Monaco

Monaco,officially thePrincipality of Monaco,is asovereigncity-stateandmicrostateon theFrench Rivieraa few kilometres west of theItalian regionofLiguria, inWestern Europe, on theMediterranean Sea. It is asemi-enclavebordered byFranceto the north, east and west. Theprincipalityis home to nearly 39,000 residents as of the 2020s,of whom about 9,500 are Monégasque nationals.It is recognised as one of the wealthiest and most expensive places in the world.Theofficial languageof Monaco isFrench.Monégasque,EnglishandItalianare also spoken and understood by many residents.
With an area of 2.08 km(0.80 sq mi), Monaco is thesecond-smallestsovereign state in the world, afterVatican City. Its population of 38,367 in 2023 makes it themost densely populatedsovereign state. Monaco has the world's shortest national coastline: 3.83 km (2.38 mi).The principality is about 15 km (9.3 mi) from theborder with Italyand consists of nine administrative wards, the largest of which isMonte Carlo.
The principality is governed under a form ofconstitutional monarchy, withPrince Albert IIashead of state, who wields political power despite his constitutional status. Theprime minister, who is thehead of government, can be either a Monégasque or French citizen; the monarch consults with theGovernment of Francebefore an appointment. Key members of the judiciary are detached French magistrates.TheHouse of Grimaldihas ruled Monaco, with brief interruptions, since 1297.The state's sovereignty was officially recognised by theFranco-Monégasque Treaty of 1861, with Monaco becoming a fullUnited Nationsvoting member in 1993. Despite Monaco's independence and separate foreign policy, its defence is the responsibility of France, besides maintenance of twosmall military units.
Monaco's economic development was spurred in the late 19th century with the opening of the state's first casino, theMonte Carlo Casino, and arail connectionto Paris.Monaco's mild climate, scenery, and gambling facilities have contributed to its status as a tourist destination and recreation centre for the rich. Monaco has become a major banking centre and sought to diversify into the services sector and small,high-value-added, non-polluting industries. Monaco is atax haven; it has no personalincome tax(except for French citizens) andlow business taxes. Over 30% of residents are millionaires,with real estate prices reaching €100,000 ($116,374) per square metre in 2018. Monaco is a global hub of money laundering, and in June 2024 theFinancial Action Task Forceplaced Monaco under increased monitoring to combat money laundering and terrorist financing.
Monaco is not part of theEuropean Union(EU), butparticipates in certain EU policies, including customs and border controls. Through its relationship with France, Monaco uses theeuroas its sole currency. Monaco joined theCouncil of Europein 2004 and is a member of theOrganisation internationale de la Francophonie(OIF). It hosts the annual motor race, theMonaco Grand Prix, one of the original Grands Prix ofFormula One. The local motorsports association gives its name to theMonte Carlo Rally, hosted in January in theFrench Alps. The principality has a club football team,AS Monaco, which competes in FrenchLigue 1and has beenFrench championson multiple occasions, as well as a basketball team, which plays in theEuroLeague. A centre of research intomarine conservation, Monaco is home to one of the world's first protected marine habitats,anOceanographic Museum, and theInternational Atomic Energy AgencyMarine Environment Laboratories, the onlymarine laboratoryin the UN structure.
Monaco's name comes from the nearby 6th-century BCPhocaeanGreekcolony. Referred to by theLiguriansasMonoikos, from the Greek "μόνοικος", "single house", from "μόνος" (monos) "alone, single"+ "οἶκος" (oikos) "house".According to an ancient myth,Herculespassed through the Monaco area and turned away the previous gods.As a result, a temple was constructed there. Because this "House" of Hercules was the only temple in the area, the city was called Monoikos.It ended up in the hands of theHoly Roman Empire, which gave it to the Genoese in 1191, in return for cracking down on pirates. By the Early 1200s, the Genoese had built a castle on the rock, and were utilizing the port.
An ousted branch of a Genoese family, theGrimaldi, captured it in 1297 by posing as monks but then had to contest it for a century before gaining official control. Though theRepublic of Genoawould last until the 19th century, it allowed the Grimaldi family to keep Monaco. Likewise, both France and Spain left it alone for hundreds of years due to agreements with either of them, especially for defense. France annexed it in theFrench Revolutionat the end of the 18th century, but after the defeat of Napoleon it was put under the care of theKingdom of Sardinia.
In the 19th century, whenSardiniabecame a part of Italy, the region came under French influence but France allowed it to remain independent and it escaped being incorporated into Italy. However, it shrunk considerably when it traded two nearby towns, in exchange for sovereignty from France. Monaco relied on tourism from the late 19th century to remain financially solvent, and it was at this time the famous casino and hotels were established. Monaco was overrun by theAxis powersin the 1940s during the Second World War and for a short time was administered by Italy, thenNazi Germany, before being liberated. Although the occupation lasted for just a short time, it resulted in the deportation of theJewishpopulation and execution of severalFrench Resistancemembers from Monaco. Since then Monaco has been independent. It has taken some steps towardsintegration with the European Union.
Following a grant of land from EmperorHenry VIin 1191, Monaco was refounded in 1215 as a colony of Genoa.Monaco was first ruled by a member of the House of Grimaldi in 1297, whenFrancesco Grimaldi, known as "Malizia" (translated from Italian either as "The Malicious One" or "The Cunning One"), and his men captured the fortress protecting theRock of Monacowhile dressed asFranciscanfriars – amonacoin Italian – although this is a coincidence as the area was already known by this name.
