The Principlaity of Monaco

— The Principality of Monaco is an incredibly small country, the second smallest country worldwide (after the Vatican City) and its population is around 39,150 people.

Monaco is an independent sovereign state, ruled by the Grimaldi family since 1297. As glamorous as it is from the outside, it can be just as difficult from the inside. Yet, one can find a real multi-cultural environment made up of many nations, which makes the whole place very interesting and lively.

Most people of the Principality enjoy a high level of living quality. It is a known fact that 1 in 3 people are millionaires in Monaco (estimated 40% of the population), and 1 in 52 are considered as ultra-high-net-worth, which means their total asset exceeds the 20 million Euro.

Access to Monaco is very easy by air, road or train. The airport in Nice is a 20-40 minute drive, depending on traffic or an 8 minute helicopter ride. It is also very rarely closed because of lack of adverse weather conditions. Italy is within a 30 minute drive and there are ski resorts within a range of 1.5 to 2.5 hours of driving (or 20 minutes by helicopter).

It is good to know that Monaco is part of the European Monetary Zone, the European Union's Schengen, but it is entirely independent from the European Union. Therefore the laws that apply in the EU, will not necessarily apply in the Principality of Monaco.

The standard of living in the Principality is excellent, the life expectancy is 89.5 years, the lengthiest in the world. Monaco has first class medical facilities in all aspects of medicine.

Also an interesting fact is that the Principality of Monaco is voted to be one of the happiest places to live on earth. An air of positivity, peace and luxury shines throughout the country and its culture each day.

Monaco offers almost 300 sunny days during the year with an annual average temperature of 16,6 °C. The temperature rarely goes lower than 10 °C in winter.

The Principality of Monaco is one of the most secure places in Europe with the world highest police to population ratio. Even the celebrities who are frequent visitors in Monaco are able to walk through without their bodyguards.

The country has a very good reputation when it comes to education. Furthermore, because of the general safety, most children take the bus to school unaccompanied.

The cultural and artistic influence of the Principality of Monaco is worthy of the greatest European capitals.

The fiscal climate is of course very favourable, with no local income (including dividends) or capital gains tax. For example zero percent inheritance tax applies for first level inheritance. Although commercial entities in Monaco are subject to corporate tax, there are fairly substantial allowances for directors/shareholders’ remuneration before tax. Living in this zero debt, green and wealthy country is quite a privilege.

The Principality of Monaco is one of the most densely populated independent country in the world. It also has a consequently competitive housing market with the average property only changing hands every 37 years.

As an interesting contrast, Monaco has the most expensive real-estate market in the world, yet given the lack of space, apartments are generally much smaller than elsewhere.

Monaco in Key Figures

Surface area
GDP per capita (2021)
.3 bn
Nominal GDP (2021)

Source: IMSEE

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