The Principality of Monaco.
Monaco is first and foremost a tourist destination that attracts
as many as 1.5 million visitors a year and is famous for its
beaches and casinos, especially
the world-famous Monte Carlo. It has had gaming tables since
1856, making it a pioneer of the casino industry.
The monarch, Prince Rainier III, born in 1923, succeeded his
grandfather, Louis II, on his death, in May 1949. Rainier was
married, in 1956, to American actress Grace Kelly and they
subsequently had three children. Their son, Prince Albert Louis
Pierre (b. 1958) is heir to the throne. Immensely popular,
Princess Grace died on Sept. 14, 1982, of injuries received in a
car accident near Monte Carlo. She was 52.
Monaco celebrated the 700th anniversary of the Grimaldi reign in
1997. In 2002, the constitution was revised to ensure that the
Grimaldi's retain the throne even if Crown Prince Albert has no
heir. On April the 6th, 2005, Prince Rainier, Europe's
longest-reigning monarch, died, and Prince Albert II succeeded
him.
Monaco's practice of providing a tax shelter for French
businessmen resulted in a 1962 dispute between the countries. A
compromise was reached by which French citizens with less than
five years' residence in Monaco were taxed at French rates, and
taxes were imposed on Monegasque companies doing more than 25%
of their business outside the principality. The country was
admitted to the UN in May 1993, making it the smallest country
represented there. As at July 1995, Monaco had a permanent
Population of only 31,515.
Monaco is in Western Europe, bordering the Mediterranean Sea, on
the southern coast of France, near the border with Italy. Its
climate is typically Mediterranean with mild, wet winters and
hot, dry summers.
Monaco attracts tourists both to its casino and for its pleasant
climate. The Principality has successfully sought to diversify
into services and small, high-value-added, non polluting
industries. As previously mentioned the state has no income tax
and low business taxes and thrives as a financial haven both for
individuals who have established residence and for foreign
companies that have set up businesses and offices. About 50% of
Monaco's annual revenue comes from value-added taxes on hotels,
banks, and the industrial sector; about 25% of revenue comes
from tourism. Living standards are high, that is, roughly
comparable to those in prosperous French metropolitan suburbs.
So next time you're in southern Europe and have a few days to
spare, why not visit this compact and fascinating nation.
Interested in this subject? Try this link for more of the same