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Monaco $400 Million Penthouse Secrecy Booms: Real Estate

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 brokerSavills Plc’s 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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