Real estate professionals are unanimous: the high-end British clientele is increasingly interested in establishing residency in Monaco. The reasons include Brexit, of course, but more importantly, the looming end of the « Non-Dom » tax status in the UK. This change is prompting many wealthy residents to seek refuge under Monaco’s sun.
Are we about to witness a significant influx of British residents to Monaco, particularly those benefiting from the « Non-Dom » status? This tax regime, long favored by the wealthiest taxpayers, will come to an end on April 6, 2025, along with a series of tax advantages that have made the UK a haven for high-net-worth individuals. With the legislative shift, many are exploring new horizons, and according to real estate professionals, Monaco tops the list. « British clients have indeed shown a lot of interest in recent years, especially after the Covid period. The ‘UK Non-Dom’ clients are currently very active and increasingly looking to relocate to Monaco, » says Florian Valeri, director of Valeri Agency.
« Many political decisions have worn out the population »
Local economic players have not missed this shift in the tax regime. A delegation from the Monaco Economic Board (MEB) visited London last June to woo this London elite. Christian Miceli, managing partner of CM Monaco Real Estate, took part in this MEB mission and confirms the trend: « It became clear that the British are increasingly interested in the Principality. Since Brexit, many political decisions have frustrated the population, especially the wealthy. Monaco is becoming an option. » So far, this clientele has primarily expressed interest in rentals. « In fact, inquiries flooded in even during August, usually a quiet period. Families from London are mainly seeking three or four-bedroom apartments, » notes Nicolas Croesi, a negotiator at Miells Christie’s.
A first wave
But is this sudden British attraction to Monaco just a passing trend? According to professionals, no. « Regarding British Non-Doms, I believe this is just the beginning. We’ve already seen a first wave, but many are still organizing themselves to find ways to settle in Monaco, » says Eric Cancemi, also a negotiator at Miells Christie’s. « Before moving to the Principality, they consult various organizations. It’s clear they will eventually relocate here. » Another observation: after Brexit was officially announced, some Britons living in Monaco briefly returned to their homeland, only to make a comeback: « Right after the Brexit announcement, some left Monaco to return to England, fearing the distance from their home country. Today, those same people regret that decision and are moving back to Monaco. »
Key figure: 2,870
That’s the number of British nationals residing in Monaco in 2023 (Source: IMSEE).
MEB: A charm offensive in London
With the « Non-Dom » status about to disappear and inheritance taxes under review, growing fiscal uncertainty in the UK is prompting more wealthy British residents to look beyond the Channel. Monaco’s economic players have been quick to respond, recently launching a charm offensive aimed at London’s elite. Last June, a Monegasque delegation comprising the Monaco Economic Board (MEB), AMAF, SBM, and Monaco Private Label traveled to London, a city of 12 million inhabitants. « We came here for three reasons: to showcase Monaco to prospects, investors, and entrepreneurs, but also to talk to tax specialists and lawyers who play a key role in decisions about relocation or investment, » explained Frédéric Genta on Monaco Info. « We also met with people representing financial firms and investment funds to convince them of the Principality’s advantages. » According to Genta, London is becoming an increasingly strategic hub for Monaco, especially during this period of political change: « Today, there are government shifts, possibly creating uncertainties. Many entrepreneurs and investors are questioning whether it might be time to move to a stable country like Monaco. We need to be there to answer their questions and highlight Monaco’s advantages. »
