Global Warming Could Turn Tax Haven Cold

Extended hotter summers and the environmentfor finance figures so Monaco can do more at the
have been much talked about subjects in royalUnited Nations and on environmental issues. If he
circles since Prince Charles started to use hislooks down from his palace and sees the wealth
position to push it up the agenda.surrounding him he might be tempted to tap into
Now a new royal has entered the debate, andit for environmental causes as he believes in it in
Monaco's Prince Albert recently joined Princesuch a genuine and sincere way. There have been
Charles at his innovative Poundbury village inpress reports of some of his staff leaving, and if
Dorset.true it can only be hoped that it wasn't over fiscal
The significance that it was Charles' 58th birthdaymatters. From the European royal families on
wasn't overlooked by a Monaco travel guide.environment issues we would view Charles as the
'Since Albert came to power he has made theking, and hopefully Albert will be the prince!'
environment his number one priority. And just asMonaco Weather Forecast
Prince Charles has become known for his viewsPrince Albert's father, Prince Rainier, was Europe's
on everything from architecture to climatelongest reigning Monarch until his death in April
change, so has Prince Albert. Of course Albert's2005. Known affectionately as the 'builder prince'
position isn't as important as Charles' as futurehe transformed Monaco into the world's favourite
King of England, but where he can he tries totax haven and ensured the Monaco Grand Prix
champion the environmental cause'.became one of the best known annual sporting
In April 2006 Prince Albert made a trip to theevents. The Principality Albert succeeded to was a
North Pole to highlight the issue of global warming,country known throughout the world for money
and since then has taken part in other initiativesand glamour, and the Monte Carlo casino only
to try and push the environment up the politicaladded to its legendary status.
agenda of fellow world leaders, including involvingAlbert has continued in his father's footsteps with
Monaco more at the United Nations and for thea plan to develop an island off Monte Carlo, and
first time calculating the tax haven's GDP, whichlike his father with the reclaimed land in Fontvieille
will allow Monaco to commit money towardsthe map of Monaco will change again.
developing countries.In keeping with his stance on the environment, it
'As soon as he came to power he signed Monacois thought that a successful bid to build the island
up to the Kyoto Protocol designed to cut thewill need to be seen to be environmentally
world's greenhouse emissions', add the guide, 'andfriendly, with the possibility of lower rise buildings
he has established his own foundation to promotethan some parts of Monaco have endured to
better understanding of the issues of the rise increate more living space.
sea levels and quality of water'.Monte Carlo has long been associated with
With the threat of rising sea levels, it's easy toglamour, heightened throughout the world in 1956
see that Monaco could be affected as it sits onwhen Prince Albert's father married his mother,
the shores of the Mediterranean. The world'sUS actress Grace Kelly.
second smallest country, and the best known taxSpeculation was rife earlier this year that Prince
haven, Monaco has in the past increased her sizeAlbert would be announcing his own engagement
by reclaiming land from the sea, resulting in areato South African swimmer Charlene Wittstock.
where the district of Fontvieille now stands, and'Things have gone quiet recently on the Charlene
one of the best known hotels in Monaco, thefront', comment the guide, 'Monaco is all about
Columbus, is situated.glitz and glamour and perhaps a surprise
But there is a danger that by championing theannouncement will be made soon. But it's possible
environmental cause that Prince Albert could turnthat Albert is more interested in environmental
off his people before he turns off the warming ofaffairs than affairs of the heart'.
the planet.Monaco has been making the news recently as
'Monaco is home to the world's wealthy', say theMonte Carlo real estate prices have escalated, and
travel guide, 'And it's a place of fun. The Monacoare on a level with London and New York.
Grand Prix, the casino and the fact that it's theEven the cheapest studios are edging towards
most sought after tax haven in Europe might notthe million Euro level according to Monaco
sit comfortably with heavy politics. Happily theproperty specialists.
environment is an issue that has moved from the'Increasing taxes elsewhere in Europe, especially in
fringe to mainstream, and is something thatthe UK, have seen inquiries increase significantly
nearly everyone is concerned about. Luckily forover the last twelve months,' they say, 'and it's
Prince Albert he has identified himself with annot the weather in Monte Carlo that's drawing
issue that is just as important to the tax exilesbuyers, but the income tax free status of being a
and business people who bring their money toresident, and the security that goes with living in
Monaco as it is to everyone else. In the pastMonaco. There's one policeman for every one
Prince Charles has been slightly ridiculed with hishundred residents and has to be the safest
views on the environment and organic farming,country to live in Europe'.
but now with hindsight a lot of people think heThis year's Monaco Grand Prix, the possibility of a
was ahead of his time.'royal engagement and Prince Albert's continuing
Referring to Monaco's tax haven status the travelcampaign for the environment make the year
guide add 'Prince Albert needs to be careful not toahead an exciting one for residents and visitors to
kill the goose that lays the golden egg. Monaco isMonaco alike.
to start asking businesses in strict confidentiality