Monaco Might Lose Its Status of Personal Income Tax Haven

That Monaco is crowded with celebrities is no piece of news. Since 1869, when the personal income tax policy became favorable, Monaco attracted very many individuals with high net income, such as movie stars, sporting stars etc. who became residents of the Principality in order to benefit from personal income tax exemption.

Take, for instance, Roger Moore, Shirley Bassey, Ringo Starr, Karen Mulder, Eva Herzigova, the race drivers Jacques Villeneuve, David Coulthard, Jenson Button.

But the number of celebrities is far outnumbered by the number of business people who enjoy the country's tax facilities: the retail tycoon Philip Green and the Barclay brothers are Monegasque residents.

Being a resident of Monaco implies proving you have a place to live and are rich enough to afford a very high standard way of life. And I mean really rich, as a place to live in the apartment blocks jammed into two square kilometres, either rented or bought, is extremely high.

Keeping residency implies proving you live in Monaco at least 6 months and a day per year. If you are rich, the advantage of being a Monaco resident is that, besides enjoying a sunny, pleasant climate, you can live at the same time in another country. The Principality is very close to main airports and is also easily reachable by sea, by car or by train. Thus, being a Monaco resident and working in another country is not only possible but it's easy especially speaking of UK citizens: laws in UK permit a maximum stay of 90 days (without counting the day of departure and that of arrival!) for non-residents. Many UK business people reside in Monaco and work in the UK without surpassing the 90 days limit so that they are subject to Monaco lawas for taxation.

Having attracted so many rich resulted in a conflict of interests: many countries disapprove of this taxation policy, looking at it as an evasion from taxes in their national area. And not entirely wrongly! In fact, Monaco has been "tax-cheating" a little by attracting capital from the high tax countries.

Looking at the issue from the perspective of the Principality, seems to me only right to try and succeed to evolve with the few means and resources a state so small has. Monaco developed from one of the poorest countries in the world (in the 1860s) into a state with one of the world's highest per capita income (around EUR22,000). And it was possible due to a strategic leadership of a resourceless country. It is after the territory was drastically reduced that this personal income tax policy came into being. Attracting foreign capital become one of the main targets for development. That's how the Casino became grand and famous and emphasis was put on tourism, being raised at luxury levels.

After the individual taxation regulations, in 1963 the Principality came with another financial artifice: no tax for local company profits or dividends. Thus the target was to enhance local business flourishing. This stipulation combined with an almost hermetic data privacy did nothing else than to increase even more foreign investments in Monaco.

So, from the point of view of big economic powers, Monaco should be punished, and so deserves any country daring to offer a better taxation alternative, putting at a disadvantage their high-tax based economy. The OECD has a project on "harmful tax practices" stipulating a set of punitive measures for the non-cooperating jurisdictions.

Invoking money laundering and international terrorism tracking, many OECD governments promote a policy of free information exchange that has as main purpose limiting the tax competition, beyond the intention to limit tax evasion and to combat serious crime.

Estimated negative results of OECD policy:

* Eliminating tax competition would result in uniformizing taxes to the amount dictated by some governments. Without the possibility of choosing a better alternative, there is no reason for governments to reduce taxes and make the tax system more efficient.

* This policy would change the present status of emigrants that pay taxes only to their new country and would promote the premise that the state still has a right to benefit from its former national labour. This sounds to me like a violation of fundamental human rights.

Although in 2004 still on the OECD black list of the tax policy non-cooperating jurisdictions, Monaco has changed its policy regarding the high confidentiality of financial data in the light of the expected, recent admission to the Council of Europe (Monaco joined the Europe Council on October 5, 2004 ). Modifications to legislation:

* October 2001: French citizens living in Monaco since 1989 must pay a wealth tax beginning with 2002.

* Information on French nationals are to be unconditionally provided to the Bank of France when required. Information may be passed on to the authorities of France or of a third country if necessary.

* 2004: Under EU's Savings Tax Directive, Monaco will impose a witholding tax on the returns on savings such as bank interests earned by EU citizens. The tax quantum will be the same as in Austria, Belgium and Luxembourg (initially 15%). 75% of such revenues will be handed over to the Member State of the respective EU resident. This will be applied beginning with 2005.

* December 2000: Monaco signs the United Nations Convention Against Transnational Organised Crime. The treaty stipulates that its members do not permit anonymous accounts requiring identification of customers. Banks must keep accurate records of accounts and report any suspicious transaction. Moreover, the domestic law enforcement officials are permitted inspection of accounts.

