The Principality of Monaco has reaffirmed its commitment to global tax transparency by signing a revised protocol with the European Union, aimed at strengthening the automatic exchange of financial account information.
The official signing ceremony took place in Brussels on 13th October, where Monaco joined Andorra, San Marino, and Liechtenstein in updating their respective agreements with the EU. The changes bring the accords in line with the OECD’s 2023 revisions to the global standard on financial information exchange, introducing tighter reporting obligations for financial institutions.
Representing the Principality, Pierre-André Chiappori, Monaco’s Minister of Finance and Economy, reaffirmed Monaco’s “unwavering commitment to the highest international tax standards”. According to a government statement, he described the updates as essential for keeping pace with the OECD’s evolving expectations and maintaining Monaco’s compliance in international financial reporting and tax transparency.
A balanced approach
Chiappori also highlighted the importance of continued collaboration with the EU while preserving Monaco’s fiscal sovereignty. “The Principality remains firmly engaged in the fight against tax fraud and evasion,” he said during his remarks.
The revised protocol will officially enter into force on 1st January 2026, marking another milestone in Monaco’s steady alignment with international regulatory frameworks.
As the Mediterranean continues to grapple with alarming levels of plastic pollution, Beyond Plastic Med (BeMed) – a Monaco-based initiative – has launched its 10th Call for Micro-Initiatives (CMI), offering targeted funding to local projects tackling this urgent environmental issue.
According to the Mare Plasticum report by the IUCN, over 200,000 tonnes of plastic waste are dumped into the Mediterranean Sea each year. In response, BeMed is inviting NGOs, associations, municipalities, small businesses and academic institutions across the region to apply for grants of up to €15,000 to develop local, replicable solutions.
Applications are open until 5th January 2026, and projects may run for 12 to 24 months.
Who can apply?
The call is open to 18 Mediterranean countries including Monaco, France, Italy, Spain, Greece, Malta, Croatia, Slovenia, Cyprus, Turkey, Tunisia, Egypt, Algeria, Morocco, Albania, Lebanon, Bosnia and Herzegovina, and Montenegro.
Priority will be given to initiatives based in Albania, Algeria, Egypt, Lebanon, Morocco, Montenegro, Tunisia and Turkey – countries considered particularly impacted by plastic waste and in need of additional support.
What kind of projects are eligible?
BeMed is looking to support concrete local actions that reduce plastic at its source, raise awareness, improve waste management, and contribute to scientific data collection or regulatory change. Past examples include educational programmes for school children in Tunisia, sustainable tourism initiatives in Albania, and marine waste data gathering in Spain.
Each selected project should have tangible results and the potential to be replicated in other parts of the Mediterranean.
Why it matters
BeMed has already supported more than 120 projects since its founding, helping to build a strong, cross-border network of environmental actors committed to reducing plastic waste across the region.
“This call for micro-initiatives is an opportunity for local communities to turn their ideas into action,” says the organisation. “Plastic pollution is not only a marine issue – it’s a health, economic and social challenge that requires grassroots solutions.”
The programme is backed by several major environmental funders, including the Didier and Martine Primat Foundation, the Aether Fund of the Foundation for Future Generations, the Fonds Français pour l’Environnement Mondial, KRESK 4 OCEANS, and the Sancta Devota Foundation.
How to apply
Full details, including the application form and eligibility requirements, are available on the BeMed website: www.beyondplasticmed.org
Just two days after his historic victory at the Shanghai Masters 1000, Monaco’s tennis star Valentin Vacherot returned home to a triumphant reception on Tuesday at the Monte-Carlo Country Club.
The 26-year-old athlete, who became the first Monegasque in history to win a title on the ATP Tour in the Open Era, was warmly greeted by Prince Albert II and Mélanie-Antoinette de Massy, President of both the Monte-Carlo Country Club and the Fédération Monégasque de Tennis.
Photo credit: Michaël Alesi, Prince’s Palace
Club members and staff gathered to applaud Vacherot’s incredible achievement — a Masters 1000 title that came after a dream run in Shanghai, where he defeated tennis legend Novak Djokovic and then his cousin Arthur Rinderknech in the final.
The emotional ceremony marked a proud personal moment for Vacherot as well as a symbolic celebration of Monaco’s growing presence on the international sporting stage. The Principality was recently named World Capital of Sport 2025, and Vacherot’s win is being hailed as a landmark moment in its athletic history.
A new phase of urban development is now underway along Monaco’s iconic Avenue Princesse Grace, as part of a wider effort to enhance the neighbourhood following the completion of the Testimonio II project.
