Is Monaco an EU country?
Monaco is not a member of the European Union (EU). Located in Western Europe, on the French coast on the Mediterranean Sea, this small principality is known for its luxurious lifestyle, casinos and tax-free status. Although Monaco is not a member of the EU, it nevertheless has special relations with the Union.
Monaco-EU relations
Monaco has concluded several agreements with the EU, which facilitate the activities of its citizens and companies in the EU territory. These agreements include, among others:
- Customs union: Monaco is part of the French customs territory, which means that the movement of goods between Monaco and the EU is easier.
- Schengen Area: Monaco is not officially a member of the Schengen Area, but has open borders with France, which is a member of the Schengen Area. This enables free movement between Monaco and other Schengen countries.
- Cooperation in the financial sector: Monaco is committed to complying with EU rules and regulations to combat money laundering and tax evasion.
Special features of Monaco
Monaco is known for several special features that distinguish it from other countries:
- Taxation: Monaco does not levy income tax on its residents, which makes it an attractive place for wealthy individuals and companies.
- Culture and events: Monaco hosts many internationally renowned events, such as the Monaco Grand Prix and the Monaco International Circus Festival.
- Security: Monaco is one of the safest countries in the world and its police force is very effective.
Conclusion
Even though Monaco is not a member of the EU, it has close and special relations with the Union. This allows Monacoians and companies operating in Monaco many advantages, such as easier trade and free movement. Monaco’s special features, such as tax exemption and high quality of life, make it a unique place in Europe.
Sources:
European Union – EU countries
Monaco Consulate – Monaco and the European Union