With all these measures, it seems that Monaco's attraction as a personal income tax haven will decrease. It remains to be seen how all these measures will affect Monaco financial and banking system after becoming operative.

Ramona Irinescu writes for http://www.ilovemontecarlo.com where you can find more information about Monte Carlo.

Please feel free to use this article in your Newsletter or on your website. If you use this article, please include the resource box and send a brief message to let me know where it appeared. mailto: ririnescu@gmail.com

Aristotle
Metaphysics
Home Remodeling Ideas and Articles
Bodhi

Grandpa's Prize

Oh, Grandpa Bennie, take me please,
I promise to be good!
Ill even bait the hooks for you
And do just as I should!

The old man looked down at the child
Big tears welled in his eyes,
Id love to take you with me but
We must say our goodbyes.

But, Grandpa Bennie, Ill help you!
Ill even row the boat!
Now hush, my little fisherman
A lump caught in his throat.

Old Grandpa Bennie kissed the lad
And hugged him oh, so tight;
Then turned and headed out the door,
And drove off out of sight.

While on the way to meet his friends
He felt so bad to break
The heart of one who loved him so
To meet friends at the lake.

A single tear rolled down his cheek
As Bennie reminisced
The days of his own childhood marked
With pain from things he missed.

A vivid memry of when Pa
Woke him with a surprise
Today were going fishing, son!
This days for just us guys!

The echoes of his Mamas cries
When Pa went off to war.
Life changed the day they got the news
Hed see his Pa no more.

Then suddenly he stopped the car
Old Bennie could not wait;
He turned and headed toward the house
And stopped to buy some bait.

He saw a special fishing pole
Made just for little guys.
Along with that he found a cap
That read Im Grandpas Prize

As Bennie drove back to the house
He prayed, Lord, give me time
To build more precious memories
Before my life resign.

As Bennie turned up toward the house
His heart began to race;
A grandsons love made life worthwhile
An innocents embrace.

That day the two, while hand in hand,
Set out to catch some fish.
But Grandpa Bennies loving gift
Fulfilled his grandsons wish.

Here, Grandpa Bennie, its for you
I baited it here, look!
Now, thats my little fisherman
Lets watch them bite that hook!

The day of fishing quickly passed
Im ready to eat fish!
Well clean them up and take them home
Theyll make a tasty dish!

Back home that night his Grandpa asked
While eating fish and fries,
What was the best part of your day?
Just being Grandpas Prize!

Jan Ross is well-known as an author of Christian devotional material and short stories. She also travels as a missionary which is often reflected in her writing. She lives with her husband, Ron, in Willard, Ohio and can be contacted at contact@janross.org

Noble Eightfold Path
Myles Munroe
Siddhartha Passing
Dalai Lama

Increasing Money by Conquering Personal Fear and Greed

One of the first lessons that "Rich Dad, Poor Dad" teaches is about understanding and controlling fear and greed. Many people go to work and work hard not to learn more and to grow, but out of fear that they wont have enough money to pay their bills. So early in their lives they form the pattern of:

Get up
Go to work
Pay their bills
Get up
Go to work
Pay their bills
Sound familiar?

Then when they get more money, rather than using it to purchase assets that will increase their future income, they spend it on luxuries (which Rich Dad calls "doodads")...

Things get worse when they start borrowing money to buy more doodads or just to survive. When they get the new credit card or the new loan, uncontrolled desire sets in and they begin buying more than they should. They become very good at accumulating doodads and debts rather than cash producing assets. Then when the bills come in, fear sets in and they feel the need to go to worknot because they enjoy what they do or to increase their knowledge, but because they are afraid of not having enough money. This is the rat race. Living (if you want to call it that) from paycheck to paycheck.

So, if you want to get control of and increase your wealth, the first thing you must do is to get control over your fear and your greed. That can only happen by taking back control of your internal representations: the things you see, hear, feel, taste, and smell in your mind. This is something only you can do. But if you are like me, you need tools to help you to change your thought habits. Thats where affirmations, positive audio programs, books, and seminars play a very important role. Just earning a lot of money will not help you manage the emotions of fear and greed. You can only master your emotions by mastering your mind.