The latest stage of construction began on 13th October and will continue through to 19th December 2025, affecting the section between the Sea Club and Monte-Carlo Bay. Work will then resume in phases throughout 2026. During this period, traffic is reduced to a single alternating lane. Disruptions are expected, and drivers are encouraged to use an alternative route via Boulevard du Larvotto.
Redesigning for a better everyday
The project focuses on improving the liveability of the neighbourhood by promoting soft mobility and sustainable urban solutions. Wider pavements and extended cycle lanes are being introduced to encourage walking and cycling. New electric charging stations for buses and taxis will be installed, and additional green spaces—along with a landscaped wall—will bring nature back into the area.
To declutter public space, 45 two-wheeler parking spots will be relocated to the nearby Testimonio car park. Meanwhile, a new widened roadway near the Sea Club will enable buses to turn around more efficiently, maintaining accessible stops for users even during future works along the avenue.
In the Larvotto district of Monaco, overlooking a curve of the Mediterranean that catches the first light of morning and the last glow of dusk, Bay House stands as a new definition of residential luxury. With just 56 apartments and five villas, it is among the most exclusive developments ever built in the Principality. These are homes that stretch laterally across full floors, with sea-facing terraces and interiors that reflect the ambitions of a clientele used to discretion, space, and permanence.
For one of these rare residences, the design brief was entrusted to Charu Gandhi and her studio, Elicyon. Their mission was to transform a vast base build into something with soul – a contemporary Riviera retreat tailored to the lifestyle and tastes of an international client with whom they had already completed two previous homes.
Reflecting on her early architectural career, Gandhi tells me, “The thing I loved about architecture was the rigour, precision, and speciality of it, and I like to think I still carry those with me today.”
That background gives her interiors a distinctive clarity. But it was only when she entered the world of interior design, while working at Candy & Candy, that she found the freedom to fully explore aesthetics for their own sake. “I felt there was a need in architecture to always post-rationalise through a lens of practicality. There wasn’t the ability to do something just because it was beautiful.
“I found the world of interior design refreshingly frivolous. You could pick up something and say, ‘Isn’t this pretty? Isn’t this beautiful?’—and you could just put it in. You didn’t have to have an intellectual rationalisation for it.”
It was the combination of these two modes – architecture’s rigour and interior design’s emotional response – that led her to found Elicyon, a London studio that operates comfortably at the intersection of structure and decoration.
Curves, craft and calm in one of Monaco’s largest apartments
This Bay House residence spans more than 885 square metres (9,500 square feet) across a single floor. With no stairs or architectural breaks, Gandhi faced the challenge of sequencing the space – creating clear zones without losing fluidity.
“While is is amazing in many ways – to have that lateral space – creating a sense of moments and sequencing, and identifying what is a primary focus and what is secondary, can be harder when you don’t have that sequence of moving up through a stairwell and arriving at floors that speak for themselves.”
The solution was to introduce what Gandhi calls “moments of arrival” – areas that establish their own visual identity without disrupting the overall flow. These are created through curved joinery, carefully layered textures, and shifts in palette.
“We love a curve. Behind this joinery is a very hard space. I wanted the curve to flow in through the corridor and embrace you into the space, and soft tones here were important.”
The sculptural joinery is not simply furniture or cabinetry. It becomes a defining architectural language throughout the apartment.
“The client very much wanted this to feel like a home on the sea, but very apartment-like. You’ll see there is a nauticality to the joinery. And that’s because the apartment has this incredible view of the water. Bay House itself has these beautiful curves in its exterior architecture, so there was a sense of bringing that into play in the space.”
A Riviera retreat, not a showroom
Gandhi describes the apartment as a “contemporary Riviera retreat”. The client’s vision was central from the start: to create a home that felt connected to the water, with restraint and openness as guiding principles.
The colour palette is quiet – soft azures and aquas, pale woods, gentle neutrals – supported by light, custom furniture. “There are some clichéd manoeuvres – we bring in soft azures, aquas, soft curtains. Then the joinery has these very yacht-like curves.”
The intention was always to avoid excessive decoration. “I think our designs tend to stay within the curated and measured. We are not afraid of empty spaces and empty surfaces, and that is because we are very privileged to work in a space where every surface has a finish to it, a texture to it, something of interest.”
And with time, she has grown more confident in that approach. “It’s something I’ve become more comfortable with as my capabilities have matured. I’m less scared to leave things out and leave gaps, because I feel that only when you leave enough space around things do you allow the piece itself – or the collection of pieces – to sing.”
