People often misinterpret Monaco. The most common three thoughts in people’s mind regarding Monaco are usually “Tax haven”, “Luxury” and “Prince Albert II.” However, and more interestingly, for most of its residents, Monaco is much more than that. It is more about the safety, the living quality and the highly supportive community of internationally accomplished people.
It is very frustrating to often read in the press and in various media sources that Monaco is an offshore country, when it is not. Those people are the ones who misjudge Monaco, like judging a book based on its cover. They never take the energy to see what the country really is/offers.
There are many countries around the globe offering taxation benefits or acting as a complete tax haven. And despite all the misbelief, Monaco is not even tax free. The only advantage it has is a zero-income tax. In many other aspects, there are stronger requirements. For example, local businesses are obliged to pay an annual tax. From a heritage perspective, Monaco also offers zero tax on first-line inheritance. However, in every other case, even Monaco’s neighbour, Italy, offers better conditions.
The competition for taxation benefits is high, however, Monaco has a very sexy prosperity which is clearly reflected by the fact that there have never been so many resident requests before. However, taxation is not the only reason why the Principality attracts these established groups of people.
The Principality of Monaco is an exceptional place to colourise your life if you are sick of the usual black and white. It is a land just under the rainbow of the coast of the Mediterranean sea where people usually come to live their dreams, even if it is just for a day. However, if you allow yourself this dream, then it is able to provide much more. It can be your true reality and offer an exceptional quality of life for you and your loved ones.
Monaco offers a combination of unique advantages in a very integrated way which makes the Principality a special place in Europe. The size of the Principality of Monaco and its Monégasque territory is 1.98 km². Yes, it is smaller than an average district in a bigger city in other countries. Even if it is a tiny pearl with its small location, it offers ultra-high security, a profitable fiscal system, political and economic stability, as well as exceptional weather conditions during the whole year.
In the eye of the world, the Principality of Monaco has always represented the elegance and luxury rooting back hundreds of years. Monaco also has an important international presence, since it takes part in multiple international events. Once you relocate to Monaco, you will notice that almost every week there is a new and exciting event, so you can always find something that meets your taste. In between the events, you can also observe the enormous efforts that Monaco makes with its various commitments at the international level.
What makes Monaco exciting are the advantages it offers to its residents, even if the Principality is strongly influenced by its relationship with France.
Monaco and France have always worked hand in hand throughout history, and often France provided protection for the population of this tiny country. This French-Monégasque relationship was also built on very strategic pillars. Due to its location between the borders of Italy and France, Monaco always played an important strategic role.
However, we have to emphasise that the Principality of Monaco is not a French county or a French territory. There are many differences between the two cultures, even if they share some of the social backgrounds and economic aspects. Monaco’s small population has always been isolated by the sea and the surrounding mountains. Monaco’s natural boundaries provided great isolation and protection from external influences.
Since 1993, the Principality of Monaco is a member of the United Nations, which has also helped it to develop and build up mutually beneficial links with key international organisations.
Monaco is also part of the European Monetary Zone, called the Eurozone. However, Monaco is not a member of the European Union. The European Union respects the identity and the rules of the Principality, and it allows harmonious economic development for the benefit of both parties. Therefore, it is an important fact that the Principality of Monaco never agreed to transfer sovereignty to the European Union.
This independent environment and vibrant, multi-cultural community has attracted many foreigners from hundreds of nations. Smartly, Monaco did not jeopardise its uniqueness, in particular, its specific right of establishment and the preference given to its citizens.
Economically, Monaco is a full participant of the world, and the European Union is a stage for Monaco where its standards are going to become more and more precise. The Principality also has a very specific real-estate market making Monaco the number one real-estate investment territory in Europe. It also provides great business and investment conditions.
However, in the past years we can also observe some major changes between the European Union and the Principality of Monaco. While both embody the changes, one can feel the tension in the European Union. Due to various political and economic factors in the European Union, many people think they have to choose between their identity and economic survival.
While Monaco never intended to merge peoples’ cultural diversity, it just creates a platform to unite diverse interests. This clearly reflects the fact that Monaco’s two square kilometre territory includes 139 nationalities composed by only 37,308 residents. This makes the Principality of Monaco a kind of pearl on the southern shore of Mediterranean Europe.