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An unparalleled luxury resort since the mid-19th century, Monaco has a reputation that belies its size. Some two million visitors come to Monaco each year. Beachfront hotels, the yacht harbor, the Opera House, and the famous Monte Carlo Casino-off-limits to all residents-now abut light industries on reclaimed land in the Fontvieille quarter.

The House of Grimaldi has ruled since 1297, except between 1793 and 1814. Prince Charles III, for whom Monte Carlo was named in 1866, opened the gambling casino. Disagreements with France over taxes led to the signing of a fiscal agreement in 1963. Since then, Prince Rainier has strengthened banking and tourism. A unified European market could challenge this Mediterranean enclave if tax advantages are curtailed.