INTERNATIONAL AGREEMENTS OF GREAT CONSEQUENCE AT STAKE IN MONACO

by Ilio Masprone Knight of the Principality of Monaco for cultural merits MONACO. Dear followers, today I am pleased to recall two international agreements of great consequence that are taking place in this month of July 2017 in the Principality of Monaco. First agreement’s background: on September 2016, the French Government announced its decision to privatise Nice Airport. It was purchased by the Franco-Italian consortium Azzurra Aeroporti. Following the selection of Azzurra Aeroporti and the French Government go-ahead with Monaco, contact was stepped up with the Prince’s Government. Intensified contacts with Azzurra Aeroporti, the majority shareholder of Aéroports de la Côte d’Azur, lead to an agreement for the Principality to acquire a stake in Azzurra Aeroporti under the terms of the operation and the same conditions that applied to the initial transaction, amounting to a value of EUR 135 million. Azzurra Aeroporti is Aéroports de la Côte d’Azur (ACA)’s majority shareholder, with a 64% stake held since November 2016 and is owned by the Franco-Italian consortium comprising the Atlantia group (which currently holds a 75% interest together with its subsidiary Aeroporti di Roma) and EDF Invest (about 25%). So, it was a beautiful Summer day in Nice Côte d’Azur Airport when the Minister of State, Serge Telle, accompanied by Jean Castellini, Advisor to the Minister of Finance and the Economy, and the representatives of Azzurra Aeroporti’s associates, Giovanni Castellucci, Managing Director of Atlantia SpA, and Guillaume d’Engremont, Director of EDF Invest, signed the agreement on the acquisition. Aéroports de la Côte d’Azur (ACA), manages Nice Côte d’Azur, Cannes Mandelieu and Saint Tropez airports and the international Sky Valet stop-over assistance network for business aviation. The Aéroports de la Côte d’Azur Group is ranked second in Europe in terms of business air traffic. Europe’s leading group in 2016 for business aviation ground handling through its Sky Valet brand, it also operates at Paris Le Bourget, across Spain and in Portugal. www.skyvalet.com Nice Côte d’Azur is France’s second busiest airport after Paris, with 12.4 million passengers in 2016, 111 direct destinations and 61 scheduled airlines serving 38 countries. Outside Paris, it is also the only French airport to offer daily flights to New York and Dubai. www.nice.aeroport.fr As for Atlantia S.p.A. (formerly Autostrade S.p.A.) is an Italian holding company whose primary asset is Autostrade per l’Italia, the largest concessionaire on the Italian highways network. Atlantia is a global player in the motorway and airport infrastructure sector, operating 5,000 km of toll motorway in Italy, Brazil, Chile, India and Poland and managing Fiumicino and Ciampino airports in Italy. The name Atlantia, which is based on the myth of Atlas, who in Greek mythology was ordered by Zeus to bear the weight of the heavens, is intended to clearly demonstrate the universality, strength, solidity and responsibility that characterise the Company’s operations and the evolution towards an international environment. As Monaco commitment in this last sector is crucial, in his speech Minister Serge Telle stressed that the Prince’s Government was pleased to be investing in Nice Airport and playing a role in its long-term development. On this occasion, I also recall a statement by Prince Albert II in 2014,  announcing the launch of a humanitarian projects to offset damage done by greenhouse gases emitted from his latest private jet, a Dassault Aviation Falcon 7X, a 14-passenger leisure jet worth up to 50 million euros. The Prince says the aircraft is currently stationed in a purpose built hangar at Nice airport, and that it constitues a precious tool for the accomplishment of his role as head of state.

PIC falcon 337337413_B97206300Z.1_20130304230925_000_GCHIVOUE.2-0

The second important Summer news needs a background report as well: in early April 2017 an important taxation agreement between Monaco and Italy came into force and, as a direct result, Monaco now appears on the Italian ‘white list’ of tax compliant jurisdictions. The Agreement gives rise both to opportunities and challenges for those individuals who fall within its scope. In March 2015, Monaco and Italy concluded the terms of the Agreement for the exchange of tax information between the two jurisdictions. However, it was not until earlier this month of June the Agreement completed the formal ratification process by the competent authorities in both Italy and Monaco. With ratification the Italian authorities can request their Monaco counterparts to provide information on individuals who are Italian tax resident and who hold assets in the Principality. Furthermore, both states have the possibility for their respective tax authorities to conduct a tax audit in the counterpart state. The Agreement also seeks to avoid the double taxation of income and also defines the concept of ‘tax residence’ in the two states. The Agreement is an important change for those individuals who are tax residents in Italy and Monaco with economic interests in the other jurisdiction. The Agreement should be seen in the context of the introduction of automatic exchange of information on financial accounts which came into effect on 1 April 2017 between Monaco and the European Union, including Italy.So, the subsequent agreement signed on Friday 30 June 2017 between Monaco and Italy on installing a liaison magistrate is the result of further intensified contacts between the two States.

