2015: The year of Russia in Monaco


2015: The year of Russia in Monaco

Following the official visit of HSH Prince Albert II to Russia in October 2013 it was decided that Monaco would host a year of Russia in Monaco to celebrate the links between the two nations.

The countries have enjoyed strong relations stretching back over 150 years and the planned events will reflect the close ties. There will be a focus on the cultural connections in education, science, and sport, including chess, food and fashion. The events have been brought to fruition through the close cooperation and enthusiasm of many Russian and Monaco individuals, associations and companies, as well as the authorities.

In a recent presentation by Mr Michel Roger, the head of the Principality’s government highlighted that there is more to Monaco than the common perception of Monaco being the Royal family, the casino and the Grand Prix. While it is the smallest member of the UN it is home to 129 nationalities, 37,000 residents including 8,600 Monegasque nationals, and 450 Russians. Monaco is a real state with a diverse economy of 5,000 companies, an annual GDP of almost €5 billion and growth of 9.3% in 2013. Every day 38,000 individuals commuted to Monaco for their employment.

Mr Roger’s emphasised the prudent financial policies followed by the government, which has resulted in a balanced budget and a public finances without debt. The country levies no income tax on residents, but is not tax free with 75% of state revenue generated from taxation and in recent years has signed 30 bilateral agreements on the exchange of tax information.

The speech concluded with Mr Roger illustrating the political ties between Monaco and Russia and the occasions in the Council of Europe when their respective positions coincide in the international arena.

At Rosemont we all look forward to this Year of Russia in Monaco, the closer links that will be fostered between the two countries now and for the future.

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