Considered the second smallest country in the world, Monaco is situated on the French Riviera, off the Mediterranean coast. The official language is French, although Monégasque, English and Italian are spoken and understood by most of its people. The country has only about 40,000 residents and is considered to be one of the most expensive and wealthiest countries in the world.
With an advantageous tax regime (which does not levy personal income taxes on its residents), Monaco is a tax haven for the wealthy who are drawn to its banking system which closely guards its clients’ privacy. Its capital, Montecarlo, is known for its casinos and its government is a constitutional monarchy, currently ruled by the Grimaldi family. The monarchy is perhaps best known for Prince Rainier III having married famous American actress, Grace Kelly, in the 1950s.