Monaco

The Principality of Monaco or Monaco (French: Principauté de Monaco or Monaco; Monegasque: Munegu or Principatu de Munegu) is a city state and the second-smallest country in the world (after the Vatican City), wedged in between the Mediterranean Sea and France along the French Riviera or Côte d'Azur (The Blue Coast). Consisting mostly of just the old town of Monaco and later built-up areas, it is also the most densely populated independent country in the world1. It is one of the European microstates.

Economy

Main article: Economy of Monaco

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One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The Principality has successfully sought to diversify into services and small, high-value-added, non-polluting industries.

Related Topics:
Tourism - Casino - 2001

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The state has no income tax for individuals. The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network used to be owned by the state. Now Monaco Telecom is 49% owned by Cable and Wireless, 45% by the state and 6% by Compagnie Monégasque de Banque, but is still a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Related Topics:
Income tax - Monopolies - Tobacco - Telephone - State - Monaco Telecom - Cable and Wireless

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The lack of personal income tax has led to a considerable number of wealthy "tax refugee" residents from European countries, who earn the majority of their income from activity outside Monaco; celebrities like Formula One drivers attract most of the attention but the majority of them are businesspeople.

Related Topics:
Celebrities - Formula One

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In 2000 a report by French parliamentarians Arnaud Montebourg and Vincent Peillon alleged that Monaco has lax policies with respect to money laundering, including within its famed casino, and that the government of Monaco puts political pressure on the judiciary so that alleged crimes are not properly investigated. In response, the government of Monaco ordered reports to OECD and FATF. These reports revealed most of these allegations to be untrue.

Related Topics:
Parliamentarians - Arnaud Montebourg - Vincent Peillon - Casino - OECD - FATF

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Monaco is not a member of the European Union, but is very closely linked to it via a customs union with France and as such its currency is the same as France's: the euro. Monaco has acquired the right to mint euro coins with Monegasque designs on their national side.

Related Topics:
European Union - Currency - Euro - Euro coins

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