Monaco Boost has put out its second call for applications, seeking Monegasque entrepreneurs to take advantage of the incubator’s workspaces and networking opportunities.
After its launch in January 2021, Monaco’s government-funded business incubator is seeking a new round of start-ups to support at its Fontvielle site.
Successful applicants will be allocated office space ranging from 10m2 to 30m2, depending on the type of business and their individual needs. The space is sufficient to accommodate anywhere from one to three employees.
Selected candidates can move in by September, or even August for those more eager to get started, joining the already established 16 enterprises on site.
The whole site is capable of supporting 108 business.
Under the direction of Laurence Garino, the team in place will organise thematic workshops and specific events in collaboration with Monegasque partners to promote networking and collaborative exchanges.
In addition to furnished workspaces, Monaco Boost also has meeting rooms, a multi-purpose room and a café, inviting all in the space to get to know each other, collaborate and form synergistic connections.
The rules to apply are that an applicant must be Monegasque, a majority managing partner with at least 60% share of the business’s capital, have proof of current ministerial authorisation, and proof of registration with the Monaco Trade and Industry register dating back less than five years.
The typical buyer profile of Monaco homes is in flux, skewing younger, and leaning toward non-Europeans, according to a recent report by Knight Frank.
Buyers from China, the Middle East, and Russia are reportedly springing for Monaco properties priced above €10 million ($11 million), while their British, Italian, Swiss, and northern European peers tend to be active in buying properties below those price points, according to property-report.com.
“Not only is the age of buyers lower than it was a decade ago, but the nationality of buyers can increasingly be defined according to their purchasing power,” wrote Knight Frank researcher Kate Everett-Allen.
Monaco remains a highly coveted tax haven among high-net-worth individuals (HNWI) worldwide. “Unlike many other tax havens, it is neither remote nor compromised on its lifestyle offering,” Edward de Mallet Morgan, head of Knight Frank’s Monaco department, said. “Monaco is, after all, located on the most sought-after coast in the Mediterranean, with the Côte d’Azur and the Italian Riviera on its doorstep, ski resorts an hour away and Nice airport with connections to Europe and beyond within approximately a 30 minute drive.”
While the Principality baulks at the label “tax haven”, it’s home to 12,200 millionaires, and has seen a 62 percent increase in its population of wealthy people or those with net assets of more than €30 million over the last 10 years, according to Knight Frank. Prices for Monaco properties have also soared by 27.8 percent over the last five years, according to the Monaco Statistics office.
Meanwhile, a survey by market research company New World Wealth ranked Russia as having the world’s sixth biggest outflow of individuals worth over $1 million (€990,000), with the number of millionaires in the country falling 2 percent last year.
The conflict in Ukraine and the depreciating ruble have driven rich Russians to other shores. In a survey by property broker Tranio.com and Spear’s Russia, 58 percent of HNWI emigrants from Russia cited geopolitical and economic instability as main reasons to change their country of residence and buy overseas property. Around 2.2 percent reasoned that they were in search of more attractive tax regimes.
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