Texture, tone and the art of leaving space
There is a constant dialogue in Elicyon’s work between the macro and micro – overall layout and atmosphere balanced against material and tactile detail. This is where Gandhi’s background in textiles and architecture come together.
“I think it’s about constantly zooming in and zooming out – you’re looking at the detail, then stepping back and seeing how it all comes together.”
In one part of the apartment, a corridor opens into a space defined by the curve of a joinery piece. Gandhi described the effect of the texture: Materiality is key. “We wanted an applied textured finish because we didn’t want to have the same finish that lacked depth and movement — so it’s about finding that balance.”
This balance extends to the restraint she builds into every design. “I always feel that what you leave out is sometimes as important, if not more important, than what you put in.”
From global clients to crafted spaces
Gandhi’s clients are often international, and many are increasingly looking to Monaco as a long-term base. “We personally have had many clients move to Monaco, and I think they’re bringing their global expectations with them, which is very exciting,” she said.
That discerning, worldly perspective is something she actively channels into her work—not just in terms of aesthetic ambition, but through the way homes are conceived and experienced. At the heart of her studio’s philosophy is a deep respect for craft, which she believes is too often overshadowed by art in the design conversation.
“I am really passionate about craft. I think art gets a lot of airtime—and craft is the poor cousin,” said Gandhi. For her, design is more than form and function; it’s a bridge between the client and the artisan. “People don’t know how to engage with craft; they don’t know where to begin… So we have a real opportunity, and I think a responsibility, to a) showcase that to clients and give craft a platform through our work, b) show clients how craft can be incorporated, and then c) actually do the work for them so that we make the accessibility less of a hurdle.”
The result at Bay House is not just a finished apartment. It is a reflection of how contemporary luxury is shifting, towards homes that are tactile, sculptural, and deeply personal.
Monaco was awash in pink on Saturday evening as more than 20 landmarks across the Principality lit up in unison for the Pink Ribbon Monaco Gala, held under the Honorary Presidency of Princess Charlene.
The elegant charity event, hosted in the historic Salle Empire of the Hôtel de Paris Monte-Carlo and supported by the Société des Bains de Mer, was a sold-out success. Distinguished guests, philanthropists, and prominent figures gathered for an evening dedicated to raising awareness and funds for breast cancer research — and to shining a global light on women’s health.
This year’s Gala directly benefits a clinical trial led by Dr. Florent Hugonnet at the Princess Grace Hospital, focused on improving early detection of lobular breast cancer, one of the most elusive and underdiagnosed forms of the disease.
Pink Ribbon Monaco President Natasha Frost-Savio and Ambassador Su Park. Photo credit: Ed Wright
“Charity begins at home – but it doesn’t end there”
In her keynote address, Pink Ribbon Monaco President Natasha Frost-Savio reflected on the organisation’s enduring mission and expanding impact:
“For fifteen years, Pink Ribbon Monaco has been a fully independent association, working closely with local offices, institutions, and hospitals to serve our community here in the Principality.
But what we do here doesn’t stay here. Supporting local charities strengthens our community and creates a beautiful ripple effect that helps women — and preserves their families — across the globe.”
She highlighted the organisation’s contribution to Dr. Hugonnet’s cutting-edge study, calling it a “powerful example of how local action can drive global progress.”
Photo credit: Ed Wright
A community effort with international heart
The Gala drew support from a broad spectrum of personalities and partners, including Valtteri Bottas, Tiffany Cromwell, artist Carol Bruton, Olivia Cognet, Art Vision, Senate Grand Prix, ASM Football Club, and Paul Pogba.
Ambassador Su Park, Vice President Tiffany Cromwell, and a host of generous contributors helped make the night not only a fundraising success, but a heartfelt celebration of solidarity.
The stunning floral designs by Miss Rose and Segraeti Monaco set the tone for an atmosphere that was both sophisticated and warm.
Photo credit: Ed Wright
A symbol of Monaco’s commitment to women’s health
Founded in 2011 and led by Natasha Frost-Savio since its inception, Pink Ribbon Monaco has grown into one of the Principality’s most visible health advocacy organisations. Since 2024, it has operated under the Honorary Presidency of Princess Charlene.
The association is known for its signature initiatives including the Pink Ribbon Walk in February and the annual illumination of Monaco’s landmarks during Breast Cancer Awareness Month. Pink Ribbon Monaco is also a member of the Committee for the Promotion and Protection of Women’s Rights (DFM), and works closely with the Prince’s Government, the National Council and the Princess Grace Hospital.
