About the Principality of Monaco
A Sovereign State, 7 Centuries of History.
We are proud of having an almost 100 year history of helping our clients in the Principality - A sovereign modern state with over 7 centuries of history!
Located in Southern Europe, on the shores of the Mediterranean, between the French and Italian Rivieras, the Principality of Monaco stretches over 2 km2. Its unique setting in an excellent location with an ideal climate and enviable quality of life enable dynamic cosmopolitan city-state with bold business initiatives. Additionally, it’s an extremely safe environment for 38,000 inhabitants and 130 nationalities with 50,000 employees and more than 5,000 businesses counting a GDP of over €5.64 billion.
For more than seven centuries, the Grimaldi family has ruled over the Principality’s destiny. This remarkably long dynasty eloquently underlines the close relationship between the Princes and the Monegasque people.
The Principality is a hereditary and constitutional monarchy which asserts the rule of law and ensures the separation of powers.
Executive power falls under the high authority of the Prince.
The Minister of State assisted by government councillors - all reporting to the Prince and the Prince alone – are responsible for the running of government departments. Legislative and budgetary powers are exercised jointly by the Prince and the National Council, whose members are elected by direct universal suffrage by adult Monegasque nationals. Last but not least, judicial powers – independent from the government - are exercised by the courts and tribunals.
10 key facts:
- A sovereign State that is neutral and independent with stable institutions,
- An accessible location and exceptional quality of life in the heart of Europe, bordering the Mediterranean basin,
- A united, welcoming and multicultural community(more than 130 nationalities living in harmony) in which English is widely spoken,
- A leisure destination with hotel and nautical infrastructures in the best traditions,
- A unique economic and social model where the absence of debt and structural budgetary balance is a long-term guarantee for the future,
- Sports, culture and festivities as part of everyday life, as well as numerous international events,
- Exemplary domestic security, both for residents and visitors, which forms one of the Government’s priorities, together with outstanding schools, social services and health care,
- A diversified and forward-looking economy, with a well-adapted taxation policy, and with a dynamic employment and consumer market that also impacts neighbouring French and Italian areas,
- An accessible, open and attentive Administration for both businesses and the public,
- A long-standing commitment to eco-responsible and sustainable development.