New Delhi. 'Monaco', a small country situated in a corner of Europe, is currently a topic of discussion across the world. After Vatican City, the area of this second smallest country in the world may be only 2 square kilometers, but its wealth is being exemplified all over the world. This country, which looks like a small area of your city, has today become the favorite destination of the world's richest and most powerful people.
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Tax-free earning and high-tech security become the first choice
Monaco has a total population of approximately 39,000, of which more than 30 percent are millionaires or billionaires. The question arises that why do rich people from all over the world want to leave their homes and settle in Monaco? The direct and biggest answer to this is 'Zero Income Tax'.
The government of Monaco does not charge any personal income tax on the earnings of its citizens and foreign residents living here. That means, whatever amount you earn, all that money is yours. Furthermore, Monaco is known for its strict law and order system and high-tech security. The crime rate here is almost zero, making it one of the safest destinations in the world. A fair of luxury vehicles on the streets and luxurious yachts floating in the sea. If you ever visit the streets of Monaco, you will feel as if you have come to an international auto show. Supercars worth crores of rupees like Ferrari, Lamborghini, Rolls Royce and Bugatti look like very normal vehicles here.
Luxurious yachts worth millions of dollars parked on the seashore are an important part of the lifestyle here. Along with this, the historic 'Monte Carlo Casino' and the world famous 'Formula-1 Monaco Grand Prix' race have become status symbols for the rich all over the world.
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world's most expensive land
Where a luxurious villa can cost the price of a flat, land in Monaco is very limited, due to which the real estate rates here are skyrocketing. According to reports, land in Monaco is so expensive that a luxurious villa can be bought here for the price of a small 1-BHK flat in any other big and developed country in the world. Due to severe shortage of space, Monaco is now creating artificial land by drying the sea so that new apartments can be built.
beyond the reach of common man
Employees from neighboring countries come to work every day. Due to extreme inflation and huge expenses, it is almost impossible for an ordinary or middle class person to live in Monaco. Most of the ordinary workers here live in neighboring France or Italy and commute to work in Monaco every day. In short, Monaco is a magical and extremely expensive world, where power, society and concerns – everything is decided only by money.
Report: Deepanjali Mishra