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