This is quite a place. Every possible luxury car is sold here, including ones I’ve never heard of (if you have more than one Lotus, do you have Loti or Lotuses?). The yachts in the harbor are enormous. Best of all, there is no income tax. And because European nations are much better than the United States about letting people escape without fascist exit taxes, Monaco has attracted many wealthy people from all over Europe.
I give a speech to their business association tomorrow before heading back to the United States.
By the way, this is not exactly a fun trip. Everything is too expensive, and it is too cold to vegetate in the sun. I could go to the casino, I suppose, but I find gambling tedious and they probably wouldn’t even allow peasants like me to enter the place.Be envious of me when I go to Cayman, not when I’m in Europe in March.
“…much better than the United States about letting people escape without fascist exit taxes,…”
Indeed this (US wealth exit taxes) flies in the face of the American spirit. From an economic standpoint, it is rather totalitarian, akin to Soviet bans on emigration. One is essentially held hostage economically; “You can emigrate, but your wealth cannot”.
I wonder if it is yet another reason why the flow of top tier Indian engineers to Silicon Valley seems to be slowing down. In the long run, the policy will backfire and Americans stand to loose a lot more than the money they try to grab in punitive exit taxes. Competent people take notice! Anyone whose net worth starts exceeding 2 million, better start making some plans. 100 trillion of unfunded US entitlement benefits (not including the current healthcare bill) are awaiting down the line…
Americans have become accustomed to being the most prosperous people in the world for 100 years, but foolish America is now flirting with, and dangerously close to, the tipping point…
[...] tiny principality is an amazingly prosperous place, easily the richest jurisdiction on the planet according to World Bank data. And it oozes glamor, [...]
[...] benefit from these policies, while Ann wants to crack down on small low-tax jurisdictions such as Monaco, Bermuda, Liechtenstein, and the Cayman Islands, as well as big nations such as the United States. [...]
[...] targeted easily can shift their operations to other zero-income tax jurisdictions such as Bermuda, Monaco, or the Bahamas. Or they can decide that to set up shop in places such as Hong Kong and Singapore, [...]
[...] targeted easily can shift their operations to other zero-income tax jurisdictions such as Bermuda, Monaco, or the Bahamas. Or they can decide that to set up shop in places such as Hong Kong and Singapore, [...]
[...] also worth noting that jurisdictions such as Monaco, Bermuda, and the Cayman Islands manage to be very prosperous in the absence of an income tax, [...]
[...] also worth noting that jurisdictions such as Monaco, Bermuda, and the Cayman Islands manage to be very prosperous in the absence of an income tax, [...]