Interview with Chloé Boscagli, Project Manager for the Principality's Attractiveness Unit. Since 2023, Monaco has structured its economic and residential development strategy around the Attractiveness Unit. Chloé Boscagli discusses the unit's remit, the new profiles attracted to the Principality, the compelling statistics, and the valuable cooperation with the AMAF, a key pillar of the initiative.
Can you tell us about the Attractiveness Unit?
It was against a backdrop of increased global competition—the number of relocated HNWIs has increased 2.5-fold in ten years—that the Attractiveness Unit was created in 2023 by a Sovereign Ordinance. It embodies the Principality's coordinated response to maintaining its position on the world stage in the face of hubs such as Dubai and Singapore, and destinations that have developed effective attractiveness policies, such as Italy and Greece in Europe. Its mission is to propose an action plan to attract, welcome and integrate residents, investors, businesses, workers and tourists. It acts on an interministerial basis and in conjunction with the private sector.
It is based on three pillars:
- the Strategic Attractiveness Council (CSA), a think tank of 50 public and private figures responsible for making strategic recommendations to increase the Principality's attractiveness over the next 10, 15 or 20 years;
- the Welcome Office, which centralizes requests from future residents;
- the Monaco Private Label, an exclusive government network designed to forge links between Monegasque residents and international decision-makers who are friends of the Principality.
What are the new profiles of people interested in Monaco?
They are much younger than before. Of the last 60 people who have moved here with the help of the Monaco Private Label, the average age is 50. This is no longer a retirement move: these people are in the prime of their lives, at the peak of their careers, often entrepreneurs or executives from the financial sector.
This change in profile has practical consequences: they are looking for more spacious homes, have children in school, want to continue their economic activity from the Principality, and expect quick and effective integration solutions.
What are the attractions for these international profiles?
Two distinguishing features of the Principality are constantly cited:
- political stability, ensured by the Princely Family for over 700 years;
- security, the figures speak for themselves:
- 15 police officers per 1,000 inhabitants
- 1,300 video surveillance cameras covering 2 km²
- Monaco ranks among the safest countries in the world (Safety Index, Safe Haven 8, etc.).
In addition:
- a diversified economy driven by continuous GDP growth;
- excellent healthcare, with nearly 8 doctors per 1,000 inhabitants;
- a wide range of educational opportunities, including the Monegasque system with European and international sections, the International School, and the British School;
All these indicators are closely studied by potential new residents. They are often accompanied by advisors who examine each destination in detail, particularly with regard to tax, inheritance, and regulatory aspects.
Does Monaco still suffer from international prejudice?
Yes, clearly. The image of a “retirement paradise” still sometimes sticks to Monaco, even though it is now completely outdated. The people who are interested in the Principality are active, committed and very often at the head of international groups.
That is why we have organized 11 international missions since 2023, including four in London. These trips showcase an active and dynamic ecosystem and highlight Monaco's assets, which are far removed from the clichés.
The Monaco Private Label also plays a central role in facilitating exchanges between residents of the Principality and potential future residents during our events.
Why is London a strategic destination for your missions?
Because it is both geographically close and undergoing economic restructuring. According to New World Wealth, the number of millionaires leaving the United Kingdom rose from 4,200 in 2023 to 10,800 in 2024, representing around 30 departures per day.
There is therefore enormous potential for mobility. These are often people in finance or entrepreneurship, sometimes with significant assets, who are subject to new regulatory constraints. They benefited from the “non-dom” regime, which has been reformed, and are looking for new stable bases. A recent study indicates that 63% of non-doms are still considering leaving the UK within the next two years.
Finally, the British community plays an important role in the Principality. They represent around 7% of the resident population, making them one of the four largest nationalities, which is a strong factor in integration.
What role does the AMAF play in these initiatives?
It plays a central role. The AMAF is systematically involved in our missions abroad, particularly in London. It is seen as a credible and technical player with a thorough understanding of the financial and regulatory issues affecting inheritance tax in particular. Its expertise is highly sought after, especially on sensitive issues such as the possible removal from the gray list in 2026.
During each mission, we organize two events:
- A dinner through the Monaco Private Label to engage in discussions with individuals interested in the Principality.
- A B2B event where the AMAF participates as an expert alongside other economic representatives such as the SBM.
This complementary approach allows us to meet all expectations: both the desire to understand the economic ecosystem and the various aspects of setting up a business.
How do foreign contacts view Monaco?
They are curious and often well informed. We have noticed a strong demand for concrete and quantified information: what does moving to Monaco entail, what are the advantages, the procedures, the constraints?
The feedback we receive on the AMAF presentations is excellent. The AMAF's contributions help to reassure, plan and inform decisions. At a time when international mobility is a reality for many executives, the Monegasque ecosystem must remain visible, coordinated and credible.
