Happy TravellerWelcome to the luxurious and glamorous Principality of Monaco, a sovereign city-state located on the French Riviera. With its stunning Mediterranean coastline, mild climate, and reputation as one of the wealthiest places in the world, Monaco is a must-visit destination for any traveler seeking a taste of the high life.
Monaco is the second-smallest sovereign state in the world, after Vatican City, with an area of just 2.1 km2. Despite its small size, it is home to over 38,000 residents, including 9,486 Monégasque nationals. The official language is French, but many residents also speak Monégasque, English, and Italian.
Monaco is famous for its tax haven status, with no personal income tax (except for French citizens) and low business taxes. Over 30% of the residents are millionaires, and real estate prices can reach up to €100,000 ($116,374) per square meter.
One of the most iconic landmarks in Monaco is the Monte Carlo Casino, which opened in the late 19th century and helped spur economic development in the region. Today, Monaco is a major banking center and has diversified its economy into the services sector and small, high-value-added, non-polluting industries.
Monaco is not formally a part of the European Union, but it participates in certain EU policies, including customs and border controls. The principality uses the euro as its sole currency, and its defense is the responsibility of France.
In addition to its reputation as a playground for the rich and famous, Monaco is also a center of research into marine conservation. It is home to one of the world’s first protected marine habitats, an Oceanographic Museum, and the International Atomic Energy Agency Environment Labs, which is the only marine laboratory in the United Nations structure.
Monaco is also known for its world-famous events, including the Monaco Grand Prix, one of the original Grands Prix of Formula One, and the Monte Carlo Rally, hosted in January in the French Alps. The principality has a club football team, AS Monaco, which competes in the French Ligue 1 and has become French champions on multiple occasions, and a basketball team, which plays in the EuroLeague.
Despite its reputation as a playground for the rich, Monaco has a rich history that dates back to the 6th-century BC Phocaean Greek colony. The Grimaldi family has ruled Monaco, with brief interruptions, since 1297, and the state’s sovereignty was officially recognized by the Franco-Monégasque Treaty of 1861. Today, the principality is governed under a form of constitutional monarchy, with Prince Albert II as head of state.
Whether you’re looking to indulge in the high life or explore the rich history and natural beauty of the region, Monaco has something for everyone. Come experience the glamour and luxury of the Principality of Monaco for yourself!