The Government has pointed out that Monaco has not appeared on any of the three lists of problematic fiscal jurisdictions as published by the Council of Europe on Tuesday, December 5. A total of 92 jurisdictions were listed.
Monaco was recognised as "largely compliant" in terms of transparency four years ago, at the World Forum of the OCDE held in Jakarta. Furthermore, Monaco’s economic model is "onshore", the Monaco government said in its statement published on Wednesday, December 6. What makes the Principality rich is the wealth of its residents, who live and consume in Monaco, plus the VAT revenues produced in accordance with an agreement with France.
From May 17, 2016, Monaco has applied the necessary measures to combat the erosion of the tax base and transfer of profits, the statement said, adding, “The Government states with satisfaction the recognition of the work so far accomplished and will pursue future actions to maintain its conformity to international standards in these matters."
[caption id="attachment_26228" align="alignnone" width="640"] Xavier Niel. Photo: Flickr TNS Sofres[/caption]
Flamboyant entrepreneur Xavier Niel – often described as France’s most influential person – is close to finalising a deal to take a majority holding in Eir, Ireland’s biggest telecoms company.
Neil, who in 2014 bought the majority stake in Monaco Telecom previously owned by Cable & Wireless Communications, is expected to take a stake of 90 percent currently held by US funds Anchorage Capital and Davidson Kempner and Singapore’s GIC.
The deal would value the former state-owned company at €1.5 billion. The transaction is expected to close by the end of the year. The sale would be the sixth change of ownership since 1999.
Niel, 50, is the man behind Iliad, the internet service provider and owner of France’s Free mobile service. In addition to his holding in Monaco Telecom, he is also co-owner of the French newspaper Le Monde. He is said to be close to Silicon Valley entrepreneurs Mark Zuckerberg and Elon Musk.
[caption id="attachment_26443" align="alignnone" width="640"] Photo: Charly Gallo/DC[/caption]
Jean Castellini, Minister of Finance and Economy, was a guest Friday morning at a breakfast conference organised by the Junior Chamber Economic.
Held at MonacoTech’s Zone F, the theme of the event was: "Pitch Time: Discover the startups of MonacoTech.”
During his speech, Jean Castellini recalled the various stages of the creation and launch of MonacoTech, the government’s incubator and accelerator startup program, inaugurated on November 8 by Prince Albert and Xavier Niel.
The Minister emphasised, "MonacoTech is at the same time a place ideally situated in Fontvieille, an exemplary cooperation between the State and Monaco Telecom, and dynamicly managed by a young Monegasque, Fabrice Marquet.”
He added, “This structure is a wonderful means of communication to say innovation has a place in Monaco."
Fabrice Marquet, Director of MonacoTech, then spoke of the many challenges, including having real innovative industrial projects, giving projects time to develop and creating a real community of entrepreneurs.
This year, MonacoTech selected 15 startups – 10 incubators and 5 accelerators – out of 172 applications. Four of them were chosen to talk at the networking event to 80 members and friends of the Monaco Junior Chamber of Commerce (JCI) who were in attendance.
Kee System, Wealth Management Solutions, started off the presentation, and was the only accelerator in the morning’s program. Surgisafe (Instant Detection Smart Cannula), Coraliotech (Coral Products Technology), and Teale (Data Driven Building Efficiency) also answered questions from the audience.
Article first published December 15, 2017.
Work will be undertaken, starting in the next few days, to increase the capacities of the sewage and stormwater systems in the Fontvieille district. Construction will start at the Giratoire des Papalins, to go up Avenue Albert II, then Avenue de Fontvieille.
"This restructuring of wastewater networks is now necessary in this neighbourhood with the implementation of the Pasteur operation and tomorrow that of Charles III" said Olivier Lavagna, Director of Public Works, adding: “Over the decades the urbanisation of The Principality, whether it be public housing, residential buildings, or offices, needs to adapt all the networks to the growth of these resident populations, employees or visitors.”
This work also involves the installation of a 1-metre diameter pipe designed to collect rainwater from upstream of Pasteur, Charles III and Canton. These waters rejoin at the port of Fontvieille and then are discharged at sea.
"Some of the stormy weather, and sometimes critical thunderstorms see thousands of litres of rainwater coming from the watersheds around the Principality. We have experienced heavy rain events that show the importance of having a network calibrated to respond to these changing weather conditions,” said Jean-Luc Puyo, Director of Urban Development.
The State Services in charge of this project have implemented a phasing programme in order to limit the impact on road and pedestrian traffic, especially on sports evenings at Stade Louis II.
The first work will start on Monday, April 3, at the roundabout ave. Albert II/ave. des Papalins.
[caption id="attachment_15637" align="alignnone" width="640"] Marine Le Pen, leader Front National. Photo: Global Panorama[/caption]
Results of the first round of the French presidential election held on Sunday showed "traditional left and right ruling parties kicked out of electoral race for first time since postwar period", with a duel between the National Front’s Marine Le Pen (21.4 percent) and centrist Emmanuel Macron (23.9 percent) set for the second round in two weeks, on Sunday, May 7.
Monaco’s French electors have been called to vote at the Saint Charles School on avenue Saint Laurent.
A total of 5,727 adults living in Monaco are entitled to vote in French polls, down by six percent since the last Presidential vote in 2012. Many of “Les enfants du pays” have lived for several generations in the Principality but are not Monegasque citizens.
Over the years they have missed out on many of the advantages of being Monegasque while at the same time their loyalties do not necessarily and automatically lie with France. Their numbers have slowly declined, largely due to the high cost of housing.
A symptom of this relative disaffection is the fact that voter turnout among this group is very low. Fewer than 50 percent of registered electors voted in 2012 (45.86 percent). Interestingly, the majority voted for outgoing President Nicholas Sarkozy, with almost 85 percent of the votes in the second round against Francois Hollande. It will be some time before their voting patterns are known for 2017.
Article first published April 23, 2017.