Monaco

Monaco is a sovereign city-state on the French Riviera bordering France on three sides and the Mediterranean Sea to the south, covering roughly 2 square kilometres and home to around 39,000 residents. It is the world's second-smallest country by area and the most densely populated. Monaco levies no personal income tax on residents — a defining feature that has long attracted high-net-worth individuals, entrepreneurs, and professional athletes. While not a European Union member and not part of the Schengen Area as a full signatory, Monaco operates an open border with France and its residents benefit from practical freedom of movement across much of Europe. The principality uses the euro and maintains close economic and administrative ties with France through bilateral treaties. Property costs rank among the highest globally, and obtaining residency requires demonstrating substantial financial means and securing accommodation before applying.