Francesco was evicted a few years later by the Genoese forces, and the struggle over "the Rock" continued for another century.The Grimaldi family was Genoese and the struggle was something of a family feud. The Genoese engaged in other conflicts, and in the late 1300s Genoa lost Monaco after fighting theCrown of AragonoverCorsica.Aragoneventually became part of a united Spain, and other parts of the land grant came to be integrated piecemeal into other states. Between 1346 and 1355, Monaco annexed the towns ofMentonandRoquebrune, increasing its territory by almost ten times.
In 1419, the Grimaldi family purchased Monaco from the Crown of Aragon and became the official and undisputed rulers of "the Rock of Monaco". In 1612,Honoré IIbegan to style himself "Prince" of Monaco.In the 1630s, he sought French protection against the Spanish forces and, in 1642, was received at the court ofLouis XIIIas a "duc et pair étranger".
The princes of Monaco became vassals of the French kings while at the same time remaining sovereign princes. Though successive princes and their families spent most of their lives inParis, and intermarried with French and Italian nobilities, the House of Grimaldi is of Genoese origin.  The principality continued its existence as a protectorate of France until theFrench Revolution.
In 1793, Revolutionary forces captured Monaco and until 1814 it was occupied by the French (in this period much of Europe had been overrun by the French armies under the command of Napoleon Bonaparte).The principality was reestablished in 1814 under the Grimaldis. It was designated a protectorate of theKingdom of Sardiniaby theCongress of Viennain 1815.Monaco remained in this position until 1860 when, by theTreaty of Turin, the Sardinian forces pulled out of the principality; the surroundingCounty of Nice(as well asSavoy) was ceded to France.Monaco became a French protectorate once again. Italian was the official language in Monaco until 1860, when it was replaced by French.
Before this time there was unrest inMentonandRoquebrune, where the townspeople had become weary of heavy taxation by the Grimaldi family. They declared their independence as theFree Cities of Menton and Roquebrune, hoping for annexation by Sardinia. France protested. The unrest continued untilCharles III of Monacogave up his claim to the two mainland towns (some 95% of the principality at the time) that had been ruled by the Grimaldi family for over 500 years.
These were ceded to France in return for 4,100,000 francs.The transfer and Monaco's sovereignty were recognised by theFranco-Monégasque Treatyof 1861. In 1869, the principality stopped collecting income tax from its residents — an indulgence the Grimaldi family could afford to entertain thanks solely to the extraordinary success of the casino.This made Monaco a playground for the rich and a favoured place for them to live.
Until theMonégasque Revolutionof 1910 forced the adoption of the 1911Constitution of Monaco, theprinces of Monacowereabsolute rulers.The new constitution slightly reduced the autocratic rule of the Grimaldi family andPrince Albert Isuspended it during the First World War.
In July 1918, a newFranco-Monégasque Treatywas signed, providing for limited French protection over Monaco. The treaty, endorsed in 1919 by theTreaty of Versailles, established that Monégasque international policy would be aligned with French political, military and economic interests. It also resolved theMonaco succession crisis.
In 1943, the Italian Armyinvaded and occupied Monaco, forming afascistadministration.In September 1943, after Mussolini's fall from power, the GermanWehrmachtoccupied Italy and Monaco, and the Nazi deportation of the Jewish population began.René Blum, the prominent French Jew who founded the Ballet de l'Opéra in Monte Carlo, was arrested in hisParishome and held in theDrancydeportation camp outside the French capital before being transported toAuschwitz, where he was later murdered.Blum's colleagueRaoul Gunsbourg, the director of theOpéra de Monte-Carlo, helped by theFrench Resistance, escaped arrest and fled toSwitzerland.In August 1944, the Germans executed René Borghini, Joseph-Henri Lajoux and Esther Poggio, who were Resistance leaders.
Rainier III, succeeded to the throne on the death of his grandfather, PrinceLouis II, in 1949, and ruled until 2005. On 19 April 1956, Prince Rainier married the American actressGrace Kelly, an event that was widely televised and covered in the popular press, focusing the world's attention on the tiny principality.
A 1962 amendment to the constitution abolished capital punishment, provided forwomen's suffrageand established aSupreme Court of Monacoto guarantee fundamental liberties. In 1963, a crisis developed whenCharles de Gaulleblockaded Monaco, angered by its status as a tax haven for wealthy French citizens.
In 1993, the Principality of Monaco became a member of theUnited Nations, with full voting rights.
In 2002, a new treaty between France and Monaco specified that, should there be no heirs to carry on the Grimaldi dynasty, the principality would still remain an independent nation rather than revert to France. Monaco's military defense is still the responsibility of France.
On 31 March 2005,Rainier III, who was too ill to exercise his duties, relinquished them to his only son and heir, Albert.He died six days later, after a reign of 56 years, with his son succeeding him asAlbert II,Sovereign Prince of Monaco. Following a period of official mourning, Prince Albert II formally assumed the princely crown on 12 July 2005,in a celebration that began with a solemn Mass atSaint Nicholas Cathedral, where his father had been buried three months earlier. His accession to the Monégasque throne was a two-step event with a further ceremony, drawing heads of state for an elaborate reception, held on 18 November 2005, at the historicPrince's PalaceinMonaco-Ville.On 27 August 2015, Albert II apologised for Monaco's role during World War II in facilitating the deportation of a total of 90 Jews and resistance fighters, of whom only nine survived. "We committed the irreparable in handing over to the neighbouring authorities women, men and a child who had taken refuge with us to escape the persecutions they had suffered in France," Albert said at a ceremony in which a monument to the victims was unveiled at the Monaco cemetery. "In distress, they came specifically to take shelter with us, thinking they would find neutrality."
