Day: 7 March 2019

A third of British billionaires have reportedly moved to countries like Monaco over the past decade in order to avoid paying taxes. According to an investigation by The Times, 28 out of 93 British billionaires, or 30%, have moved or are in the process of relocating.

Last year, Sir Jim Ratcliffe, one of the wealthiest men in Britain and founder of the Ineos chemicals group, was revealed to be moving to Monaco and working with accountants on a legal tax-avoidance plan that experts say could deny the British Treasury up to £4bn.

The Times reports that there are now 6,800 Britons running 12,000 UK firms from low-tax jurisdictions, including the Bahamas, Belize, the British Virgin Islands, the Cayman Islands, the Channel Islands, Monaco and Switzerland.

Many of those who left the UK have been awarded honours or hold titles, with a viscount, one baron, six knights and one dame among the billionaires.

By becoming non-UK resident for tax purposes, the super-rich can avoid 38.1% in UK income tax on dividends and 20% in capital gains tax on the sale of shares. Although HMRC said it did not have official figures on how much this costs, past estimates have suggested the UK misses out on £1bn of tax a year from those living in Monaco alone.

Around 50 entrepreneurs from the Principality are being encouraged to support Austria and join the Monaco Economic Board’s Trade Mission to Vienna in May. The group were told at a special meeting organised by Advantage Austria, the official representative of Austrian business abroad,  that there are many similarities between the two countries.

“Here in Monaco, the Alps literally plunge into the sea. If we follow the line of peaks we arrive in Austria at the other end of this mountain chain that unites us,” said MEB Vice-Chairman Philippe Ortelli, as he welcomed Christian Schierer and Erwin Strutzenberger, Director and Deputy Director respectively of Advantage Austria France and Monaco.

The two countries have much in common in terms of stability, security and even clean streets, but the similarities in business are also numerous. With a population of 8.7 million, Austria is the fourth richest country in Europe and has enjoyed sustained growth in recent years, with unemployment at only 5.9%. The country’s prosperity relies on an SME fabric of excellence and innovation selling into niche markets abroad. Flagship brands like Red Bull, Porsche or Swarovski top the billing, but the driving force are the “hidden champions”. For example, 20% of the technologies used in Airbus planes are Austrian.

Due to its geographical location, culture and history, Austria naturally turns to Central and Eastern Europe. It hosts more than 1,000 regional coordination offices in this area. Meanwhile, employee/employer relations are governed by a social contract based on dialogue which means strikes are practically non-existent.

The aim of the meeting was to convince entrepreneurs from the Principality to join the MEB on its Trade Mission to Vienna from 13th to 15th May 2019. The trip has been organised by Isabelle Berro-Amadei, Monaco’s Ambassador to Austria. “We want contacts to be converted into contracts,” said Christian Schierer. “Clearly, our business models are designed to get along,” added Philippe Ortelli.

At the end of the talk, the Austrians presented the Energy Globe Award Monaco 2018 to the managers of Stars’N’Bars for their ‘Ban Plastic Straws’ project. Organised by the Energy Globe Foundation, which Advantage Austria supports, the awards recognise projects aimed at protecting the environment. This is another issue the two countries have in common.

Plans are in full swing for the Trade Mission which includes a business forum, and will put Monegasque and Austrian entrepreneurs in direct contact.  Thanks to Team Monaco, the delegation will also enjoy a performance by the Monte-Carlo Opéra at the Musikwerein, featuring Cecilia Bartoli and the Baroque Ensemble of Les Musiciens du Prince.

Monaco’s photographic campaign behind Operation #8MarsMonaco has been officially inaugurated.

On Thursday 7th March, Celine Cottalorda, Technical Adviser and Delegate for the promotion and protection of women’s rights, and photographer Anthony Alberti, otherwise known as Mr One Teas, launched the photography which is currently displayed on the facade of the Ministry of State.

Composed of 76 black and white portraits, it honours everyone who is participating in the Committee for the Promotion and Protection of Women’s Rights, which was established in October.

“I was keen to highlight the women and men of the Committee but also those I have met and supported since its inception,” said Céline Cottalorda.

The people photographed were invited to choose a chalk board bearing one of the following inscriptions: Together, March 8, United, Rights, Struggle, Equality, Respect and Women.

Prince Albert agreed to participate in the campaign, while the government says the Minister of State, President of the National Council, the Mayor of Monaco and Government Councilors and Ministers are all eager to contribute to the success of the #8MarsMonaco operation.

“My goal,” said Alberti, “is to create real smiles from those who have chosen the values ​​they want to represent.”

In order to reach a wide audience, the photographic work has been available in various media: in the press, on Monaco Info and on the social networks of the Prince’s Government under the title # 8MarsMonaco.