Illustrative scenario · how it's calculated
Stay in the UK or move to Monaco: the same family, ten years apart.
One family, one starting portfolio, the same investments and the same lifestyle. The only thing that changes is where they are tax-resident. Every figure below can be recalculated from the assumptions on this page.
STAY
United Kingdom
€26.4M
capital in 2036
MOVE
Monaco
€34.8M
capital in 2036
+€8.4Mmore capital after 10 years in Monaco
Where the €8.4M comes from
UK income tax paid over 10 years€6.42M
Lost growth on that tax (compounding)€1.97M
Difference in 2036€8.39M
Assumptions
Starting portfolio (2026)
€15M
Liquid investments, same in both cases
Portfolio return
6% / year
2.5% dividends & interest + 3.5% growth
Earned income
€1M / year
Salary or business income
Family spending
€400k / year
Identical lifestyle in both countries
UK tax
41% · 44%
Effective rate on portfolio income · on earned income (2026/27 rates)
Monaco tax
0%
No personal income tax for residents (not for French nationals)
What this does not include
- Capital gains tax: the portfolio is not sold. If it were sold in 2036, UK CGT at 24% would widen the gap to about €10.0M.
- Inheritance tax, wealth taxes and the UK's post-departure rules, which depend on each family's history.
- Cost of living and property in Monaco, and the conditions to obtain residence there.
- Exchange rates and investment risk — returns are kept identical on purpose.