GENERAL

Status: Constitutional Monarchy
Location: South east corner of France on the Riveria 10.5km from the Italian border.
Area: 1.95km2
Population: 29,972
Business languages: French, although English and Italian are widely used.
Currency: French Franc (FF). FF1=100 centimes.
Time zone: GMT +1
Business hours: Mon-Fri 8.30am to 6pm.
Banks: Mon-Fri 9am to 12noon, 2pm to 4.30pm.
Climate: Mediterranean climate.
Average temperatures of 8.2ºc in winter and 25.5ºc in summer.

IMPORTANT CONTACTS

British Consultate General
24 Avenue du Prado
13006 Marseilles
France
Tel: + 33 491 157210
Fax: + 33 491 374706

Economic Provisory Council
8 Rue Louis Notari
MC 948 000
Monaco
Tel: + 377 93302082
Fax: + 377 93500596

Ministry of State
Finance Department
Home Department
Public Works and Social Affairs Department
Place de la Visitation
MC 980 000
Monaco
Tel: + 377 931580000
Fax: + 377 93158217

EXPAT EMPLOYMENT DETAILS

Work permits are required for non-nationals.

COMMUNICATIONS

Monaco is six minutes by helicopter from Nice international airport, 22km away. Good rail and road links. Telecommunications are also excellent.

POLITICAL AND ECONOMIC STABILITY

The Principality is a sovereign and independent state in line with the general principles of international law and of particular agreements with France. Monaco is not a member of the EU but linked closely in some particular fields due to agreements with France. The main sectors of activity are services, banking, tourism and conferencing, but high technology industry is also strongly encouraged.

KEY ACTIVITIES

Private and corporate banking, real estate, cosmetic and pharmaceutical industry, and portfolio management. VAT represents the main source of the State's revenue. Due to its fiscal convention with France, the new VAT regime came into force on 1 January 1993.

ADVANTAGES OF MONACO

  • Good international reputation.
  • Independent with political and economical stability.
  • No personal income tax for residents.
  • No local taxes for residents and companies.
  • 35% tax on the benefits of companies if more than 25% of turnover is generated outside the Principality.
  • Low level of taxation (generally 2.8% on expenses) for administrative offices of foreign offices.
  • Highly sophisticated infrastructure.
  • Strategic location with excellent lifestyle.

The content of this factfile is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances

This factfile also appears in the 'International Offshore and Financial Centres Handbook 1999/2000'. For further information about this highly informative guide to offshore centres, or to order your copy, please phone +44 (0) 207 820 7733 or send an email to iofch@mondaq.com