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Monaco holidays



Information about Monaco

The Genoese built a fortress on the site of present day Monaco in 1215. The current ruling GRIMALDI family first seized temporary control in 1297, and again in 1331, but were not able to permanently secure their holding until 1419. Economic development was spurred in the late 19th century with a railroad linkup to France and the opening of a casino. Since then, the principality's mild climate, splendid scenery, and gambling facilities have made Monaco world famous as a tourist and recreation center.

Monaco's economy

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 has no income tax and low business taxes and thrives as a tax haven both for individuals who have established residence and for foreign companies that have set up businesses and offices. Monaco, however, is not a tax-free shelter; it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality. Monaco's reliance on tourism and banking for its economic growth has left it vulnerable to a downturn in France and other European economies which are the principality's main trade partners. In 2009, Monaco's GDP fell by 11.5% as the euro-zone crisis precipitated a sharp drop in tourism and retail activity and home sales. A modest recovery ensued in 2010, but Monaco's economic prospects remain uncertain, and tied to future euro-zone growth. Weak economic growth also has deteriorated public finances as the principality recorded budget deficits in 2011-12. Monaco was formally removed from the OECD's "grey list" of uncooperative tax jurisdictions in late 2009, but continues to face international pressure to abandon its banking secrecy laws and help combat tax evasion. The state retains monopolies in a number of sectors, including tobacco, the telephone network, and the postal service. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Issues in Monaco

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Prices in Monaco (1 EUR = 1.09 USD)
Meal in inexpensive restaurant22.14 EUR
3-course meal in restaurant (for 2)110.3 EUR
McDonalds meal7.84 EUR
Local beer (0.5 draft)5.55 EUR
Foreign beer (0.33 bottle) 6.66 EUR
Cappuccino3.33 EUR
Pepsi/Coke (0.33 bottle)3.31 EUR
Water (0.33 bottle)2.53 EUR
Milk (1l)2.76 EUR
Fresh bread (500g)3.04 EUR
White Rice (1kg)4.96 EUR
Eggs (12) 3.87 EUR
Local Cheese (1kg) 14.88 EUR
Chicken Breast (1kg) 11.68 EUR
Apples (1kg) 4.79 EUR
Oranges (1kg) 4.55 EUR
Tomato (1kg) 3.89 EUR
Potato (1kg) 4.97 EUR
Lettuce (1 head) 1.88 EUR
Water (1.5l)1.52 EUR
Bottle of Wine (Mid-Range) 9.9 EUR
Domestic Beer (0.5 bottle)1.67 EUR
Foreign beer (0.33 bottle) 2.02 EUR
Cigarettes7.65 EUR
One way local bus ticket1.92 EUR
Monthly pass for bus33.03 EUR
Taxi start6.24 EUR
Taxi 1km3.3 EUR
Gasoline (1 liter) 1.86 EUR
Utilities for a "normal" apartment207.38 EUR
Tennis Court Rent (1 Hour on Weekend) 27.58 EUR
Apartment (3 bedrooms) in City Centre 12.09 EUR

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