In 2015, Monaco unanimously approved a modestland reclamationexpansion intended primarily to accommodate desperately needed housing and a small green/park area.Monaco had previously considered an expansion in 2008, but had called it off.The plan is for about sixhectares(15 acres) of apartment buildings, parks, shops and offices to a land value of about 1 billioneuros.The development will be adjacent to theLarvottodistrict and also will include a small marina.There were four main proposals, and the final mix of use will be finalised as the development progresses.The name for the new district isAnse du Portier.
On 29 February 2020, Monaco announced its first case ofCOVID-19, a man who was admitted to thePrincess Grace Hospital Centrethen transferred toNice UniversityHospital in France.
On 3 September 2020, the first Monégasque satellite, OSM-1 CICERO, was launched into space fromFrench Guianaaboard aVega rocket.The satellite was built in Monaco by Orbital Solutions Monaco.
Monaco has been governed under aconstitutional monarchysince 1911, with theSovereign Prince of Monacoashead of state.Theexecutive branchconsists of aPrime Ministeras thehead of government, who presides over the other five members of theCouncil of Government.Until 2002, the Prime Minister was a French citizen appointed by the prince from among candidates proposed by the Government of France; since a constitutional amendment in 2002, the Prime Minister can be French or Monégasque.On 2 September 2024, Prince Albert II appointed a French citizen,Didier Guillaume, to the office.
Under the 1962Constitution of Monaco, the prince shares hisvetopower with theunicameralNational Council.The 24 members of the National Council are elected for five-year terms; 16 are chosen through a majority electoral system and 8 by proportional representation.All legislation requires the approval of the National Council. Following the2023 Monegasque general election, all 24 seats are held by the pro-monarchistMonegasque National Union.
The principality's city affairs are managed by theMunicipality of Monaco. The municipality is directed by theCommunal Council,which consists of 14 elected members and is presided over by amayor.Georges Marsanhas been mayor since 2003. Unlike the National Council, communal councillors are elected for four-year termsand are strictlynon-partisan;oppositionsinside the council frequently form.
Members of the judiciary of Monaco are appointed by the Sovereign Prince. Key positions within the judiciary are held by French magistrates, proposed by the Government of France. Monaco currently has threeexamining magistrates.
The wider defence of the nation is provided by France. Monaco has no navy or air force, but on both a per-capita and per-area basis, Monaco has one of the largest police forces (515 police officers for about 38,000 people) and police presences in the world.Its police includes a special unit which operates patrol and surveillance boats jointly with the military. Police forces in Monaco are commanded by a French officer.
There is also a smallmilitary force. This consists of a bodyguard unit for the prince and hispalaceinMonaco-Villecalled theCompagnie des Carabiniers du Prince(Prince's Company of Carabiniers);together with the militarised, armed fire and civil defence corps (Sapeurs-Pompiers) it forms Monaco's total forces.The Compagnie des Carabiniers du Prince was created byPrince Honoré IVin 1817 for the protection of the principality and the princely family. The company numbers exactly 116 officers and men; while thenon-commissioned officersandsoldiersare local, the officers have generally served in theFrench Army. In addition to their guard duties as described, the carabiniers patrol the principality's beaches and coastal waters.
Monaco is a sovereigncity-state, with five quarters and ten wards,located on theFrench RivierainWestern Europe. It is bordered by France'sAlpes-Maritimesdepartment on three sides, with one side bordering theMediterranean Sea. Its centre is about 16 km (9.9 mi) fromItalyand only 13 km (8.1 mi) northeast ofNice.
It has an area of 2.1 km(0.81 sq mi), or 208 ha (510 acres), and a population of 38,400,making Monaco thesecond-smallestand the mostdensely populated country in the world.The country has aland borderof only 5.47 km (3.40 mi),acoastlineof 3.83 km (2.38 mi), amaritime claimthat extends 22.2 km (13.8 mi), and a width that varies between 1,700 and 349 m (5,577 and 1,145 ft).
Jurassiclimestoneis a prominent bedrock which is locallykarstified. It hosts theGrotte de l'Observatoire, which has been open to the public since 1946.
The highest point in the country is at the access to thePatio Palaceresidential building on theChemin des Révoires(wardLes Révoires) from the D6007 (Moyenne Cornichestreet) at 164.4 m (539 ft)above sea level.The lowest point in the country is the Mediterranean Sea.
Saint-Jean brook is the longest flowing body of water, around 0.19 km (190 m; 0.12 mi; 620 ft) in length, and Fontvieille is the largest lake, approximately 0.5 ha (1.2 acres) in area.Monaco's most populatedquartierisMonte Carlo, and the most populated ward isLarvotto/Bas Moulins.
After the expansion ofPort Hercules,Monaco's total area grew to 2.08 km(0.80 sq mi) or 208 ha (510 acres);subsequently, new plans were approved to extend the district of Fontvieille by 0.08 km(0.031 sq mi) or 8 ha (20 acres), with landreclaimedfrom the Mediterranean Sea. Land reclamation projects include extending the district of Fontvieille.There are twoportsin Monaco, Port Hercules and Port Fontvieille.There is a neighbouring French port calledCap d'Ailthat is near Monaco.Monaco's onlynatural resourceisfishing;with almost the entire country being anurban area, Monaco lacks any sort of commercialagriculture industry.
A small residential expansion formerly called Le Portier was nearing completion in 2023, and additionally a newesplanadewas added at Larvatto beach which also had some maintenance.
Monaco is thesecond-smallest country by areain theworld; onlyVatican Cityis smaller.Monaco is the mostdensely populatedcountry in the world.The state consists of only onemunicipality(commune), theMunicipality of Monaco. There is no geographical distinction between the State and City of Monaco, although responsibilities of the government (state-level) and of the municipality (city-level) are different.According to the constitution of 1911, theprincipalitywas subdivided into three municipalities:
The municipalities were merged into one in 1917,and they were accorded the status ofWardsorQuartiersthereafter.
