MEB: Mission to Attract Nom-doms in London

After Riyadh, London. The Monaco Economic Board took 62 Monegasque entrepreneurs to the capital city of England.
62 decision-makers from the Principality representing 44 companies made the trip to London. The aim of this latest economic mission organised by the MEB was to make new contacts and boost their businesses through the combined efforts of Monaco's ambassador Evelyne Genta and the London Chamber of Commerce and Industry. The aim was above all to promote "the Principality as a place for investors" according to the MEB. After Riyadh in Saudi Arabia and Casablanca in Morocco, Monegasque entrepreneurs made visited the banks of the Thames to attract non-doms - wealthy people who benefit from the title of British resident without being domiciled in England, which means they are not taxed on their income earned outside the UK... This tax regime is due to be abolished in April 2025, and the Monegasque lawyers, bankers and advisers present were keen to show that "the Principality is an option for some UK residents to be resident and have investments due to advantages such as the quality of life, low taxation, plus security and stability".

At the initiative of Evelyne Genta, Monegasque entrepreneurs met at the Royal Thames Yacht Club in Knightsbridge with around sixty financial contacts, including legal advisers, family offices, tax specialists, chartered accountants and bankers. The Monaco Association for Financial Activities (AMAF), represented by Vice-President Alejandro Velez, gave a comprehensive presentation of the Monaco financial centre, while CMS highlighted the virtues of Monegasque legislation. This is why Justin Highman and Guillaume Rose, respectively Deputy Managing Director and Executive Managing Director of MEB, also attended the Monaco Private Label dinner alongside Frédéric Genta and Chloé Leclercq Boscagli. This exclusive meal with HNWIs was the perfect opportunity to talk about the advantages of the Principality's political stability and low tax rate, while reassuring them about the effects of any possible inclusion on the FATF grey list... The aim of the meal, organised by the Government's Attractiveness Unit and Monaco Private Label, was to "convince around thirty entrepreneurs and investors interested in the Principality move there and create new value".

140 unicorn start-ups in the UK
Other highlights of this 48-hour mission included meetings at the London School of Economics and Political Science (LSE) to listen to managers of LSE Generate, a coworking space dedicated to innovation and entrepreneurship. Another visit was to the Royal Automobile Club, with a presentation by Patrick Armstrong, Chief Investment Officer of Plurimi, a company based in London and Monaco that offers a market prediction system based on artificial intelligence. Despite the migration of jobs from the City to continental Europe since Brexit, London's financial strength "continues to thrive, particularly due to the 73 free trade agreements signed with various countries, the agreement with the European Union and the forthcoming integration into the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP)", says Jo Hawley, Deputy Trade Commissioner Europe and Country Director for Business and Trade in France at the British Embassy in Paris. London remains a key location for fintech and, more broadly, a hub for new technologies. According to Jo Hawley, all these characteristics are likely to be of interest to Monegasque companies: "After the United States and China, the UK is the country that has the highest number of 'unicorn' startups - 140 to date, valued at over £1,000 billion.