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A recurring issue Monaco encounters with other countries is the attempt by foreign nationals to use Monaco to avoid paying taxes in their own country. [220] Monaco actually collects a number of taxes including a 20% VAT and 33% on companies unless they make over 75% of their income inside Monaco. [ 220 ]
The unrest continued until the ruling prince gave up his claim to the two towns (some 95% of the country), and they were ceded to France in return for four million francs. This transfer and Monaco's sovereignty was recognised by the Franco-Monegasque Treaty of 1861.
The sovereign prince (French: prince de Monaco) is the monarch and head of state of the Principality of Monaco. All reigning princes and princesses have taken the name of the House of Grimaldi. When Prince Rainier III died in 2005, he was Europe's longest reigning monarch. [1]
The name "Monaco City" is misleading: it is not itself a city, but a historical and statistical district. It holds most of the country's political and judicial institutions: the Prince's Palace, the town hall, the government, the National Council (parliament of Monaco), the Municipal Council, the courts
Monaco and the neighbouring County of Nice were taken by the revolutionary army in 1792, and were French-controlled until 1815. Nice passed back to the Kingdom of Sardinia in 1815; then it was ceded to France by the Treaty of Turin (1860). Monaco was re-established by the Congress of Vienna in 1815, with a brief Italian occupation in 1940–43.
Monaco levies no income tax on individuals. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; [18] celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are less well ...
Historically, the princes of the ruling House of Grimaldi were autocrats of an absolute monarchy until the first Constitution of Monaco was adopted in 1911. A second constitution was granted by Prince Rainier III on December 17, 1962, outlining legislative, judicial, and executive branches of government, which consist of several administrative offices and a number of councils.
In 1962, Monaco's refusal to impose a tax on both its residents and international businesses caused problems in relations. However, it was resolved with an agreement that French citizens with less than five years of residence in Monaco and companies doing more than 25 percent of their business outside the country would be taxed at French rates.