Subsequently, three additional wards were created, but then again were dissolved in 2013:
Most of Saint Michel became part of Monte Carlo again in 2013. La Colle and Les Révoires were merged the same year as part of a redistricting process, where they became part of the largerJardin Exotique ward. An additional ward was planned by new land reclamation to be settled beginning in 2014but Prince Albert II announced in his 2009 New Year Speech that he had ended plans due to the economic climate at the time.Prince Albert II in mid-2010 firmly restarted the programme.In 2015, a new development calledAnse du Portierwas announced.
The four traditionalquartiersof Monaco areMonaco-Ville,La Condamine,Monte CarloandFontvieille.ThesuburbofMoneghetti, the high-level part of La Condamine, is generally seen today as an effective fifthQuartierof Monaco, having a very distinct atmosphere and topography when compared with low-level La Condamine.
For town planning purposes, a sovereign ordinance in 1966 divided the principality into reserved sectors, "whose current character must be preserved", andwards. The number and boundaries of these sectors andwardshave been modified several times. The latest division dates from 2013 and created two reserved sectors and seven wards. A new 6-hectare district,Le Portier, has been built by land reclaimed from the sea and was opened in December 2024.
Note: for statistical purposes, the Wards of Monaco are further subdivided into 178city blocks(îlots), which are comparable to thecensus blocksin the United States.
Monaco exhibits a wide range of architecture, but the principality's signature style, particularly in Monte Carlo, is that of theBelle Époque. It finds its most florid expression in the 1878–9Casinoand theSalle Garniercreated byCharles Garnierand Jules Dutrou. Decorative elements include turrets, balconies, pinnacles, multi-coloured ceramics, and caryatids. These were blended to create a picturesque fantasy of pleasure and luxury, and an alluring expression of how Monaco sought and still seeks, to portray itself.Thiscapriccioof French, Italian, and Spanish elements were incorporated into hacienda villas and apartments. Following major development in the 1970s,Prince Rainier IIIbanned high-rise development in the principality. His successor,Prince Albert II, overturned this Sovereign Order.In recent yearsthe accelerating demolition of Monaco'sarchitectural heritage, including its single-family villas, has created dismay.The principality has no heritage protection legislation.
Monaco has ahot-summer Mediterranean climate(Köppen climate classification:Csa), with strong maritime influences, with some resemblances to thehumid subtropical climate(Cfa). As a result, it has balmy warm, dry summers and mild, rainy winters. The winters are very mild considering the city's latitude, being as mild as locations located much further south in theMediterranean Basin.Cool and rainy interludes can interrupt the dry summer season, the average length of which is also shorter. Summer afternoons are infrequently hot (indeed, temperatures greater than 30 °C or 86 °F are rare) as the atmosphere is temperate because of constant sea breezes. On the other hand, the nights are very mild, due to the fairly high temperature of the sea in summer. Generally, temperatures do not drop below 20 °C (68 °F) in this season. In the winter, frosts and snowfalls are extremely rare and generally occur once or twice every ten years.On 27 February 2018, both Monaco andMonte Carloexperienced snowfall.
Monaco has the world's highestGDP nominal per capitaat US$185,742,GDP PPP per capitaat $132,571 andGNI per capitaat $183,150.It also has anunemployment rateof 2%,with over 48,000 workers who commute from France and Italy each day.According to theCIA World Factbook, Monaco has the world'slowest poverty rateand the highest number of millionaires and billionaires per capita in the world.For the fourth year in a row, Monaco in 2012 had the world's most expensive real estate market, at $58,300 per square metre.Although the average price went down in 2020, to an average price of $53,378 per square metre, Monaco remains one of the most expensive places in the world to buy property.By 2024, Monaco allows Visa-free travel from 86 countries around the world.
The world's most expensive apartment is located in Monaco, a penthouse at theOdeon Towervalued at $335 million according toForbesin 2016.
One of Monaco's main sources of income is tourism. Each year many foreigners are attracted to its casinos and pleasant climate.It has also become a major banking centre, holding over €100 billion worth of funds.Banks in Monaco specialise in providing private banking, asset and wealth management services.Monaco is the only place in Europe where credit card points are not redeemable. Hotel points are not able to be accumulated nor are transactions recorded, allowing for an increase in privacy that is sought by many of the locals. The principality has successfully sought to diversify its economic base into services and small, high-value-added, non-polluting industries, such as cosmetics.
The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state. Its monopoly now comprises only 45%, while the remaining 55% is owned byCable & Wireless Communications(49%) andCompagnie Monégasque de Banque(6%). Living standards are high, roughly comparable to those in prosperous French metropolitan areas.
Monaco is not a member of theEuropean Union, but very closely linked via a customs union with France. As such, its currency is the same as that of France, theeuro. Before 2002, Monaco minted its own coins, theMonegasque franc. Monaco has acquired the right to minteuro coinswithMonegasque designson its national side.
The plan for casino gambling was drafted during the reign ofFlorestan Iin 1846. Under Louis-Philippe'spetite-bourgeoisregime a dignitary such as thePrince of Monacowas not allowed to operate a gambling house.All this changed in the dissoluteSecond French EmpireunderNapoleon III. TheHouse of Grimaldiwas in dire need of money.
The towns ofMentonandRoquebrune, which had been the main sources of income for the Grimaldi family for centuries, were now accustomed to a much-improvedstandard of livingand lenient taxation thanks to the Sardinian intervention and clamoured for financial and political concession, even for separation. The Grimaldi family hoped the newly legal industry would help alleviate the difficulties they faced, above all the crushing debt the family had incurred, but Monaco's first casino would not be ready to operate until afterCharles IIIassumed the throne in 1856.
