Discover the Principality of Monaco
Monaco is a small sovereign state located on the Mediterranean coast, bordered by France. Renowned for its luxury, wealth, and picturesque setting, Monaco is a highly sought-after destination for tourists and investors alike.
1. Geography and Climate
Area: Approximately 2.02 km², making it the second smallest country in the world after the Vatican.
Location: Situated on the French Riviera, between the Mediterranean Sea and the Maritime Alps.
Climate: Mediterranean, with hot, dry summers and mild, wet winters. The average summer temperature is about 26°C, and in winter, it is around 8°C.
2. History
Origins: Monaco was founded in 1297 when François Grimaldi, disguised as a monk, took possession of the fortress.
Grimaldi Family: Since then, the Grimaldi family has ruled Monaco, with only a few brief interruptions.
Independence: Although Monaco has a history of being a French protectorate, it is now a fully sovereign state, achieving complete independence in 1861.
3. Government
Type: Monaco is an independent principality and a constitutional monarchy since 1911, with a Prince at the head of state.
Head of State: The Prince of Monaco, currently Prince Albert II.
Legislative System: The National Council of Monaco consists of 24 members elected for a five-year term.
Executive Power: The executive power is held by a State Minister, proposed by France and approved by the Prince. He presides over a Government Council comprising six members (himself and five Ministers-Councilors), who are accountable only to the Prince.
Judicial Power: Although judicial power belongs to the Prince, it operates independently through courts and tribunals that administer justice in his name.
4. Economy & Social
Currency: The Euro is Monaco’s official currency.
Customs Union: Since 1865, Monaco has formed a Customs Union with France, with its terms specified in 1962.
Revenue: Monaco's state budget is mainly funded by VAT (49.3%), followed by income from real estate, including rental properties and public parking revenue (13.4%). Legal transactions, including transfer duties, civil and administrative acts, and insurance taxes, contribute 11.3%. The financial sector accounts for 10.8% of the revenue, while commercial profits, primarily from corporate tax, make up 6.5%.
GDP: The four main sectors of Monaco's economy are scientific and technical activities, along with administrative and support services (20.3% of GDP), financial and insurance activities (18.3%), real estate activities (11.4%), and the construction sector (9.6%).
5. Culture and Society
Official Language: French is the official language of Monaco.
State Religion: Catholicism is the state religion.
Other Languages: English, Italian, and Monégasque are also widely spoken.
Population: Monaco has approximately 39,000 residents, with a high proportion of foreigners (about 78% of the total population).
Famous Events: The Monaco Grand Prix, the International Circus Festival of Monte-Carlo, the Monaco Yacht Show, and the Rose Ball are among the most renowned events.
6. Attractions and Tourist Sites
The Prince's Palace: The official residence of the Prince of Monaco, located on the Rock, providing stunning views over the sea and the city.
Monte-Carlo Casino: One of the most iconic casinos in the world, famous for its opulent architecture and rich history.
Oceanographic Museum: Founded by Prince Albert I, this museum is renowned for its impressive marine exhibits and unique collection of sea creatures.
Exotic Garden: This botanical garden hosts an incredible variety of succulent plants and offers panoramic views over Monaco.
Port Hercule: Known for its luxury yachts and prestigious nautical events, this port is a central hub of Monaco's vibrant life.
7. Quality of Life
Safety: Monaco is one of the safest places in the world, with an exceptionally high police-to-resident ratio ensuring constant security.
Health and Education: The Principality boasts top-tier medical and educational infrastructures, ensuring high standards of healthcare and education for its residents.
Transport: Despite its small size, Monaco has well-maintained roads and benefits from the proximity to Nice airport, making international travel convenient.
