The Principality of Monaco is a tiny independent city-state located in Western Europe, between the Mediterranean Sea and the low foothills of the Alps, on the French Riviera. It borders land with France and it is near the French-Italian border. Monaco is the second smallest state worldwide, after Vatican City. The Principality is inhabited by about 38,000 people. Its official language is French, although Monegasque (a Ligurian dialect) and Italian are spoken by a great part of its population. Due to the fact that around 125 nationalities make up its population, a large variety of languages are spoken. Monaco is not a member of the European Union, but is closely linked to it through its customs union with France. Its official currency is the Euro (EUR).
Monaco is known for its upscale casino, yacht-lined harbor and prestigious Grand Prix Motor Race. The country has one of the highest per capita income worldwide. As it does not levy income taxes on its residents, it has attracted a considerable number of tycoons residing in European countries, who derive most of their income from activities outside the principality.
One of the country’s main economic activities is the luxury tourism, which is mostly developed and concentrated in Montecarlo. Other industries include chemicals, pharmaceuticals, manufacture of rubber and plastic products and financial and insurance services. The state has monopolies in some sectors such as tobacco, the telephone network, and the postal service.
Flag Theory is a strategic internationalization process aimed at building your life internationally to get more freedom, privacy and wealth. Below you will find why and how to get residency and citizenship in Monaco, set up a company and its investment and banking options.
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