Since many people decide to travel during the summer, I have dedicated this article to the people who decided to stay home and not travel. One of the popular locations of travel during the summer is the French Riviera. Among the areas that lie within the French Riviera is the municipality of Monaco. Monaco is a small city-state situated between France and Italy on the Mediterranean sea. Until the 19th century, the municipality had difficulties surviving financially. Not until 1856, gambling was legalized and the first casino started operating in Monte Carlo. The casino became the highest contributor to the state’s treasury. Nowadays other than attracting tourists, Monaco attracts business people as the country is considered a tax heaven as there is no income taxes and low business taxes. Taxes now contribute approximately 50% of the country’s income, while tourism contributes 25%. The country is also diversifying into services and small, high-value-added, nonpolluting industries. What’s interesting to note is that people from Monaco are not allowed to gamble in Monte Carlo.

Tags: Monaco, Monte Carlo

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