The population of Monaco in 2018 is estimated to be around 38,000 people, making it the second smallest country in the world. The economy is largely dependent on tourism and banking, with a low tax rate that attracts wealthy individuals and businesses. In terms of foreign relations, Monaco is a member of the United Nations and other international organizations such as the World Trade Organization (WTO) and the Council of Europe. In 2018, Monaco signed a treaty with France that provides economic aid and military defense to Monaco in exchange for access to its land and waters for military purposes. According to extrareference, Monaco is a constitutional monarchy with three branches of government: executive, legislative, and judicial. The prince serves as head of state while the prime minister serves as head of government. The unicameral National Council is elected by popular vote every five years. The judicial branch consists of a Supreme Court appointed by the Prince with advice from Parliament.
Monaco. In March, an organized fraud was revealed in which money from rich people was deceived by pretending to be a high-ranking person in the principality. Among other things, a person who was similar to Monegasque Head of State Prince Albert had contacted wealthy people and claimed to be in urgent need of money. According to Countryaah.com, Monaco is the capital city of Monaco, a country located in Western Europe. The Monaco government reaffirmed it all in a statement saying that the target boards were “the community leaders or people in charge”. The fraudsters had also used official stationery and telephone numbers.
- According to Abbreviationfinder: MCO is an three letter acronym for Monaco.
Prior to this year’s Formula One season, the owner company Liberty decided that the light-skinned women, so-called grid girls, who introduce drivers before the start of the race, would disappear as this does not fit with today’s norms and values. Nevertheless, they were back in Monaco in May. Reigning world champion Lewis Hamilton thinks it’s good, because “when we drive forward and there is a beautiful woman there it feels like it’s the Monaco Grand Prix”.
Human and economic geography
State of Mediterranean Europe. It is the smallest in the world after the Vatican City, and has a completely urbanized territory. At the 2000 census the population was just over 32,000 residents, only 19 % of whom were Monegasque citizens, while there are many foreign residents, belonging to 118 different nationalities, attracted by the favorable tax legislation.
The Principality owes its economic solidity above all to the banking and financial system and to tourism, but the industrial sector is also well developed, boasting prestigious companies in the chemical, pharmaceutical and cosmetic fields, plastics and microelectronic components. The country, censored in 2002 by the OECD as a ‘tax haven’ (see below: History), agreed in December 2004 to sign cooperation agreements with the European Union in the fight against money laundering and, while defending banking secrecy, decided to apply a withholding tax on savings deposited by Union citizens with their institutions. Tourism ensures substantial currency income (in 2004 the visitors were 250,000, excluding excursionists) and has seen an increase following the expansion of the port, with the construction of a new dock for luxury boats, completed in August 2002.