|# of Institutes:||1|
|Education Expenditure:||16‰ of GDP|
|Academic Year:||Runs from October to July|
The Principality of Monaco is a city-state situated on the French Riviera. With a surface of only 2 sq km it's the second smallest state in the world and has a population of a bit over 36 thousand inhbitants. The official language is French, but English and Italian are widely used as well and the currency is the Euro. Its gentle climate, beautiful scenary and famous gambling facilities make it one of the most popular European tourist destinations.
It is a constitutional monarchy and independent under the rule of the House of Grimaldi since 1419. It is also a major banking center and a tax haven (no income tax and low business tax). Monaco, however, is not tax-free, it charges nearly 20% value-added tax, collects stamp duties, and companies face a 33% tax on profits unless they can show that three-quarters of profits are generated within the principality.
Monaco has no regular military force and its protection is the responsibility of France.