Millionaires flood tax-haven Monaco

January 31, 2019

Andrew J Wood

La Tour Odéon: Bird’s-eye view of the penthouse and the infinity pool with a slide attached

Perched atop of the 49 storey La Tour Odéon in Monaco, the ultra-luxurious five floor penthouse covers 3,500 square metres (38,000 square feet), and includes 6 bedrooms, stunning oceans views and a water slide. The slide descends one storey from the dance floor directly into the pool, giving you a sense of the size of the world’s most expensive ’flat’.

It’s a palace in the sky.

The flat has a spectacular view of the ocean and the bustling town below. The 49-storey skyscraper, with 70 super-sized apartments, will be the second tallest building on the Mediterranean coast.

The second tallest building on the coast is a major landmark and is expected to quickly be one of the most sought-after addresses on the Mediterranean

The penthouse living space is spread across five levels, with a kitchen on every level. The luxury penthouse includes a private chauffeur, a caterer, three staff bedrooms, a 24-hour concierge service and health club. The penthouse stands out even in the midst of such extreme luxury, it is truly a millionaire’s playground.

La Tour Odéon penthouse price tag – a whopping US $400 million, it is the most expensive penthouse ever listed. The small principality of Monaco has become so attractive to the ultra-wealthy willing to shelter their funds from taxes.

A parking space at La Tour Odéon will cost 250,000 euros — roughly US $290,000. The price of a really, really good car or two or three!

La Tour Odéon overlooks the stunning ocean views and the blue waters of the Mediterranean Sea

At $11,000 per square foot, the Odeon Tower is setting a new standard for luxury living on an international scale.

Monaco is small, about the same size as New York’s Central Park and has a population of about 40,000. Land reclamation is regarded as vital for the continued growth of the microstate.

Monaco’s reigning monarch Prince Albert II has given the green light to an offshore urban development project.

The world’s most exclusive tax haven has a luxury property crisis due to lack space for the 2,700 multi-millionaires expected to settle there over the next ten years.

Nearly 35 out of every 100 Monaco residents are reportedly millionaires, with more likely to join them from across the world.

The current cost of property in Monaco is about €90,900 (US$104,400) per square metre and is second only to Hong Kong. Constantly increasing demand and a severe lack of supply has sent Monaco prices “through the roof,” according to London-based estate agency Knight Frank.

Knight Frank, which handled the sale of the luxury accommodations at La Tour Odéon, said: “These duplexes and the penthouse if they become available are set to catch the eye of those looking for the very best properties across the world’s leading markets.”

Monaco’s magnificent marina. Monaco has a long-running reputation as a playground popular with the very wealthy

Monaco is the smallest of the tax havens, and does not levy a personal income tax, wealth tax or capital gains tax. To apply for Monaco residency, applicants must show they have somewhere to live, open a Monaco bank account and deposit at least €500,000, and live in the principality for at least six months of the year.

The state boasts an opera house, a philharmonic orchestra, and concerts throughout the year. Moreover, Monaco hosts such sporting events as the Monte Carlo tennis open and the Monaco F1 Grand Prix.