Friday, February 3, 2012


interested in providing greater compliance and financial transparency of the playground millionaire Albert

As this small kingdom - 35,000 inhabitants, of which only 7,000 are Monegasque - trying to launch the machine with your wedding dreams real, real capital of the principality, the private bank, is crisis

Apparently nothing has changed: women dressed in diamonds, Rolls Royce and Maserati in front of the Hotel de Paris, the game in the casino and the clear signs of the bank. But appearances are deceptive. In 2010, the assets of 36 banks and 40 companies established asset management here are worth a total ? 78bn ($ 110 billion). This is a paltry sum, equivalent to half the capital of a Swiss bank, on average. Having enjoyed a steady income and insurance since the 1970s with the arrival of rich Italians fleeing the Red Brigades, Industry Monaco lost its flagship product, Inc momentum.

certainly obsequious Monaco has always welcomed the rich. Meanwhile, foreign residents of the Principality are primarily tax to zero, the promise of capital gains, facilities and accommodation. Monaco is a tax haven.

"Today, if you have dirty money, Monaco is not the place to put it," insists Roger Michel, Minister of State, the equivalent of Monaco, Prime Minister, who is the eye both in Paris and Monaco and Prince Albert Senior Advisor. "I see the future of Monaco receiving illicit funds. On the contrary, is the transparency and rule of law ". Banks in Monaco under the prudential supervision of the Bank of France. Are strictly regulated by the Information Service On The Control Of Channels and financial (SICCFIN) the national authority in charge of the fight against money laundering, terrorist financing and corruption. Offshore companies are screened and their real estate transactions are taxed today.

most important, is no longer in Monaco 2009 OECD tax haven "gray list". For himself delisted, Monaco was to sign 24 agreements on exchange of tax information, especially the U.S., Germany and France. Italy and the United Kingdom, whose citizens make up the largest contingent of foreign residents. "I see Monaco stay away from the international trend, a true partnership that is emerging worldwide," said Roger.

However, the desire for transparency is not enjoyed by private banks that specialize in financing for you. Today, banks in Monaco can no longer rely on the slush funds of the former Soviet bloc countries or "politically exposed persons" in Francophone Africa to replace the assets of wealthy Europeans who have been victims of the financial crisis of 2008 -2009 .

buy real
Monaco is another problem, because the housing stock will never be sufficient to meet demand. Despite his penchant for the Riviera, Russian oligarchs and Arab sheikhs consider three-bedroom apartments to be unworthy of their status. Accordingly, the front yard of the millionaire jet set, which once provided housing for families and Agnelli Onassis, must now do with the merely rich instead of super-rich.

"property in Monaco is a single market for foreign investors who pay cash. We have the highest prices per square meter of housing in the world, ranging from ? 25,000 to ? 50,000, due to the chronic shortage of supply, "said Michel Dotta, a real estate agent in the Principality.
Although Prince Albert practices of JP Morgan in New York after obtaining from Amherst College in the United States, it is not interested in banking, with the exception of social investment products responsible to the ecology and sustainable development. However, financial institutions pay the massive tax business, despite the absence of debt and a ? 2000000000 strategic investment fund, Monaco has an operating deficit of ? 70 to ? 80 million per year.

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