy a place in the world's most expensive real estate market open an account with the Monegasque bank and deposit at least five hundred thousand euros to prove you have sufficient funds or get a job in Monaco or set up a business in Monaco go through a security check have no criminal record and take a personal residency interview if everything checks out you get a temporary residence permit that you need to renew every year for three years and every three years after that except if after ten years spending more than half of each year in Monaco you're granted a privileged residence permit which you only need to renew every ten years like I said easy and while you're at it having lived there for ten years you can also apply to become a citizen of Monaco but whether citizenship is awarded lie solely with the Prince so I suggest getting on his good side but let's go back to the question of how this texts were going constitutional monarchy of a micro nation is even a thing despite constituting top-of-the-line colony material it's because of Monaco's best buddy France which tremendously benefits from having a cash cow like Monaco on its border when those rich people get bored of all the casinos yachts a sports cars we might just roll over the newly invisible border into France and spend some serious money there also Monaco belli produces anything so all the stuff has to be imported and who better to import from then the second biggest economy in Europe right across the border for that France rewards ass little neighbor to the southeast with independence and military protection but things weren't always that rosy between the two because Monica didn't collect any income tax it can leech money and rich peeps away from France for decades which is why they'll live more French in Monaco than Monegasque s-- friends didn't like that so in October of NUMBER_TOKEN when the rest of the world trembled with the fear of nuclear annihilation France decided it was a good time to address that tax disagreement in the end the two unequal partners struck a deal in which French residents of Monaco would pay income tax to friends and businesses making more than one-quarter of their revenue outside of Monaco would be text by Monaco at French rates that way France isn't harmed by Monica's tax advantage and Monaco can keep on existing prosperous accent and in style hey peeps quick update I now have a patreon page if you want to support me in making these videos and get access to exclusive perks like your name in the credits you can do so on patreon just click the link on screen or in the description that's all for now thanks for your support goodbye
START_SELFPROMO_TOKEN hey peeps quick update I now have a patreon page if you want to support me in making these videos and get access to exclusive perks like your name in the credits you can do so on patreon just click the link on screen or in the description that's all for now thanks for your support goodbye END_SELFPROMO_TOKEN