Monaco is not only an important international center but also a concentration of the richest people on the planet. The tiny principality of 2 square kilometers accommodates over 120 nationalities, and the number of multimillionaires and billionaires permanently residing here exceeds 2,000 people.
A stable and strong economy is an attractive niche for foreign investors to save and grow capital. However, the Government of the Principality is squeamish about registering new companies in Monaco and applying for a residence permit, and all foreign nationals must present a unique business idea and prove their financial independence.
The restaurant business in Monaco
Buying a restaurant in Monte Carlo is ideal to get a working company without going through all the bureaucratic procedures with the possibility of a quick return on capital. The tourism, hotel, and restaurant businesses are at the top of the list in the Principality in terms of popularity and profitability.
Monaco — a free lagoon for investors
In addition to its unique tax system (there is no income tax in the Principality), Monaco has a high concentration of wealthy people and a developed and stable economy. If a foreigner intends to invest in the economy, it is difficult to find a sector that requires funding. And starting your own business will require a unique idea or start-up to interest the government and obtain permission to register.
A brief glimpse into the economy of the tiny world of the richest people:
- GDP growth of 0.9% a year;
- A low inflation rate (1.9%) creates a safe environment for doing business in the Principality;
- Monaco's Economic Council has specific government programs to support entrepreneurs wishing to set up a business here;
- The Principality does not formally hold EU membership, but is bound by the bilateral agreements signed with France;
- the most developed sectors are plastics, transport, precision engineering, paper processing, ceramics, textiles, rubber, and clothing;
- A separate sector is the restaurant and hotel business, and the inflow of tourists to Monaco is increasing every year given the country's internationally popular gambling facilities and the holding of international competitions (Formula 1, rally, tennis competitions, festivals).
The policy of a rich and secure country is more favorable to investors who are prepared to buy a functioning business in Monaco or invest in new ideas (start-ups), assets of existing companies (buying shares). The food industry remains an interesting sector as the Principality has an agreement with Italy to market foodstuffs and natural resources. An important point - foreign nationals who have an established company or residential property in the Principality, get a residence permit faster richest country in the world. For more information on how to obtain a residence permit in Monaco through investment or purchase of the real estate.
The restaurant and tourism industries are promising avenues
The beautiful Mediterranean climate, the casino industry, and a high social standard make Monaco an attractive holiday and leisure destination. The influx of tourists from the EU, CIS, and Asia is constantly increasing - in the first 4 months of 2019 alone, the number of tourists and travelers arriving in the Principality increased by 14% compared to the same period last year.
Therefore, the purchase of a ready-made restaurant, hotel, or café in Monaco provides for quick profits and full protection of the invested capital — a large number of annual festivals, international competitions attracts a huge number of guests who love French cuisine and comfortable living conditions.
According to statistics, the largest number of tourists come to the Principality from the following countries
- Italy - 19%;
- France - 18%;
- Great Britain - 15%;
- USA - 13%;
- Germany and Russia - 5% and 4% respectively.
When deciding to invest in a ready-made Monaco business, non-residents need to be aware of the mentality of visiting guests - the French, Italians, and Monegasques themselves are quite fastidious about food; developing a restaurant business would require an exclusive menu or special programs for the establishment. However, there are no problems with qualified staff in the Principality - the education system makes it possible to obtain the highest qualifications and the businessman can find employees with the necessary experience.
