The second smallest country in the world Monaco
It is the second smallest country in the world and a third of its population of millionaires hosts the World Auto Race every year. And its residents do not pay taxes because it does not impose any income tax on its residents. Do you know which country we are talking about? Monaco, known as a billionaire's paradise, is a country that has transformed from a place filled with simple olive groves to one of the richest countries in the world.
Why is Monaco considered a paradise for the rich?
It is a sovereign country located on the Mediterranean coast in the French Riviera of the famous cities of Nice and Cannes. It is about 16 km from the Italian border. Monaco has been under a constitutional monarchy since 1911 under which the Prince of Monaco is the head of state. The current president is Prince Albert II, ruling since his father died in 2005. He descends from the ancient Grimaldi family, which has ruled Monaco since 1297, except for a short period when the principality was under the rule of the French. Monaco does not have its own naval or air forces. Rather, it relies on its neighbor France to defend its sovereignty. Despite this, Monaco has one of the largest police forces in the world in relation to its population. It is about 39,000 people, including 500 policemen soon
Reasons why Monaco attracts the wealthy
It is not imposing income tax. As for corporate taxes, it is considered limited. A third of the population of Monaco are millionaires, according to expert reports, and the GDP per capita is the second highest in the world, according to data from the United Nations and the World Bank, which represents a high standard of living for the residents of the Emirate. All these factors attract the wealthy to Monaco and give them an incentive to live in its neighborhoods. But the emirate's area does not exceed two square kilometers, and the authorities face a great challenge in absorbing the new residents. It is constantly working on projects to fill the sea and build artificial islands in order to meet the increasing demand for buying homes and real estate
Expansion projects in Monaco
These expansion-based projects are nothing new to the Principality, as they have been in place in Monaco for decades. In general, the area of the Principality has increased by twenty percent since the early nineteenth century, according to reports, thanks to these expansion projects. Because of its mild climate and hosting prominent sporting and commercial events, the emirate's narrow streets are crowded annually when it hosts the famous Formula Car races and exhibitions of expensive and luxury yachts. In addition to the many luxury resorts that have always brought luxury and shopping lovers from all over the world
