Visit to Monaco
Tax haven
The State has no income tax for individuals. The lack of personal income tax has led to a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are considerably less well-known business people.
One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate.
The State has no income tax for individuals. The lack of personal income tax has led to a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are considerably less well-known business people.One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate.
The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be owned by the state; it now owns 45%, while the remaining 55% is owned by Cable and Wireless (49%) and Compagnie Monégasque de Banque (6%). It is still, however, a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.
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 that of France: the euro. Prior to 2002, Monaco minted their own franc coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on their national side.
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 that of France: the euro. Prior to 2002, Monaco minted their own franc coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on their national side.
