Society for Orphaned Armenian Relief (SOAR) Monaco Chapter

Monaco joined the SOAR family in December 2019.  Officially the Principality of Monaco, it is a sovereign city-state, country, and microstate on the French Riviera in Western Europe and is the most densely populated sovereign state in the world. Monaco is a principality governed under a form of constitutional monarchy, with Prince Albert II as head of state. The House of Grimaldi has ruled Monaco, with brief interruptions, since 1297.  The official language is French, but Monégasque, Italian, and English are widely spoken and understood. Economic development was spurred in the late 19th century with the opening of the country’s first casino, Monte Carlo, and a railway connection to Paris.  Since then, Monaco’s mild climate, scenery, and gambling facilities have contributed to the principality’s status as a tourist destination and recreation center for the rich. In more recent years, Monaco has become a major banking center and has sought to diversify its economy into the services sector and small, high-value-added, non-polluting industries. The state has no income tax, low business taxes, and is well known for being a tax haven. It is also the host of the annual street circuit motor race Monaco Grand Prix, one of the original Grands Prix of Formula One. The principality has a club football team, AS Monaco, who have become French champions on multiple occasions.