According to Time magazine, 1 in 56 of the population of Monaco is Worth at least $30 Million. Monaco, a small independent hereditary principality in Western Europe, is located on the Mediterranean Sea along the southern coast of France, which is also known as the French Riviera or Côte d'Azur.
According to Societe Generale, Monaco's economy is open to trade. The country's customs regulations conform to French and EU policies. The two nations are part of a customs union, and capital is free to move without restrictions between the two.
As a result, the Principality is part of the European Union customs zone, without being a member of the European Union. French customs service collects duties on cargo that unloads in Monaco and pays a share to the Principality. Monaco imposes a tax on exports to all countries, except France.
Us Trade Numbers states that Monaco ranked No. 168 in total trade value through August with a total of US$68.7 million. Exports totaled US$45.67 million and Imports totaled US$23.03 million, a surplus of US$22.63 million.
According to Santander Trade Portal, Monaco has created a stimulating environment for foreign investors, as shown by the simplified procedures for setting up businesses in the area and the extremely low tax rates that have helped make Monaco a tax haven. Monegasques and foreigners living and working in Monaco are not subject to income tax, except for French citizens.
- There are many business and investment opportunities in Monaco, with tourism and hospitality, cosmetics and fashion, transport and pharmaceuticals, precision engineering and electronics some of the key industries.
- Monaco applies no income tax for its residents.
- Monaco is not formally part of the EU but uses the euro and has reciprocal agreements with France, meaning that many EU laws do apply.
- The Monegasque government has an international outlook and welcomes foreign investors and businesspeople to operate in the Principality, so starting a business in Monaco is made relatively easy.
- Whether you need a permit to engage in business will depend on the legal entity of your business, as well as the nature of your product or service.
Monte-Carlo Mc considers that among the many aspects which make Monaco a strategic location for doing business in Europe are:
- Its unique political and economic environment
- The presence of efficient administrative infrastructures
- The density of financial activities and
- The security for residents and their property.
Economic prosperity and the proportionally large number of jobs available, along with the government's sensitivity to safety and environmental protection, create favorable working conditions in the principality.
Monaco’s main imports are food, natural resources, amongst others. Monaco and Italy have the greatest trade links. Monaco also has good trade links with France including administration and legislation.