Monaco has been very much in the news of late since the marriage of Prince Albert II to South African Charlene Wittstock, a South African and former Olympic swimmer. In fact, since the wedding of Albert’s father Prince Rainier III to American Actress Grace Kelly, it has been synonymous with glitz and glamour. It is also a destination chosen for high net worth individuals to relocate to. One of the reasons for that, being the tax climate. Many businesses due to its favourable business tax and naturally, its zero income tax.
Monaco has thus attracted many sports celebrities, entertainers, millionaires and billionaires including the likes of F1 driver David Coulthard, actor Sir Roger Moore, and Stelios Haji-Ioannou, the founder of Easy Jet. The security aspects (including CCTV cameras on every corner and one policeman to every resident) and privacy (press photographers being banned from doing any unofficial work) has been a notable attraction.
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