Monaco Business, Taxation and Offshore Information
Monaco occupies barely 2 sq km on the French Riviera. Only 16% of its population of 30,510 people (July 2012 est) are original Monegasques. Monaco is well-connected by air, from Nice airport (22 km distant), by rail and by road. The time is GMT +1 hour, like France.
The famous Grimaldi family has ruled since 1297 under the protection of various countries, but mostly France - the 1963 Treaty with France created a monetary union, confirmed a constitutional monarchy with French responsibility for external affairs, and subjected most French residents to tax. The elected Council has little power, with Prince Albert II equivalent to a Chief Executive. Monaco has adopted the Euro, has a civil code judicial system and its official language is French.
The economy has a normal range of activities for an advanced country, with special contributions from tourism, high-technology light industry and especially banking. However, Monaco does not want to be a tax haven, under any name, and has no 'offshore' sector as such. Like other continental jurisdictions, Monaco tends to be bureaucratic and cumbersome for international businesses. More »