“The principality is proud to show that industrial companies are sprouting on its territory. Since Monaco – a two-square-kilometers jewel on the French Riviera – suffers from lack of space to accommodate new manufacturing companies, its goal is to attract ‘smart’ companies: research and development centers, engineering offices. But the new image of Monaco, which was for a long time considered a black sheep because of its lack of transparency, is still clouded by its very attractive financial legislation. It is a haven for its inhabitants, who don’t pay income tax or inheritance tax. That is, with the notable exception of U.S. and also French nationals.”
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