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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. The climate is mediterranean with mild, wet winters and hot, dry summers.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.Monaco culture is very similar to French. Although small, the principality is not insular and locals are generally welcoming of visitors. Business is generally conducted in formal and conservative manner. Expatriate business dress typically comprises suits with ties.The security risk for expatriates in Monaco is low. Risks include low levels of opportunistic street crime and petty theft.The currency of Monaco is the Euro (EUR). Banking is on a par with the rest of Western Europe and North America. Monaco is not a member of the European Union.Medical facilities are excellent, however the cost of treatment for expatriates is high.The population of Monaco is 37,300 (2019 est.), while the inflation rate (CPI) is 0.4% for Monaco as at November 2019.Xpatulator Hypothetical Tax for Monaco is based on the current personal income tax rate of 0% as there is currently no personal income tax.