Interview with Her Excellency Mrs Genta Monaco

Port Hercule with the iconic Yacht de Club de Monaco designed by Lord Norman Foster. Middle row from left to right: Morning breaks in Monaco; detail of the Yacht Club de Monaco and the Opera.

Family Office Investor © iStock;Shutterstock; MONTE-CARLO Société des Bains de Mer

The two harbours of Monaco together have a total capacity of 975 berths. Pictured left: Port de Fontvieille.

In 2011, Mrs. Evelyne Genta became Ambassador of the Principality of Monaco to the Court of St. James’s to the United Kingdom which promotes all facets of the Principality: economy and finance, culture, humanitarian and environmental projects. Central to her core ambitions is to change any misconceptions people may have about the Principality: ‘Many think Monaco is a place where rich old people go to hide their money’, says Mrs Genta. ‘That’s not true, but that old image has stuck like glue and we have to change it. Monaco is a wonderful place to live but is also a transparent regulated country.’ She is also President of the UK Branch of the Prince Albert II of Monaco Foundation which is famous for its dedicated work for the protection of the environment. When British people consider moving to Monaco they are more than anything choosing a lifestyle. Living in Monaco is not only about tax. Some people chose this option for their quality of life and this is why we are seeing more and more families choosing Monaco to live. They enjoy obviously the weather and the security. But they also know that their children will receive a very good education with different options to choose from, that the health service is of excellent quality and that they will be living in a totally international place with over 120 nationalities present in the Principality.

What are the most prominent political ties between the UK and Monaco and their future developments?

Historically, the ties between Monaco and the UK have always been very good. In the last century, British people made the Côte d’Azur what it is today and the British travellers represent nowadays a very large number of the tourists in Monaco

There are a lot of ties on different levels. • For instance cultural; not so long ago the ballet of the Royal Opera House performed in Monaco and the Monte-Carlo Ballet has performed both at the Coliseum and at the Royal Opera House in conjunction with the Bolshoi. • On the political level both countries are very involved in the fight against global warming and in the defence of the environment. This means that Monaco sustains ongoing projects with such universities as Edinburgh with a scholarship for training on climate-change management; Cambridge supporting the Cambridge Conservation Initiative; or again Oxford with a project on satellite monitoring of high seas fisheries, etc. Monaco is also linked to museums where we support some projects such as the Natural History Museum research to save endangered plants. Through His Foundation Prince Albert works on the same problems as the Prince of Wales Trust and both Princes announced an initiative against plastics in the oceans last month in Malta. • Monaco is also an active member of many international institutions such as the London based IMO. • Finally the Principality welcomes a large number of British students at the International University What advice would you give to a British company considering a move to Monaco?

They should contact directly Monaco Invest which is a department affiliated to the Monaco Economic Board (www.meb.mc) for a first meeting or a conference call to gather some tailored information.

Monaco Invest will give some valuable information and connect the British company to the right people and places. It has to be added that this service is provided by the Monaco government and that all information is treated confidentially and advice and help are free of charge.

Why consider Monaco?

• Monaco is a top business destination and a booming economic hub. • It has a dynamic and stable economy, a balanced and diversified business platform and is very well connected notably with the Nice international airport but also via train and car. • A sustainable model with political stability for over 720 years and a unique quality of life • It is a land of entrepreneurs, strategically located, one that enjoys an exceptional quality of life including security of goods and people as well as data, outstanding healthcare and educational systems and a growing, balanced and diversified economy, coupled of course with political and fiscal stability: a place that connects outstanding business people from all around the world. world is very international and cosmopolitan with over 120 nationalities represented. It offers an extensive & accessible business network on just 2km2.

The British population in the Principality numbers around 3 000 residents according to the IMSEE (national Institute of Statistics and Economic Studies) which represents the 3rd largest foreign population after the French and Italian but ahead of the Swiss and the Belgians. For reference, Monegasques number just over 9000 people. English is moreover the 2nd most used language after French.

There is therefore no doubt that the British residents strongly contribute to Monaco’s GDP which was 5.85 billion euros in 2016, with a growth of 3.2% on 2015. Monaco’s economy has 5000 companies of all sizes and from many different sectors which create work for over 52 000 employees. This is in part thanks to the strong entrepreneurship demonstrated by British residents living and working in Monaco. Several of our top companies are indeed headed by British citizens in various sectors.

What are your views on the yachting industry with such strong connection with the UK?

The yachting industry is booming in Monaco. This is a sector that represents today over 1500 jobs, a €750m turnover with a large part of this revenue coming from brokerage and chartering. Roughly speaking this sector involves 70 companies in the Principality. However the yachting sector is also a strong outlet for very diverse companies which specialise in provisioning, concierge services, ship handling, designers, interior design and fitting, insurance, recruitment and technical material.

The two harbours of Monaco together have a total capacity of 975 berths but there is also a major project ongoing in Ventimiglia, the port that Monaco has just bought and invested in which will enhance capacity by 171 new berths for 30m+ yachts. This also illustrates the strong dynamism of this sector. The companies Edminston, Fraser and Camper & Nicholsons all have significant entities in Monaco and their top management are from the United Kingdom.

It should also be noted that out of the 100 largest yachts in the world, a quarter of them are members of the Monaco Yacht Club and are of British origin. It is also worth mentioning that the Yacht Club new building was designed by a British architect, Lord Norman Forster.