The grantee of the princely concession (licence) was unable to attract enough business to sustain the operation and, after relocating the casino several times, sold the concession to French casino magnatesFrançoisand Louis Blanc for 1.7 million francs.
The Blancs had already set up a highly successful casino (in fact the largest in Europe) inBad-Homburgin the Grand Duchy ofHesse-Homburg, a small German principality comparable to Monaco, and quickly petitioned Charles III to rename a depressed seaside area known as "Les Spelugues (Den of Thieves)" to "Monte Carlo (Mount Charles)."They then constructed their casino in the newly dubbed "Monte Carlo" and cleared out the area's less-than-savoury elements to make the neighbourhood surrounding the establishment more conducive to tourism.
The Blancs openedLe Grand Casino de Monte Carloin 1858 and the casino benefited from the tourist traffic the newly built French railway system created.Due to the combination of the casino and the railroads, Monaco finally recovered from the previous half-century of economic slump and the principality's success attracted other businesses.In the years following the casino's opening, Monaco founded itsOceanographic Museumand theMonte Carlo Opera House, 46 hotels were built and the number of jewellers operating in Monaco increased by nearly five-fold. In an apparent effort not to overtax citizens, it was decreed that the Monégasque citizens were prohibited from entering the casino unless they were employees.By 1869, the casino was making such a vast sum of money that the principality could afford to end tax collection from the Monegasques—a masterstroke that was to attract affluent residents from all over Europe in a policy that still exists today.
Today,Société des bains de mer de Monaco, which owns Le Grand Casino, still operates in the original building that the Blancs constructed and has since been joined by several other casinos, including the Le Casino Café de Paris, the Monte Carlo Sporting Club & Casino and the Sun Casino. The most recentaddition in Monte Carlo is theMonte Carlo Bay Casino, which sits on 4 hectares of the Mediterranean Sea; among other things, it offers 145 slot machines, all equipped with "ticket-in, ticket-out" (TITO). It is the first Mediterranean casino to use this technology.
Monaco has a 20% VAT plus high social-insurance taxes, payable by both employers and employees. The employers' contributions are between 28% and 40% (averaging 35%) of gross salary, including benefits, and employees pay a further 10% to 14% (averaging 13%).
Monaco has never leviedincome taxonindividuals,and foreigners are thus able to use it as a "tax haven" from their own country's high taxes, because as an independent country, Monaco is not obliged to pay taxes to other countries.
The absence of a personal income tax has attracted many wealthy "tax refugee" residents from European countries, who derive the majority of their income from activity outside Monaco.Celebrities, such asFormula Onedrivers, attract most of the attention but the vast majority are lesser-known business people.
Per a bilateral treaty with France, French citizens who reside in Monaco must still pay income and wealth taxes to France.The principality also actively discourages the registration of foreign corporations, charging a 33 per centcorporation taxon profits unless they can show that at least three-quarters of turnover is generated within Monaco. Unlike classic tax havens, Monaco does not offer offshore financial services.
In 1998, theCentre for Tax Policy and Administration, part of theOrganisation for Economic Co-operation and Development(OECD), issued a first report on the consequences of the financial systems of knowntax havens.Monaco did not appear in the list of these territories until 2004, when the OECD became indignant regarding the Monegasque situation and denounced it in a report, along withAndorra,Liechtenstein,Liberia, and theMarshall Islands. The report underlined Monaco's lack of co-operation regarding financial information disclosure and availability.Later, Monaco overcame the OECD's objections and was removed from the "grey list" of uncooperative jurisdictions. In 2009, Monaco went a step further and secured a place on the "white list" after signing twelve information exchange treaties with other jurisdictions.
In 2000, theFinancial Action Task Force on Money Laundering(FATF) stated: "The anti-money laundering system in Monaco is comprehensive. Difficulties have been encountered with Monaco by countries in international investigations on serious crimes that appear to be linked also with tax matters. In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources. The authorities of Monaco have stated that they will provide additional resources to SICCFIN."
Also in 2000, a report by French politiciansArnaud MontebourgandVincent Peillonstated that Monaco had relaxed policies with respect to money laundering including within its casino and that the Government of Monaco had been placing political pressure on the judiciary so that alleged crimes were not being properly investigated.In its Progress Report of 2005, theInternational Monetary Fund(IMF) identified Monaco, along with 36 other territories, as atax haven,but in itsFATFreport of the same year it took a positive view of Monaco's measures against money-laundering.
TheCouncil of Europealso decided to issue reports naming tax havens. Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round. Monaco was the only territory that refused to perform the second round, between 2001 and 2003, whereas the 21 other territories had planned to implement the third and final round, planned between 2005 and 2007.
In June 2024, the FATF added Monaco to its "grey list", which includes countries needing "increased monitoring" due to statewide issues of money laundering and terrorist financing.
Monaco issued its own coins in various devaluations connected to theécualready in the seventeenth century, but its first decimal coins of the Monégasque franc were issued in 1837 continued until 2001.
Although Monaco is not aEuropean Unionmember, it is allowed to use theeuroas its currency by arrangement with theCouncil of the European Union; it is also granted the right to use its own designs on the national side of theeuro coins, which was introduced in 2002.In preparation for this date, the minting of the new euro coins started as early as 2001. Like Belgium, Finland, France, the Netherlands, and Spain, Monaco decided to put the minting date on its coins. This is why the first euro coins from Monaco have the year 2001 on them, instead of 2002, like the other countries of theEurozonethat decided to put the year of first circulation (2002) on their coins.Three different designs were selected for the Monégasque coins.The design was changed in 2006 after Prince Rainier's death to feature the effigy of Prince Albert.
