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Top Tax Haven Releases First Ever GDP Figures

Aug 17, 2007
Banking privacy and no income tax are hallmarks of Monaco, the world's best known tax haven, but in a move that has surprised many Monaco has collated and published her first ever GDP figures.

But far from moving away from her tax haven status that attracts millionaires and billionaires to live in the principality, a travel guide for Monaco says it is for other reasons.

Prince Albert, who became Monaco's Sovereign in 2005, has been strutting the world stage promoting global warming as an issue that must move up the political agenda to fellow world leaders, and despite being the second smallest country in the world, has been punching above the principality's weight in persuading others to take the environment seriously.

Monaco has also opened her first new embassy outside of Europe, in Washington D.C.

According to a Monaco travel guide the Washington Embassy will provide a good base for Prince Albert to meet and greet the decision makers of Capitol Hill at functions and official receptions.

The glamour and sophistication of Monte Carlo will no doubt help the number of invitations being accepted to the Monaco Embassy being above the average on Washington's social circuit.

And the GDP figures being collated for the first time is a part of the overall strategy of Prince Albert's campaign, according to the Monaco travel guide.

United Nations

It allows Monaco to work out how much of her wealth should be given to the UN for development in third world countries and other work - the UN asks for o.7 per cent of GDP, though few countries achieve this.

Contributing to Monaco's economy has been tourism and the financial services sector, and a new boatyard has just opened.

The shipyard, which has taken two years to build, will be the largest megayacht facility in the Mediterranean and is an impressive 35,000 square metres capable of taking fourteen 40 to 80 metre yachts.

Bearing in mind the size and weight of the yachts, the new facility can hoist and transfer one in half an hour.

The owners of the shipyard have invested 45 million Euros to make sure it is state of the art, and as well as major repairs can do painting and full servicing as part of its services.

The number of megayachts has increased dramatically in recent years, and Monaco has been quick to ensure that the wealthy owners, often nouveau riche, see her as in the same light as old money and the established European and US wealthy families, who frequent Monaco and the Monte Carlo casino.
About the Author
Europe's top tax haven Monaco is known for glamour and sophistication, and Monaco travel guide YourMonaco.com includes hotel in Monaco information. A useful Monte Carlo map for tourists is also available, and for those looking at the financial benefits of Monaco there is a new section about Monaco banks
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