is the second-smallest independent state in the world. It is a playground for tourists and a haven for the wealthy, the former drawn by its climate and the beauty of its setting and the latter by its advantageous tax regime.
The country - a constitutional monarchy - is surrounded on three sides by France and occupies just under two square kilometres (0.75 sq mile) of the Cote d'Azur, where the Alpes Maritimes meet the Mediterranean.
OverviewOverviewFactsLeadersMediaTourism drives 's economy; gamblers flock to the Place du Casino in Monte-Carlo and every May the principality hosts the Grand Prix.
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The country is a major banking centre and closely guards the privacy of its clients.
But it has also been the focus of French concerns about its tax policy and has been accused of tolerating money-laundering - claims it strongly denies.
The principality was identified as a tax haven by the International Monetary Fund (IMF) in 2003. It was subsequently placed on the OECD's blacklist of uncooperative tax havens, remaining there until 2009.
does not levy income tax on its residents.
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