Luxury property booming as the rich pour into Monaco
Monaco, the tax haven on the French Riviera, is experiencing a luxury-housing boom that includes the world's most expensive penthouse as developers prepare for an influx of millionaires and billionaires escaping higher taxes or a loss of banking privacy.
A "flow" of new residents is emigrating from Switzerland, where financial-secrecy laws are crumbling, said Jean Claude Caputo, managing director of broker Savills' French Riviera unit. They're drawn by the principality's "security, sophistication and climate," he said - as well as for financial reasons. The Swiss government signed an accord in May to automatically share bank data across borders.
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