Monaco is made for Supercars, not Superyachts.
Updated: Feb 12, 2019
I can hear the alarm bells going off with you right at this very point, Monaco, not made for Superyachts when there is two ports filled with yachts of all shapes and sizes!
Well, let me explain my point in a little detail, so the above statement makes some kind of sense.When you relocate to Monaco with your superyacht, or you are already resident in Monaco and you have just received your new superyacht, one of the misconceptions that you may face is that when register your yacht in Monaco, is that your registration will come with a mooring. It is highly important to consider that granting permission to navigate under the Monégasque flag does not automatically include the allocation of a mooring in one of the Principality's ports. The general rule in Monaco is based on a first come first serve basis, and even for long-term residents it can be impossible to get a mooring space in the Monaco ports. The waiting list can be up to 10 years, if not so more, and there is no place for short cuts and exceptions through corruption.This rule is very strict and even the moorings are not transferable to a new ship belonging to an owner who already has a mooring in the port, or subsequently to a new owner of a ship that is already moored in Monaco. So that brings us back around to supercars, it is much easier to store your collection of cars than your superyacht in Monaco. In Monaco, the average apartment or villa has one to two parking spaces, however most UHNWI's have multiple cars, and some even have entire collections. The problem with Monaco is that in an area the size of Hyde Park, parking is at a premium. However more importantly, where would you park your collection of cars where the right facilities are available to care for these exceptional vehicles correctly? There certainly is a right and wrong way to store your car collection and storing a La Ferrari for instance takes a lot more care and attention than your average car.
A few weeks ago, I met with Frederic Rondinelli, owner of The Carsafe Monaco at one of his super-secret locations, I mean you have to be James Bond to find and access these sites. I was taken away by the diversity of cars stored with him by his clients. Cars from vintage 1930s Rolls Royce’s to La Ferrari's and some owners had 6+ cars stored with him.
So storing your car collection in Monaco is a lot easier than storing a superyacht. In addition, you have the ability to simply text your car person in Monaco one morning and say, please bring the blue one and pick up the red one, I mean how easy is this!Therefore, by using the analogy from the title of this article, we really can say that Monaco is built for supercars and not for superyachts. Of course, there are exceptions to the rule, but from a practical sense, buy a few cars, charter the yacht when you need it, and you will not have to worry about registration, VAT, moorings etc, and you can have a different car for each day of the week.
See you in Monaco.
Andre C Perry is Managing Director of UHNW Management, Co-Founder of The Drivers Circle and Co-Author of Monaco: The Essential Relocation Guide.