Where is Monaco?

Can you make a lot of money in Monaco?

• I am thinking about being an investment banker or Dermatologist in Monaco but lets stick with an investment banker for now but if you have any info about Dermatologist earnings in Monaco they would be greatly appreciated. My question is would I make better money else where like New York or London or would I make more in Monaco? The reason I am asking this is because Monaco has no income tax and the GDP per capita is $186,175. Oh and what about Bermuda since they have no income tax as well? Thankyou in advance.

• Answer:

  The simple answer is yes, you can make a lot of money via investment banking in Monaco, but it depends: Are you qualified as an investment banker and working for a bank now? Otherwise it's unlikely you would get a job in Monaco as a banker. If you're American you get taxed wherever you live, so Monaco wouldn't have much of a tax advantage compared to non Americans. Do you speak French and / or Italian as well as English? If the answer is yes to all these then Monaco could be good for you, as even if you got the same salary as London you would be twice as well off as you wouldn't be paying half your salary in taxes. Remember though you need an address in Monaco for residency, a studio flat starts at 1,500 Euros a month, for decent 2 bedroom apartment look at spending 3,000 to 5,000 Euros a month.