Monaco is the second smallest country in the world, at around 3 miles (4.8 km) long and a half mile (0.8 km) wide with a population of around 32,000. It is approximately the same size as famed New York City landmark Central Park. The European country is located on the southern coast of France between the Mediterranean Sea and the French Alps. Monaco is a monarchy and is well-known for having had American film actress Grace Kelly marry Prince Rainier III in 1956 to become Princess of Monaco. Monaco serves as a tourist destination for its wide assortment of casinos, which has been the country’s main source of economic income since the late 19th century.
More about Monaco:
- Monaco is the smallest country with a coastline and is nearly 100% urban.
- Over 60% of Monaco’s population are immigrants, according to 2013 findings from the United Nations (UN).
- There is no income-tax in Monaco, making it a leading “tax haven” for high-earning individuals who set up residency to save on tax payments. It has one of the lowest business tax rates in the world too, drawing in foreign companies.
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Discussion Comments
It's interesting that Monaco is one of the smallest countries in the world, with a coastline that is. However, as we can see from these tidbits, size doesn't always matter. Although it may not attract a lot of people, it's still a good tourist attraction, especially with its variety of casinos.
The second bullet point brings up a rather interesting question for me. Is there a reason why so much of Monaco's population consists of immigrants? This is just my opinion, but I'm assuming one the reasons why is due to the fact that it may be one of the lesser known countries. Because of this, it doesn't attract many people who were born and raised in the United States.
In relation to the third bullet point, considering how Monaco has lowest tax rates, not only would it happen to attract a lot of foreigners, but even more so, I'm also assuming it would attract people who don't even live in the area, correct? After all, in this day and age, taxes are a huge thing, and people would give anything to have their tax rates fixed or lowered.
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