The Monaco Monitor

Revealing their thoughts about European property for 2007, Knight Frank placed Monaco among a list of 7 European countries anticipated to see property inflation of ten per cent and more. (more…)

16 files were received for the town planning scheme at sea to the right of the handle of the Gatekeeper. Services of the Monegasque administration and technical advisers, financial and legal will examine them to retain the candidatures which will be able to take share with the procedure of competition. (more…)

The Government’s traditional monthly press conference was held on Monday 9th October 2006, in the presence of H.E. Jean-Paul Proust, Minister of State and members of the government. The meeting focused on presenting an outline of the Principality’s draft budget for 2007, and “re-echoes the priorities and orientations of H.S.H. Prince Albert II since his accession” stated J.P. Proust. The provisional budget for the Principality of Monaco meets four priorities: improving the living conditions of the community (housing, health, action to aid the elderly and the disabled, public transport), economic growth, international influence (cultural and sports), and sustainable development, the environment and living environment. Globally for 2007, the Government is budgeting expenditure of 881 million (i.e. an approximate 6 % increase compared to the initial 2006 budget) and 726 million euros of anticipated revenue (+4 %), in other words, a provisional deficit of 155 million euros. This will be the last time we have a deficit of such a significant amount», the Minister of State said. The National Council is currently examining a reappropriation plan. The adoption of such a plan will enable non utilised credit to be carried over from one financial year to the next and to “therefore give a more trustworthy image of the State”. Taking into account this reformation, Jean-Paul Proust estimates that the Monegasque State’s true deficit amounts to between 80 and 90 million euros for 2007, « this sum should be covered by the financial revenue of the constitutional fund” he assured. However, the hospital deficit, which reached 9.6 million euros in 2006, should once again weigh heavy (17.6 million euros anticipated for 2007) in the State expenditure. According to the Minister of State, “Health has a price and it is normal that the State participates in these costs, just as it is normal that the government controls such costs”, while the famous ”T2A”(activity rating), should start to be implemented in the Princess Grace Hospital from 1st July 2007 at the earliest, or even 1st January 2008.

The traditional monthly press conference of the princely Government proceeded Monday October 9, 2006, in the presence of S.E. Mr. Jean-Paul Proust, Minister for State and the members of his government. (more…)

For one day in July in Monaco, The Guardian, a British daily paper, could not be bought for love or money. The reason? A revealing report on how ultra-rich businessmen are exploiting a loophome in the tax law that allows them to live in Monaco and still to work in the UK three or four days a week. (more…)

The Principality is a dynamic and diversified center of activities whose economy generates an annual sales turnover of 11 billion Euros with a progression of 12% between 2004 and 2005. 

A former star trader with the Zurich-based bank UBS, has reportedly raised US$3 billion for a new Monaco-based hedge fund which is due to open next month. 

More than three million Euros of budget are necessary to run the CRM. Half of this sum, intended for the personnel costs, is provided by the Monegasque State. The CRM counts 15 permanent employees, 27 with the crib and the nursery. Other half of the appropriations (1 391.000 euros) comes from the private funds (gifts, legacy, etc) and of the Official (more…)

Previously Monaco has best been known as Europe’s number one tax haven, and for the Monaco Grand Prix, held each May around the streets of Monte Carlo. Often referred to as the Playground of Europe any concerns over Monaco changing style are misplaced insist local travel guide Your Monaco. Monaco will continue to attract the wealthy due to her to income tax policy, and as well as the Monaco Grand Prix (more…)

Monaco imposes no Income taxes on individuals, no land tax, and no dwelling tax. Monaco’s only income tax is on the profits resulting from industrial and commercial activities from entities whose turnover is more than 25% outside of Monaco.  This helps explain Monaco’s 40,000 jobs and the creation of 1610 new jobs in 2005: 1200 retail trades and 400 wholesale trades.  (more…)