| When the second smallest country in the world | | | | along with the US, Monaco was one of the few |
| with a population of under 40,000 opens a new | | | | countries in the world not to endorse it |
| embassy, eyebrows may be raised at the | | | | before Prince Albert put pen to paper. |
| expense. | | | | |
| | | | As well as the Monaco Grand Prix, the |
| But the country is European tax haven Monaco. | | | | principality is Europe's best known tax |
| | | | haven, with residents enjoying a zero rated |
| Until now the world's second smallest country | | | | income tax. |
| has been content to co-operate with French | | | | |
| embassies around the world for any necessary | | | | With property prices among the highest in the |
| representation. | | | | world, residents of Monaco normally need to |
| | | | spend six months a year there to maintain |
| Now Monaco has just opened her first | | | | residency. |
| independent embassy outside of Europe - in | | | | |
| Washington D.C. | | | | An announcement has been made recently that a |
| | | | new island is to be built off Monte Carlo, |
| Commenting on the new embassy, a local Monaco | | | | and this will provide more land and property |
| travel guide have dubbed the embassy 'The | | | | in the world's second smallest country. |
| Greenhouse' and say that despite the | | | | |
| population equivalent of a small US town, | | | | Bidders for the development have been asked |
| their could be reasons behind the move. | | | | to take the environment into account - and |
| | | | also the Monaco Grand Prix. Which suggests a |
| 'Forget about this being primarily for | | | | possible new route for the race. |
| Monegasques running into trouble in the US | | | | |
| and needing assistance. We think this is more | | | | Despite being one of the world's most |
| to do with Prince Albert wanting to influence | | | | glamourous sporting events the Monaco Grand |
| the movers and shakers in the world as he is | | | | Prix is notorious for a lack of overtaking |
| very concerned about global warming and the | | | | opportunities, and the new space might in |
| environment generally. And where better for | | | | time address the historical criticism of the |
| that than Washington? It's Monaco's | | | | race. |
| greenhouse next to the White House' | | | | |
| | | | Property prices in Monaco are high due to the |
| The new embassy, chosen after a visit by | | | | lack of land - in the past one of the |
| Prince Albert, is in the Kalorama district of | | | | districts, Fontvieille, had much of its area |
| Washington. | | | | reclaimed from the sea, but property prices |
| | | | there equal those of the better known Monte |
| The Principality's representative at the | | | | Carlo. |
| United Nations, Gilles Noghes, is to double | | | | |
| up as her ambassador. | | | | One of the most popular buildings in |
| | | | Fontvieille, Seaside Plaza, has average |
| Since Prince Albert assumed power in Monaco, | | | | prices of three to four million Euros for a |
| he has been campaigning to push the | | | | three bedroom apartment, and a four bedroom |
| environment and global warming up the | | | | four bathroom one is currently on the market |
| political agenda to his fellow world leaders, | | | | at close to ten million Euros. |
| and recently joined Britain's Prince Charles | | | | |
| on his birthday at his Poundbury project in | | | | One property company who specialise in Monaco |
| England, designed with the environment in | | | | property doubt that prices will ease much. |
| mind. | | | | |
| | | | 'By the time the development is finished |
| 'Prince Charles and Albert have similar views | | | | prices would probably have gone up in Monaco |
| on the environment,' comment the guide, 'And | | | | anyway, and this new development on the |
| Prince Charles has found a fellow European | | | | housing side is likely to be aiming for |
| Royal who has a similar outlook - soul | | | | quality rather than quantity', they claim. |
| mates'. | | | | 'It's almost certain that the properties will |
| | | | be snapped up by investors off-plan, and then |
| Arctic Visit | | | | come back to the market with a premium once |
| | | | the buildings are complete. The development |
| Prince Albert visited the North Pole last | | | | in itself will attract more attention to the |
| year to publicise how the arctic regions are | | | | Monaco property market. In the short and |
| changing with global warming, and one of his | | | | medium term prices are likely to rise in |
| first acts was to sign the Kyoto Protocol - | | | | Monaco rather than fall'. |