Well, then how come most of olympic athletes from my home country have permanent(=tax) residence there? I can guarantee you they are not living there at all, nor do they rent any real apartment (which is 20k+ eur/month unless you are a Monaco citizen).

As I said if you are French citizen all this tax haven sugar isn't valid for you, Monaco banks will report you to French authorities, but for rest of the world it works (unless something dramatically changed in last year or two).