CroatiaThe article discusses Monaco, a small country located between France and the Mediterranean Sea, known for its unique tax policies. Monaco abolished income tax in 1869 due to sufficient revenue from its famous casino in Monte Carlo, and this decision has remained unchanged. The country primarily relies on value-added tax (VAT), corporate profit taxes on businesses operating outside the country, and tourism and property-related revenues. However, French citizens living in Monaco generally remain subject to French income tax under a 1963 bilateral agreement, with some exceptions for those who lived there before the agreement took effect. Despite the absence of income tax, life in Monaco is expensive, with some of the world’s most costly real estate. Over a third of Monaco’s residents are millionaires, making it one of the wealthiest countries globally. Due to limited space, Monaco has been expanding its territory by land reclamation projects for decades.
Bias read (Center): The article provides a factual overview of Monaco's tax system and economic structure without taking a clear ideological stance. It presents historical context, legal agreements, and socioeconomic data neutrally, avoiding loaded language or one-sided emphasis.
