Monaco
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Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a major banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas. Source: The Places Factbook, CIA. |
The
Genoese built a fortress on the site of present-day Monaco in 1215. The current
ruling Grimaldi family secured control in the late 13th century, and a
principality was established in 1338. Economic development was spurred in the
late 19th century with a railroad linkup to France and the opening of a casino.
Since then, the principality's mild climate, splendid scenery, and gambling
facilities have made Monaco world famous as a tourist and recreation center.