Business & Finance
Brought to you by: Monaco Life
It would be difficult to exaggerate the success of 2016 for the Monegasque economy, a record year for the Principality.
Jean Castellini, Minister of Finance and Economy, told the Eco-Club of Monaco-Matin that the Principality is proving its dynamism thanks to the leading economic indicators for last year.
Mr Castellini said that several factors combined to make 2016 so successful: the fiscal scenario, tourism, and company formation. A total of 1,300 applications were filed for company formations, he said.
“For the fifth consecutive year, we should close the fiscal year in surplus. We reached a record level of revenue in 2016 and the main contributors are tax revenues such as VAT, corporation tax and transfer taxes. Each one testifies to our vitality,” he said.
Monaco-based Boutsen Aviation has reached a significant milestone, sealing a symbolic deal marking the 400th aircraft sold to date.
Monaco is pushing ahead with plans to incorporate sustainable finance into its banking and financial institutions and will also create a global conference to support efforts.
Monaco received new Ambassadors on Thursday from the countries of Madagascar, Gabon, Switzerland and Turkey in a luncheon ceremony held at the Hermitage Hotel.
The Monaco Economic Board (MEB) has signed a cooperation agreement with the Italian Nice, Sophia-Antipolis, Côte d’Azur Chamber of Commerce at the Monaco Business fair.