With the Australian economy doing better than many countries in Europe, it’s not surprising that the Monaco Tourist Board has been trying to lure more Australians to the Principality for part of their holidays in Europe.
London and Paris are the favourite destinations for visitors, but many consider a two or three day trip to Monaco would be more expensive than both of these and deem it an expense too far.
But surprisingly London and Paris are both more expensive comparing like-to-like accommodation, and bearing this information in mind a delegation from the Monaco Tourist Board visited Australia recently to promote it as a European destination to visit.
The message it appears is getting through to tourists in both Australia and New Zealand with an annual increase of over ten per cent each year between 2009 and 2012, but it’s felt this could be improved upon significantly.
Also increasing is the number of Australians buying property in Monaco and taking residency, according to tax haven specialists International Property Tribune, who have been helping people move to the Principality since 1997.
With her economy performing better than her European counterparts in recent years, pure mathematics and logic would dictate that the overall percentage of Australians taking residency would increase.
But it’s more than that according to Tribune, and cite the strength of the Australian $ against the Euro as one influence, for while property has increased in value this has been offset by the change in the correlation between the two currencies – in other words Europe is cheaper than it used to be for Australian investors as well as tourists.
While the number is much smaller than the amount of people buying property in Monaco from the UK, Germany and Italy there are more Australian accents to be heard and more of their children in the International School.
With the economy in Australia being boosted by the natural resources the country has and some of those involved in the mining industry doing very well, will the medium and long term see more looking to settle in Monaco? After all a Credit Suisse report in October showed the average Australian to be the wealthiest in the world, far ahead of Americans for example.
And with much of the world’s attention recently being on the American Debt Ceiling it’s worth noting that the IMF forecasts that just two of the top twelve economies will be moving out of deficit into surplus by 2018 – China and Australia.
The answer for Monaco is most likely yes, for while there is a big difference in the wealth between the top earners and the poorest elements of society with the gap – as in countries like the UK – widening there is a pool of business leaders who will benefit from taking residency.
A free guide to residency in Monaco and the latest real estate is available at the property section of www.banksinmonaco.com