In 2019, Monaco recorded an inflow of capital worth between 5 and 7 billion euros. This colossal growth can be explained by the arrival of some of the richest people in the world. But who are these newcomers?
If in the 2000s, Monaco attracted Eastern Europeans to its shores, the trend changed after the 2008 economic crisis. As of now, Monaco’s newest residents are predominantly English speakers, mainly Brits and Australians.
“We’ve seen some of the richest people in the world move to Monaco and bringing their financial assets with them, explains Hervé Ordioni, head of the Monaco branch of Rothschild Bank, to l’Observateur de Monaco. Has Brexit got anything to do with the arrival of brits? Without a doubt, according to Hervé Ordioni, who mentions “the extraordinary help offered by Evelyne Genta, Monaco’s ambassador to the UK.”
A slow settlement process
While many Brits have applied for residence in Monaco, the settlement process is complicated by coronavirus-related restrictions, as Hervé Ordiono explains. “At the moment, the problem is Covid-19 rather than the uncertainties surrounding Brexit. How do you travel? How do you visit flats? Brexit will no doubt also create an additional administrative problem, as it means that it will no longer be people from the European Community resettling.”
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