Monaco's total population was 38,400 in 2015, and estimated by theUnited Nationsto be 36,297 as of 1 July 2023.Monaco's population is unusual in that the native Monégasques are a minority in their own country: the largest group are French nationals at 28.4%, followed by Monégasque (21.6%), Italian (18.7%), British (7.5%), Belgian (2.8%), German (2.5%), Swiss (2.5%) and U.S. nationals (1.2%).According to 2019 studies, 31% of Monaco's population is reported to bemillionairesequalling up to 12,248 individuals
Citizens of Monaco, whether born in the country or naturalised, are calledMonégasque. Monaco has the world's highestlife expectancyat nearly 90 years.
The main and official language of Monaco isFrench, whileItalianis spoken by the principality's sizeable community from Italy. French and Italian are in fact more spoken in the principality today thanMonégasque, its historic vernacular language. A variety ofLigurian, Monégasque is not recognised as an official language; nevertheless, some signage appears in both French and Monégasque, and the language is taught in schools. English is also used.
Italian was the official language in Monaco until 1860, when it was replaced by French.This was due to the annexation of the surroundingCounty of Niceto France following theTreaty of Turin (1860).
TheGrimaldi,princes of Monaco, are of Ligurian origin; thus, the traditional national language isMonégasque, a variety ofLigurian, now spoken by only a minority of residents and as a common second language by many native residents. InMonaco-Ville, street signs are printed in both French and Monégasque.
Christians comprise a total of 86% of Monaco's population.
According to Monaco 2012 International Religious Freedom Report, Roman Catholics are Monaco's largest religious group, followed by Protestant Christians. The Report states that there is a Greek Orthodox church and two Protestant churches, an Anglican church and a Reformed church. There are also various otherEvangelical Protestantcommunities that gather periodically..
The official religion isCatholicism, with freedom of other religions guaranteed by the constitution.There are five Roman Catholic parish churches in Monaco and onecathedral, which is the seat of thearchbishop of Monaco..
The diocese, which has existed since the mid-19th century, was raised to a non-metropolitan archbishopric in 1981 as theArchdiocese of Monacoand remains exempt (i.e. immediately subject to the Holy See). Thepatron saintisSaint Devota
Monaco's 2012 International Religious Freedom Report states that there is oneGreek Orthodoxchurch in Monaco. The Russian Orthodox Parish of theHoly Royal Martyrsmeets in the Reformed Church's Rue Louis Notari building..
There is oneAnglicanchurch (St Paul's Church), located in the Avenue de Grande Bretagne in Monte Carlo. The church was dedicated in 1925. In 2007 this had a formal membership of 135 Anglican residents in the principality but was also serving a considerably larger number of Anglicans temporarily in the country, mostly as tourists. The church site also accommodates an English-language library of over 3,000 books.The church is part of the AnglicanDiocese in Europe.
There is one Reformed church, which meets in a building located in Rue Louis Notari. The building dates from 1958 to 1959. The church is affiliated with theUnited Protestant Church of France(Église Protestante Unie de France, EPUF), a group that incorporates the former Reformed Church of France (Église Réformée de France). Through this affiliation with EPUF, the church is part of theWorld Communion of Reformed Churches. The church acts as a host church to some other Christian communities, allowing them to use its building..
The Monaco Parish of theCharismatic Episcopal Church(Parish of St Joseph) dates from 2017 and meets in the Reformed Church's Rue Louis Notari building.
TheMuslimpopulation of Monaco consists of about 280 people, most of whom are residents, not citizens.The majority of the Muslim population of Monaco areArabs, though there is aTurkishminority as well.Monaco does not have any officialmosques.According to the Monaco Statistics database (IMSEE), there are around 100 Hindus living in the country.
The Association Culturelle Israélite de Monaco (founded in 1948) is a converted house containing a synagogue, a community Hebrew school, and akosherfood shop, located in Monte Carlo.The community mainly consists of retirees from Britain (40%) andNorth Africa. Half of the Jewish population isSephardic, mainly from North Africa, while the other half isAshkenazi.
Two important sports for Monaco are football and racing, but there are a number of other sports played;sports are also a part of Monaco's economy and culture. Monaco has competed in the Olympic Games, and also hosted competitive athletic sporting events.
SeeMonaco at the Olympicsfor more on Monaco's participation at the Olympic Games. Monaco has competed to varying degrees in every Olympic games except 1932, 1956, and 1980.
In addition to Formula One, the Circuit de Monaco hosts several support series, includingFIA Formula 2,Porsche SupercupandFormula Regional Europe.It has in the past also hosted Formula Three andFormula Renault.
Since 1929, theMonaco Grand Prixhas been held annually in the streets of Monaco.It is widely considered to be one of the most prestigious automobile races in the world. The erection of theCircuit de Monacotakes six weeks to complete and the removal after the race takes another three weeks.
The circuit is narrow and tight and its tunnel, tight corners and many elevation changes make it perhaps the most demandingFormula Onetrack.
One of most famous turns and slowest turns in all of F1 Racing is theLoews hairpin, later renamedFairmont hairpinturn for the hotel at its bend.
Starting in 2015Formula Estarted racing biennially with theHistoric Grand Prix of Monacoon theMonaco ePrixand used a shorter configuration of the full Formula 1 circuit, keeping it aroundPort Herculesuntil 2021.
