Monaco is a small sovereign city-state. Monaco is the name of the country as well as the name of its only and capital city. Monaco is in Western Europe, bordering the Mediterranean Sea on the southern coast of France, near the border with Italy. Mediterranean with mild, wet winters and hot, dry summers. Hilly, rugged, rocky. The official language is French. English and Italian are widely spoken. Some people also speak Monegasque and Occitan (local languages). The main religion is Christianity. Monaco is the second smallest country in the world; only Vatican City is smaller. It is regarded as a tax haven, and many of its inhabitants are wealthy and from foreign countries. One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. 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. The population in Monaco is 0.036 Mil (2014 est.), while the inflation rate is -1.62% (2014 est.).
Cost Of Living
The cost of living for expatriates in Monaco as at 1 October 2014 is very high in comparison to other places in the world. In Monaco, the cost of each basket, based on local prices, compared to the international average in USD, is categorized follows: 1) Alcohol (where available) & Tobacco: Average 2) Clothing: Very High 3) Communication: Very High 4) Education: Very High 5) Furniture & Appliances: High 6) Groceries: Very High 7) Healthcare: Very High 8) Household Accommodation: Very High 9) Miscellaneous: Very High 10) Personal Care: Very High 11) Recreation & Culture: Very High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Very High Monaco is for example 38.9% more expensive than Uruguay for groceries, 187% more expensive for household costs than South Africa, and 28.3% more expensive for transport costs than Greece. Monaco is ranked as a minimal hardship location. Hardship (also know as quality of living) refers to the degree of hardship an expatriate and their family are likely to experience in the host location. Hardship pay is compensation to encourage people to move, in particular to less desirable locations. In determining the amount of hardship premium payable, factors such as economic, political, religious, infrastructure, environment/climate, personal safety, health, education, and transportation factors are considered. The hardship premium for Monaco for an expat from Switzerland, is for example 0%, i.e. host location (Monaco) premium of 10% minus home (Switzerland) location premium of 10%. Xpatulator.com has been created to assist subscribers calculate expatriate pay using the online calculators and extensive database of cost of living and hardship indexes, for 780 international locations. Want to know more about cost of living, hardship or expat pay in Monaco? Register subscribe to your home location and Monaco and run your personalised reports.