“Monaco, which was for a long time considered a black sheep because of its lack of transparency, is still clouded by its very attractive financial legislation. It is a haven for its inhabitants, who don’t pay income tax or inheritance tax. That is, with the notable exception of U.S. and also French nationals, as per a convention signed 50 years ago signed by General de Gaulle. Today pressure is mounting on Monaco. The world powers have launched a new war on tax evasion. During their recent Northern Ireland meeting, the members of the G8 (formerly/http://www.worldcrunch.com/default/g8-begins-what-you-need-to-know/g8-uk-obama-cameron-hollande-merkel-summit-/c0s12383/#.UcqhqvnwmJk) agreed to an automatic exchange of information for tax purposes.”