ROKiT Venturi Racingis the only motor racing team based in the principality, headquartered in Fontvieille.The marque competes in Formula E and was one of the founding teams of the fully-electric championship. Managed by former racing driversSusie Wolff(CEO) andJérôme d'Ambrosio(Team Principal),the outfit holds 16 podiums in the series to date including five victories.1997 Formula One World ChampionJacques Villeneuveand eleven-time Formula One race winnerFelipe Massahave raced for the team previously.Ten-timeMacauwinner and2021vice World ChampionEdoardo MortaraandSeason 3Formula E championLucas di Grassicurrently race for the team.
Since 1911 part of theMonte Carlo Rallyhas been held in the principality, originally held at the behest ofPrince Albert I. Like the Grand Prix, the rally is organised byAutomobile Club de Monaco. It has long been considered to be one of the toughest and most prestigious events inrallyingand from 1973 to 2008 was the opening round of theWorld Rally Championship(WRC).From 2009 until 2011, the rally served as the opening round of theIntercontinental Rally Challenge.The rally returned to the WRC calendar in 2012 and has been held annually since.Due to Monaco's limited size, all but the ending of the rally is held on French territory.
The2009 Tour de France, the world's premier cycle race, started from Monaco with a 15 km (9 mi) closed-circuit individual time trial starting and finishing there on the first day, and the 182 km (113 mi) second leg starting there on the following day and ending inBrignoles, France.
Monaco hosts two major football teams in the principality: the men's football club,AS Monaco FC, and the women's football club, OS Monaco. AS Monaco plays at theStade Louis IIand competes inLigue 1, the first division ofFrench football. The club is historically one of the most successful clubs in the French league, having won Ligue 1 eight times (most recently in2016–17) and competed at the top level for all but six seasons since 1953. The club reached the2004 UEFA Champions League Final, with a team that includedDado Pršo,Fernando Morientes,Jérôme Rothen,Akis ZikosandLudovic Giuly, but lost 3–0 to Portuguese teamFC Porto. French World Cup-winnersThierry Henry,Fabien Barthez,David Trezeguet, andKylian Mbappehave played for the club. The Stade Louis II also played host to the annualUEFA Super Cupfrom 1998 to 2012 between the winners of theUEFA Champions Leagueand theUEFA Europa League.
The women's team, OS Monaco, competes in the women'sFrench football league system. The club plays in the local regional league, deep down in the league system. It once played in theDivision 1 Féminine, in the 1994–95 season, but was quickly relegated.
TheMonaco national football teamrepresents the nation inassociation footballand is controlled by theMonégasque Football Federation, the governing body forfootball in Monaco. Monaco is one of two sovereign states in Europe (along with theVatican City) that is not a member ofUEFAand so does not take part in anyUEFA European Football ChampionshiporFIFA World Cupcompetitions. They are instead affiliated withCONIFA, where they compete against other national teams that are not FIFA members. The team plays its home matches in the Stade Louis II.
TheMonte-Carlo Mastersis held annually in neighbouringRoquebrune-Cap-Martin, France, as a professional tournament for men as part of tennis'sATP Masters Series.The tournament has been held since 1897. Golf'sMonte Carlo Openwas also held at the Monte Carlo Golf Club at Mont Agel in France between 1984 and 1992.
Monaco has a nationalDavis Cup team, which plays in the European/African Zone.
Monaco has alsocompetedin the Olympic Games, although, no athlete from Monaco has ever won an Olympic medal. At theYouth Olympic Winter Games, Monaco won a bronze medal in bobsleigh.
Monaco has also staged part of theGlobal Champions Tour(International Show-jumping).In 2009, the Monaco stage of the Global Champions tour took place between 25 and 27 June.
TheMonaco Marathonis the only marathon in the world to pass through three countries, those of Monaco, France and Italy, before the finish at theStade Louis II.
The Monaco Ironman 70.3 triathlon race is an annual event with over 1,000 athletes competing and attracts top professional athletes from around the world. The race includes a 1.9 km (1.2 mi) swim, 90 km (56 mi) bike ride and 21.1 km (13.1 mi) run.
Since 1993, the headquarters of theInternational Association of Athletics Federations,the world governing body ofathletics, is located in Monaco.An IAAF Diamond League meet is annually held at Stade Louis II.
A municipal sports complex, theRainier III Nautical Stadiumin thePort Herculesdistrict consists of a heated saltwaterOlympic-size swimming pool, diving boards and a slide.The pool is converted into anice rinkfrom December to March.
From 10 to 12 July 2014 Monaco inaugurated the Solar1 Monte Carlo Cup, a series of ocean races exclusively for solar-powered boats.
The women team of the chess club CE Monte Carlo won theEuropean Chess Club Cupseveral times.
Monaco's national rugby team, as of April 2019, is 101st in theWorld Rugby Rankings.
Multi-sport clubAS MonacoownsAS Monaco Basketwhich was founded in 1928. They play in thetop-tier European basketball league, theEuroLeague, and theFrenchtop flight, theLNB Pro A. They have threePro A Leaders Cup, twoPro B(2nd-tier), and oneNM1(3rd-tier) championship. They play inSalle Gaston Médecin, which is part ofStade Louis II.
Due in part to its position both as a tourist and gambling centre, Monaco has staged majorprofessional boxingworld title and non-title fights from time to time; those include theCarlos MonzonversusNino Benvenutirematch,Monzon's rematch withEmile Griffith,Monzon's two classic fights withRodrigo Valdes,Davey MooreversusWilfredo Benitez,thedouble knockout-ending classic betweenLee Roy MurphyandChisanda Mutti(won by Murphy),andJulio César Chávez Sr.versusRocky Lockridge.All of the aforementioned contests took place at thefirst Stade Louis IIor thesecond Stade Louis IIstadiums.
The cuisine of Monaco is aMediterranean cuisineshaped by the cooking style of Provence and the influences of nearby northern Italian and southern French cooking, in addition to Monaco's own culinary traditions.
