Monaco is a constitutional monarchy and principality, with Prince Albert II as head of state. Monaco levies no income tax on individuals. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy “tax refugee” residents from European countries who derive the majority of their income from activity outside Monaco

One of Monaco’s main sources of income is tourism; each year many are attracted to its casino and peasant climate. (Monaco’s own citizens are not allowed to gamble in the casino.) In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The principality has successfully sought to diversify into services and small, high-value-added, non-polluting industries, such as cosmetics and biothermics.

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; it now owns only 45%, while the remaining 55% is owned by both Cable & 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. However, it is very closely linked via a customs union with France, and as such, its currency is the same as that of France, now the euro.

Population: 32,965 (2008)
Official language: French
Official currency: Euro (EUR)
Top-level domain: .mc

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