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Month: September 2020

Bonus offered for home renovations

by: Stephanie Horsman
30/09/2020

The Monegasque government is encouraging owners and tenants to give their homes a make-over by offering a “renovation bonus” as part of the State’s plan for economic recovery.

The new subsidy is now available for individuals over the age of 65 who would like to replace a tired kitchen, revamp a bathroom, repaint their home, or do anything else that is required. Monaco-based contractors must be recruited to complete the works. 

The incentive equals 20% of the total cost with a cap at €2,000. The State will give the payment directly to the company chosen to complete a project, upon presentation of an invoice.

The government considers the incentive as two pronged: on the one hand, the construction projects will serve to improve the quality of life of residents, and on the other, they will help struggling local businesses.

Registration is a simple “one-stop shop” process by either downloading a link from the government’s website (click here) or by going in person to the Department of Social Action and Aid at 23 Avenue Albert II, located on the 2nd floor above the pharmacy in Fontvieille.

For more information, contact the Department of Social Action and Aid directly on +377 98 98 41 00 or email them at daso@gouv.mc

 
Photo by Monaco Life
 
 

Flu shot takes on new importance

by: Cassandra Tanti
30/09/2020

The government is calling on everyone in Monaco to get a flu shot this year to minimise the impact of the seasonal influenza virus on the Principality amid an ongoing Covid epidemic.
Everyone from the age of six months is recommended to get a flu vaccination, while the government says it is “an absolute duty” for all caregivers and social workers in contact with vulnerable people, as well as State workers, to get the jab.
Doctors, nurses, midwives and pharmacists can give a flu shot and the vaccination is refunded for anyone affiliated with Monegasque Social Security.
There are a number of advantages to having the flu shot.
Seasonal flu and Covid, although caused by very different viruses, have identical symptoms: fever, cough, fatigue, and muscle pain. Diagnosis will therefore be easier if an infected person shows these symptoms but is vaccinated against influenza.
Each year, some flu patients are admitted to the emergency department with complications, therefore hospital resources need to be available to address serious forms of Covid.
Vaccination can also reduce the number of PCR tests carried out to determine if a person has coronavirus, when they are actually contaminated with the flu.
When a person has symptoms that are evocative of Covid, professional or school closures are the rule pending the results of PCR tests to reduce the risk of spreading the SARS-CoV-2 virus. Therefore, vaccination decreases the number of closures.
Finally, eliminating the flu reduces the number of days of people will have to be away from school or work.
For information regarding a vaccination, people are encouraged to contact their GP.
 
 

Monaco and Tunisia join forces to empower women

by: Stephanie Horsman
30/09/2020

Women in the North African country of Tunisia are set to benefit from a four-year job creation agreement signed this week between Monaco, the United Nations and the Union for the Mediterranean.
The project aims to develop micro, small and medium sized businesses and jobs for the women of Tunisia. The pilot project focuses specifically on female-owned businesses that create pharmaceutical products and cosmetics made with natural products. The range of products will include essential oils, floral waters, medicinal plants, perfumes, soaps, creams and masks.
The bigger plan is to give the urban and rural women of the Middle East a way to be autonomous by earning their own livings, thus empowering them and giving them choices unheard of in the region a generation ago.
According to the Monaco government, Tunisia is an ideal country for programmes such as these as they are relatively forward-thinking with regards to women’s rights.
Men and women were officially given equal rights in 2014 when an amendment to their constitution stipulated that, “Male and female citizens are equal in rights and duties. They are equal before the law without any discrimination.”
Since the 1950’s, Tunisia has had a minimum marriage age and mutual consent is required in matrimony. Women are granted equality in divorce proceedings and are allowed to move freely to work, own businesses and open bank accounts.
In practice, however, it is a different story. Women in Tunisia suffer staggeringly high rates of abuse, with nearly 70% of Tunisian women subjected to violence, according to a report from the Tunisian Association of Democratic Women. Muslim Tunisian women are also forbidden to marry outside their religion, though the reciprocal does not apply to men, and marital rape is not recognised by courts.
This week’s job creatioin deal was signed by the Department of External Relations and Cooperation, the United Nations Industrial Development Organisation (UNIDO) and the Union for the Mediterranean (UfM).
The Department of External Relations and Cooperation has maintained, through the Department of International Cooperation, ongoing relations with Tunisia since the early 90s. It is now coupling that relationship with the Principality’s policy in favour of women’s rights to better the lives of women in the North African nation.
Monaco has been a member of UNIDO since 2003 and of UfM since 2008.
 
 

Monaco first to join United for Biodiversity coalition

by: Stephanie Horsman
30/09/2020

The Oceanographic Institute is trailblazing by becoming the first official member of the European Commission’s environmentally-minded global coalition, United for Biodiversity. 

Monaco’s Oceanographic Institute hosted the unveiling of the European Commission’s (EC) global alliance, United for Biodiversity, back on 3rd March in honour of World Wildlife Day and this week it is amongst its first official members. On Tuesday, the Institute announced that it was officially the first of 16 associations that are supporting the coalition’s agreement, whose primary goal is to protect biodiversity worldwide.

