Monaco's harbor can accomodate hundreds of yachts. With all this money sloshing around, it's no surprise that Monaco has built up a healthy financial sector, accounting for roughly 17% of the economy. One of Monaco’s only income-earning industries is tourism and with its beautiful climate and crowd-drawing sites like the Grand Prix and five major casinos, three of which being in Monte Carlo, it is an easy means for capital. In Professor Michael Porter’s paper Monaco’s Tourism Cluster, he states that “Monaco has, for over a century, successfully made tourism…its biggest income earner…” Monaco’s casinos are major tourist attractions, huge sources of income and help maintain the microstate’s wealth by providing its citizens with employment. In fact, Monagesque citizens can only enter a casino in their country if they work there and it is illegal for them to gamble. This means that Monagesque passport-holders, who generally aren’t as wealthy as foreign residents, won’t gamble their money away, thereby avoiding the social problems that arise from gambling In fact, their income tax laws are written so that immigrating to Monaco is a way to create an income tax haven against paying income tax. This doesn’t apply to French citizens, who due to a treaty, still get to pay taxes. Also, Monaco has nothing to prevent the government from collecting really high social insurance taxes on wages. Therefore, the country doesn’t run on gambling income Monaco, bordering France on the Mediterranean coast, is a popular resort, attracting tourists to its casino and pleasant climate. The principality also is a banking center and has successfully sought to diversify into services and small, high-value-added, nonpolluting industries. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal It is very small; but, its gambling income is quite huge. Monaco is an independent state; therefore, Monaco gambling laws do not have to conform to the ones in France. That is how such world-famous casinos as Casino de Monte Carlo could flourish in Monaco. (Here is a list of the best casinos in Monaco) Casinos in Monaco constitute a gambling paradise for many Europeans. However, there is a 15 astounding facts about Monaco, the tiny French Riviera city-state where 32% of the population is made up of millionaires. Katie Warren. 2019-05-22T17:36:36Z The letter F. An envelope. It
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