Monaco is officially called the Principality of Monaco. It is the second smallest country in the world. Monaco was originally a colony of Genoa in 1215, and it has been ruled by the House of Grimaldi since 1297. It was briefly under French control from 1793 to 1814. Monaco’s sovereignty was recognized in 1861 by the Franco-Monegasque treaty.
Monaco has an area of 2.02 sq km and a population of 36,000.
There is no income tax in Monaco, as profits from its casinos pay for government expenses.