Monaco is an independent sovereign state and is a member of the United Nations and the Council of Europe.

The present constitution was promulgated in 1962. Legislative power is held by a National Council of 24 members, elected by universal adult suffrage every five years. Executive power is vested in the Sovereign and exercised by a Council of Government consisting of four members presided over by a Minister of State, who is chosen by the Sovereign from a panel put forward by the President of France. The Sovereign is advised by his Government and has an absolute power of veto.

Monaco has not signed the Treaty of Rome and is therefore not a member of the European Union. By virtue however, of its Convention with France, it is in effect an associate member for most purposes. It is part of the EU customs zone, and its legal tender is the Euro.

Monacos natural attractions and the absence of any direct tax on personal income combine to make it an ideal place of residence for the wealthy, with the exception of French residents who took up residence in Monaco after 1962.

In addition, Monaco offers a number of other business attractions, both from a fiscal and from a general commercial standpoint.

Moore Stephens Services SAM specialises in providing management and ancillary services to companies or individuals wanting to take advantage of these particular features of Monaco's tax system or alternatively can help people wishing to set up their own operation.

The procedures for taking up residence are comparatively straightforward and Monaco welcomes foreign nationals. We can advise and assist people wishing to take up residence in the Principality.