A communication campaign has been set up by the coalition calling on national parks, aquariums, botanical gardens, zoos, research centres, science museums and natural history museums to join forces and make it a priority to increase public awareness of the environmental state of affairs across the planet.

The Institute has hosted a number of themed awareness programmes, including ones on sharks, jellyfish and turtles. In 2020-21, they have taken up the gauntlet for coral reef protection. The programmes encompass several entertaining options, such as events, exhibits, conferences and debates to alert the public to the dangers the seas are facing.

Along with and the Oceanographic Institute, Prince Albert, his government and his Foundation “defend biodiversity by federating for the protection of the oceans to make it known, loved and protected.”

“We must maintain this momentum and continue these awareness efforts which are now more necessary than ever,” said the Prince at the launch of the coalition in March. “This is what we all need to do, as key political events approach the future, in particular the United Nations Ocean Conference, the IUCN World Congress and the COP15 of the Convention on Biological Diversity, meetings that should inspire us all to act, because we cannot afford to miss them.”

The Oceanographic Institute’s relationship with the EC isn’t new. They have worked together since 2017, when they brought together over 200 aquariums in 41 countries to bring the impact of marine pollution to the public’s attention through the World Aquariums Ready to Change to Beat Plastic Pollution Coalition.

 
 

Voice in Progress concert

by: Cassandra Tanti
30/09/2020

A new music project in Monaco, Voice in Progress, will be holding its first concert this October featuring 20 of the region’s brightest stars.
Voice in Progress began in Monaco in November 2019 with a series of open-house auditions for music enthusiasts. Eventually, 12 adults and eight children were invited to join the team.
Organised by musician and producer Michele Zuppardo, and supported by the Association Monégasque pour l’Amérique Latine (AMLA), Voice in Progress is an opportunity for participants to learn technique, interpretation, improvisation and voice harmony.
It involved four months of intense training, including singing lessons and master classes organised in collaboration with dancers, actors, and a stylist. Participants also performed at private parties and in public places.
“In singing, the voice is the last thing to look at, I like to think more about the emotional side and to personalise the quality of the voice according to our way of being,” said Michele, who began playing music at the age of three.
A charity concert will be held on Friday 16th October at the Théâtre de Variété under the theme ‘Nothing is impossible when you really believe in it’.
Tickets are €20 for adults and €5 for children.
For information and reservations: info@amlamonaco.com
 
 

Which nations are tempting HNWIs through tax relief and Golden Visas?

by: Cassandra Tanti
29/09/2020

Italy has seen an influx of high-net-worth individuals (HNWIs) from around the globe, keen to take advantage of a recently introduced tax policy providing income tax relief.
The policy allows anyone who hasn’t lived in the country for nine out of the last 10 years to pay a flat rate of income tax on all income generated outside of the country.
At 43%, income tax in Italy is at the higher end of the global spectrum, so the policy does allow for a considerable discount.
According to the Institute for Fiscal Studies, the top 0.1% of UK income taxpayers earn an average of £650,000 (€714,000). In the UK this equates to an annual tax sum of £292,500 (€320,000), notwithstanding additional avenues to reduce tax such as charitable donations.
So, UK HNWIs stand to make a considerable saving when making a move to Italy.
Italy also offers a residency by investment program, providing investors with EU residency and citizenship after 10 years, as well as visa-free access to 26 other countries, for a minimum investment of just €250,000.
But is the nation set to become the next global tax haven?
“Given the broader economic landscape, many countries are now vying for high-net-worth individuals and the financial benefit they bring,” said Arthur Sarkisian, Managing Director of Astons, an investment immigration and relocation provider . “Italy has been the latest destination to rise through the ranks, and it also provides the additional benefit of a residency through investment program.
However, while there is an attraction, the country is still playing second-fiddle to many other nations both in terms of the rate of income tax and the quality of its residency through investment program.”
According to Mr Sarkisian, Monaco remains the primary destination for many of the world’s wealthiest investors, and this is unlikely to change. Not only is income rate tax non-existent in Monaco, but the nation also offers an outstanding residency through investment program with a minimum investment of below one million pounds. There has also been a sharp increase in demand in Saint Kitts and Nevis and Vanuatu.
In addition to Monaco, there are currently 12 other nations that have a 0% rate of income tax. However, just Saint Kitts and Nevis and Vanuatu offer citizenship through investment programs. As a result, both have grown in popularity with investors, granting citizenship within months for a minimum investment of €125,000 or less and visa-free access to as many as 156 other nations.
Montenegro, Bulgaria, Switzerland and Malta also provide HNWIs with a lower rate of income tax, between 9% and 35%, coupled with varying levels of residency or citizenship through investment.
“Income tax is always going to be a primary concern for those looking to greener pastures, but while protecting existing wealth is a factor, future business opportunities will often be the primary factor for most investors.” said Mr Sarkisian. “Nations such as Monaco, Vanuatu and Malta offer various tax incentives. However, the additional benefit of gaining residency or citizenship through investment, and the quality of the schemes these nations have in place, are always likely to tempt investors more so than the flat rate of tax being offered in Italy.”