Traps and Fraud alerts Monaco

Traps and Fraud alerts in Monaco

Having the right information from the right people and places is one of the most important advice we can offer to you in the Principality of Monaco.


Beside the amazing life quality that Monaco offers to you and your family we should not forget to mention that the Principality of Monaco is one of the greatest place in Europe to secure your wealth and investments. However just as any place handling wealth and big money it attracts crooks, frauds and cheaters as well.

Unfortunately we had some negative experiences as well in the very beginning, but it has nothing to do with the Principality only with our good belief in people. To avoid these type of experiences it is always great to have a professional advisor at our side.

It is not the fault of Monaco, it is more to do with the fact that the Principality is so tiny and so you can feel all the influences, both positive and negative much more stronger. To understand the reason why you need to be careful you have to dig deeper in the history of Monaco.

Centuries ago sailors embarked for long journeys to discover new Worlds and for new hope. There were also pirates who hunted the endless Ocean for hidden and wonderful treasures. As you come from the sea, you can discover the land of the Principality of Monaco, as a land of treasure, encompassed by France and Italy. Monaco is the rare pearl of Europe, the modern Eldorado, that attracts fortune hunters like a magnet who go there in the belief of becoming immediately rich.

Without any doubt one of Monaco’s main power has always been gambling and this is where its shining started, however Monaco is built up on trust as well.

Monaco went through an incredible change since 1846 when the first plans of the Casino were mooted. During those times and under the reign of Florestan I. the House of Grimaldi was in a dire need to generate cash, however a dignitary such as the Prince of Monaco was not allowed to operate any kind of gambling house.

The Casino, which was relocated several times started to operate under the regime of Charles III. who assumed the throne in 1856.

During those times the area where the Casino is currently located was known as "Les Spelegures” (Den of Thieves), which was not really a promising name for a Casino, even more it was quite depressing. Therefore Charles III. renamed the area to “Mount Charles” (Monte Carlo), which cleared out the shadow from the place and allowed it to be opened as the Le Grand Casino de Monte Carlo in 1858.

During the next years Monaco successfully recovered from its economic difficulties and it started to attract all other businesses as well. The strategic combination of the Casino and the railroads gave a green light for the Principality of Monaco.

Thanks to the continuos developments such as the Oceanographic Museum, the Monte Carlo Opera House and the incredible number of Hotels, Monaco was on the track.

The Casino was making so much income and profit that in 1869 the Principality of Monaco could afford not to collect tax anymore from its citizens, the Monégasques. After this announcement this became one of the major powers of the Principality to attract more and more affluent residents.

But unfortunately where there is a concentration of money there are usually frauds as well.


Read more: Living in Monaco Living in Monaco

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The Principality of Monaco

Facts & Figures

Geography

Population

Economy

  • GDP (2013) 4.94 billion euros
  • GDP Growth rate (2013) 9.3%
  • Employment (2014) 52 177
  • Banks (institutions entitled to receive all types of deposits) (2014) 35

Real-Estate market

  • Average price per sq.m (2014) 37 179 Euro
  • Real estate sales (2014) 11
  • Real estate resales (2014) 555
  • Total known area (2014) 47 001
Monaco Gourmand

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Living in Monaco