Stop listening to what others are suggesting/telling you to do (like Corporations through their advertisements). Choose your own thought habits. Below are some additional affirmations based on my continued study of Rich Dad, Poor Dad. But there is nothing preventing you from creating your own. If you need help creating your own Power Affirmations, you can study the other articles in this site. Once you learn a few simple rules, it is extremely easy. Used properly, Power Affirmations will improve your thought habits. And when you improve your thought habits, your whole world will improve.

Here are some new affirmations:

As I work to learn, I discover new opportunities to increase and multiply my wealth everyday.

1) I work to learn, and my increased knowledge multiplies my wealth.

2) Because Im working to learn, I see and take advantage of new opportunities that others miss.

3) Using my thoughts, I create new opportunities for myself everyday.

4) I am now the master of my emotions and my money.

5) I am now courageous and intelligent. I increase my money by boldly taking intelligent risks and managing my expenses.

6) When outstanding opportunities present themselves, I seize them quickly and decisively.

7) I correct my circumstances by correcting my thinking. I take responsibility for the circumstances in my life.

8) I am now passionate about studying wealth and abundance.

9) I work to contribute and to create new opportunities for myself and other people.

10) I accept the truth about my emotions, and through the power of my mind, I use my emotions to create positive and lasting change.

11) By mastering my emotions, I am now a master of the power of the money in my life.

12) I learn the life lessons within my circumstances.

13) My circumstances are getting better all the time.

14) I find new ways to create money that does not require my presence.

Copyright (c) 2005 Bill Marshall - All rights reserved. Feel free to republish this article provided you include the copyright information and the weblinks where possible.

For practical self-improvement tips, visit http://www.poweraffirmations.com. Get my new free e-book, "Power Affirmations: Power Positive Conditioning for Your Subconscious Mind"

Meditation Music
Pablo Picasso
Healing Crystals
Laotzu

Examining Problems in Guided Meditation for Self Development

Sometimes we have to examine our problems by probing into our past. We can successfully discover something new by meditating often. Guided meditation is an aid to our self-development that benefits us in many ways.

Knowledge is the key that unlocks the doors within us and to success. When you start to learn about who you are, and explore what you need to make you whole, you discover new talents and skills. Guided meditation will help you see the changes you need to make to improve your personal journey. You must probe within your mind to start discovering the real you. You will discover new ideas. Look online to find find articles. Go over the information, since someone may equip you with the keys that may unbolt doors to your success.

Life is full of complications, forecasts and answers. To undertake changes to improve your life you must examine your problems. Start guided meditation to search back and view obstacles that interrupt your life. Think about the last problem similar to the one you are facing now and see how you solved that problem in the past. Maybe you can use these findings to apply to solving your problems now.

Consider what skills you can use to lift and revamp your life. What are the skills you can develop to to associate yourself to the prosperous life? Keep examining or probing into your life to develop all your skills that will benefit you in the future.

Probing on positive thoughts rather than dwelling on negative thoughts will help you progress. Start thinking about the changes you need to make to develop your skills. How can you reduce stress to make your life easier?

Do you have hang-ups?

Consider your behaviors, habits, thinking habits, etc. Think about what you do that may hinder your development. Probe into your job and consider how your employment benefits you or hinders you from completely developing skills to achieve your goals.

Think about your support team. Do you have people or support that encourages your goals or discourages you? If your support team discourages you, can you readapt to a new support structure? You can discover many useful resources to help you improve your skills. Success is the effort you put forth to take control of your life. Integrity is the tool that open the doors to your success.

Looking into your future:

Looking into your future is first-rate. Off and on when you look into your future, you can visualize your unfolding skills. Rather than dwelling on negative, you meditate on positive influences in your mind that guide you to success by helping you develop your skills.

Keep one day in your mind and work in that day to broaden in content, reaching your goals. The long-lasting one day at a time, notion has proven to help many people down through the centuries. Take control of your options by upholding this notion and meditating often to develop your skills.

How communicating your goals through guided meditation helps you:

Exchanging of ideas is a great tool that opens your mind to discover new ideas to help you through your developmental stages. At what time you start to learn to lie beside effectively, you take the steps to skyrocket your mind so to develop your skills.

There are many types of alternative therapy solutions. Visit my site at: http://alternativemedicinebasics.com/meditationreport for information on feng shui, natural cures, medicinal herbs, Chinese herbal medicine, yoga and meditation, new age and subliminal messages. Sign up for my Newsletter at:altmedbasics@getresponse.com

Abraham Lincoln
Franklin D
Walt Disney
James Allen