Moving to Monaco



Monaco is one of the world's most desirable countries, settled in France and Italy. The Principality of Monaco has achieved a reputation for being a serious business center and ideal place of residence for expats wishing to live in a very safe and accessible European location with classy facilities, a pleasant climate and favorable tax system.

Monaco is a tiny country in Europe on the Mediterranean Sea consisting of one city with around 36 thousand residents. It is so small that this gives it the most crowded density of population of any country in the world. Its only land neighbour is France.

The Monaco area was settled by Greek colonists by 600 BC Monoikos, meaning single dwelling. According to legend, this refers to an ancient temple established there by Hercules himself. As part of the patchwork of feudal Europe, it continued for some time to be transferred as a protectorate from one European power to another, but France officially recognized its sovereignty as independent in the year 1861. It soon became one of the wealthiest nations on earth as a result of the casino opened at Monte Carlo in 1858, as well as a tax haven. Many wealthy investors are attracted to live in Monaco as a result of the fact that there is no income tax in Monaco. Income tax is unnecessary because of all the gambling revenue. To this day, Monaco has one of the richest populations in the world, with the most millionaires per capita of any nation. Monaco is a hereditary principality where the monarch, Prince Albert, has considerable power, despite the adoption of a constitution for Monaco in the year 1911. The previous Prince, Prince Rainier, who passed away in the year 2005, was famous because of his marriage to Grace Kelly, an American actress.

Although tourists gambling in the casino continue to be the principal economic mainstay, the citizens of Monaco themselves are not allowed to gamble. Monaco is not technically a member of the European Union, but it relies on France for defence and has been using the euro as its official currency since the year 2002. Before that year, it had used to mint its franc. Monaco is also famous as the home of the Monaco Grand Prix car race, which has been held there since the year 1955, and the Monte Carlo Rally car race, which has been going on since the year 1911. Rugby and soccer football are also popular sporting events in Monaco. There is one University located in Monaco, the International University of Monaco. The official language is French, but native Monacans also speak a dialect more similar to Italian known as Monegasque. Native Monacans today only account for around 20 percent of the population, owing to the abundance of foreigners, mostly French, living there.



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