Two famous restaurants in Monaco include theLe Louis XV, currently with three Michelin stars, and theCafé de Paris. The Café de Paris is next to the Casino and first opened in 1868, though it has been renovated several times over its lifetime.
Monaco has anopera house, asymphony orchestraand aclassical ballet company. Monaco participated regularly in theEurovision Song Contestbetween 1959–1979 and 2004–2006, winning in1971, although none of the artists participating for the principality was originally Monegasque. French-bornMinouche Barelli, however, acquired Monegasque citizenship in 2002, 35 years after her representing the principality in1967.
Monaco has a national museum of contemporary visual art at theNew National Museum of Monaco. In 1997, theAudiovisual Institute of Monacowas founded aimed to preserve audiovisual archives and show how the Principality of Monaco is represented in cinema. The country also has numerous works of public art, statues, museums, and memorials (seelist of public art in Monaco).
The Principality of Monaco hosts major international events such as :
Monaco also has an annual bread festival on 17 September every year.
There is several gardens in Monaco, which are in a variety of styles and purpose. There is anexotic plant garden,Saint Martin garden, African plants garden,Casino Gardens, PrincessGrace Rose Garden, and aJapanese Gardens.
Monaco has ten state-operated schools, including: sevennurseryandprimary schools; onesecondary school, Collège Charles III;onelycéethat provides general and technological training,Lycée Albert 1er;and one lycée that provides vocational and hotel training, Lycée technique et hôtelier de Monte-Carlo.There are also two grant-aided denominational private schools, Institution François d'Assise Nicolas Barré and Ecole des Sœurs Dominicaines, and oneinternational school, theInternational School of Monaco,founded in 1994.
There is one university located in Monaco, namely theInternational University of Monaco(IUM), an English-language university specialising in business education and operated by theInstitut des hautes études économiques et commerciales(INSEEC) group.
The flag of Monaco is one of the world's oldest national flag designs.Adopted by Monaco on 4 April 1881 its based on the Monaco Royal colors going back to the 14th century.The ISO code for the Flag is MC, which produces: 🇲🇨
The flag has similarities to the flags of German state ofHesse,Thuringia,Indonesia,Singapore, andPolandin the modern times.
One of the most important modes of local transportation is walking, and the city is expanding its pedestrian network in the 2020s to be more pedestrian friendly. This includes plans for a new pedestrian bridge in Fontvieille that connects to the new Wurtembergfootbridge.
TheMonaco-Monte Carlo stationis served by theSNCF, the French national rail system. The train station is the only one in Monaco, and connects the City-State by rail to French cities along the Riveria such as Nice, Cannes, and Marseille, and high-speed TGV trains connect to more distant locations such as Paris: a gateway to the rest of Europe. The current station is built partly underground and was opened in 1999.
TheMonaco Heliportprovides helicopter service to the closest airport,Côte d'Azur Airportin Nice, France. The heliport its located in the southwestern edge of Monaco.
TheMonaco bus company (CAM)covers all the tourist attractions, museums,Exotic garden, business centres, and the Casino or the Louis II Stadium.
There is about 77 km (48 miles) of roads in Monaco, many sections of which are also used for automotive and other races.
Monaco is so old that it has outlived many of the nations and institutions that it has had relations with. TheCrown of AragonandRepublic of Genoabecame a part of other countries, as did theKingdom of Sardinia.Honoré II, Prince of Monacosecured recognition of his independentsovereigntyfromSpainin 1633, and then fromLouis XIIIof France by theTreaty of Péronne (1641).
Monaco made a special agreement with France in 1963 in which French customs laws apply in Monaco and its territorial waters.Monaco uses theeurobut is not a member of the European Union.Monaco shares a 6 km (3.7 mi) border with France but also has about 2 km (1.2 mi) of coastline with the Mediterranean sea.Two important agreements that support Monaco's independence from France include theFranco-Monégasque Treatyof 1861 and theFrench Treaty of 1918(see alsoKingdom of Sardinia). The United States CIA Factbook records 1419 as the year of Monaco's independence.
France and Italy have embassies within Monaco, while most other nations represented viaoperations in Paris.There are about another 30 or soconsulates.By the 21st century Monaco maintained embassies in Belgium (Brussels), France (Paris), Germany (Berlin), the Vatican, Italy (Rome), Portugal (Lisbon),Spain (Madrid), Switzerland (Bern), United Kingdom (London) and the United States (Washington).
As of 2000nearly two-thirds of the residents of Monaco were foreigners.In 2015 the immigrant population was estimated at 60%It is reported to be difficult to gain citizenship in Monaco, or at least in relative number there are not many people who do so. In 2015 an immigration rate of about 4 people per 1,000 was noted, or about 100–150 people a year.The population of Monaco went from 35,000 in 2008 to 36,000 in 2013, and of that about 20 per cent were native Monegasque(see alsoNationality law of Monaco).
A recurring issue Monaco encounters with other countries is the attempt by foreign nationals to use Monaco to avoid paying taxes in their own country.Monaco actually collects a number of taxes including a 20% VAT and 33% on companies unless they make over 75% of their income inside Monaco.Monaco does not allow dual citizenship but does have multiple paths to citizenship including by declaration and naturalisation.In many cases the key issue for obtaining citizenship, rather than attaining residency in Monaco, is the person's ties to their departure country.For example, French citizens must still pay taxes to France even if they live full-time in Monaco unless they resided in the country before 1962 for at least 5 years.In the early 1960s there was some tension between France and Monaco over taxation.
There are no border formalities entering or leaving France. For visitors, a souvenirpassportstamp is available on request at Monaco's tourist office. This is located on the far side of the gardens that face the Casino.