Case study by Irwin Mitchell Private Wealth
Mr & Mrs B, both in their early 60s, decided to quit the UK and move to Monaco on a permanent basis. We helped them with obtaining their residence permits by introducing them to local estate agents, through whom they found a suitable apartment to rent, and a number of Banks, from whom they selected one to invest their funds.
Prior to moving to Monaco, Mr & Mrs B had bought a large villa nearby in France. It was very important, therefore, to establish a num-ber of “ground rules” to prevent them becoming French resident,including ensuring that the bulk of their time and activities were spent in Monaco.
Mr & Mrs B still have 3 daughters, plus grandchildren, living in the UK and Mr B continues to own and run a highly successful business in the UK. However, he is unable to spend as many days as he would like in the UK without becoming UK tax resident. We, therefore, act as his agent in helping to run the business, with regular visits to Monaco for his instructions.
More importantly, though, we have, through our local contacts, been able to help Mr & Mrs B integrate into Monaco society, not just the British expat community. Both Mr & Mrs B have learnt to speak French and Italian, Mrs B has joined a group of dog breeding enthusiasts, and Mr B plays the drums in a local rock band.
Tim Thornton Jones, Partner
DDI: (0044) 207 399 0934
40 Holborn Viaduct, London EC1N 2PZ, United Kingdom