From left to right: H. E. Mr Philippe Narmino, Secretary of Justice, H.E. Mr Cristiano Gallo, Ambassador of Italy to Monaco, and Gilles Tonelli, Minister of Foreign Affairs and International Cooperation
From left to right: H. E. Mr Philippe Narmino, Secretary of Justice, H.E. Mr Cristiano Gallo, Ambassador of Italy to Monaco, and Gilles Tonelli, Minister of Foreign Affairs and International Cooperation

Gilles Tonelli, Minister of Foreign Affairs and International Cooperation, and H.E. Mr Cristiano Gallo, Italy’s Ambassador to Monaco, signed a bilateral agreement on the installation of a liaison magistrate appointed by the Italian authorities to liaise with the Monegasque authorities. The ceremony was also attended by H.E. Mr Philippe Narmino, Secretary of Justice. The agreement seeks to facilitate judicial cooperation between the two countries and make the procedures’ “iter” faster and more efficient.

 

 

26 thoughts on “INTERNATIONAL AGREEMENTS OF GREAT CONSEQUENCE AT STAKE IN MONACO

  • 18 August 2017 at 12:34
    Permalink

    There are definitely plenty of details like that to take into consideration. That may be a nice point to bring up. I provide the ideas above as basic inspiration but clearly there are questions like the one you bring up the place the most important factor shall be working in honest good faith. I don?t know if finest practices have emerged round things like that, however I’m sure that your job is clearly recognized as a fair game. Both girls and boys feel the impression of only a moment抯 pleasure, for the remainder of their lives.

    Reply
  • 18 August 2017 at 23:03
    Permalink

    I am only writing to make you be aware of what a fabulous experience my cousin’s girl experienced going through your blog. She mastered plenty of things, which included what it is like to have a wonderful teaching mood to make many more with ease grasp chosen complicated matters. You really exceeded visitors’ desires. Thank you for rendering these useful, trustworthy, explanatory not to mention easy tips about this topic to Tanya.

    Reply
  • 20 August 2017 at 8:16
    Permalink

    I’m usually to running a blog and i really recognize your content. The article has really peaks my interest. I am going to bookmark your website and keep checking for brand spanking new information.

    Reply
  • 20 August 2017 at 18:34
    Permalink

    I not to mention my pals were actually examining the excellent tricks on your web blog and then immediately I got a horrible suspicion I never expressed respect to you for them. The ladies are actually for this reason passionate to see them and already have definitely been using those things. I appreciate you for turning out to be quite accommodating and then for pick out certain incredibly good subject matter most people are really needing to understand about. Our own sincere regret for not expressing appreciation to you sooner.

    Reply
  • 22 August 2017 at 4:21
    Permalink

    Good post. I learn one thing more challenging on different blogs everyday. It should always be stimulating to read content from different writers and apply somewhat something from their store. I抎 favor to use some with the content on my weblog whether or not you don抰 mind. Natually I抣l give you a hyperlink on your net blog. Thanks for sharing.

    Reply
  • 22 August 2017 at 14:06
    Permalink

    Thanks for your whole efforts on this blog. My mother loves carrying out investigations and it is simple to grasp why. Almost all hear all concerning the dynamic tactic you convey very important ideas on your web blog and in addition strongly encourage participation from some others about this topic then our child is without a doubt being taught a lot. Take advantage of the rest of the new year. You’re the one conducting a superb job.

    Reply
  • 24 August 2017 at 11:33
    Permalink

    I want to get across my appreciation for your kind-heartedness for visitors who must have guidance on this important concept. Your personal dedication to getting the message along appears to be pretty productive and has consistently allowed girls just like me to attain their aims. Your own informative information means a lot to me and additionally to my office colleagues. Many thanks; from all of us.

    Reply
  • 26 August 2017 at 6:45
    Permalink

    I as well as my friends have already been looking through the great procedures on your website while all of the sudden developed a terrible feeling I never expressed respect to the web site owner for those strategies. All of the women ended up so happy to learn them and have now sincerely been making the most of those things. We appreciate you being well thoughtful as well as for going for such exceptional subject areas millions of individuals are really wanting to discover. My very own honest apologies for not expressing gratitude to sooner.

    Reply
  • 28 August 2017 at 1:35
    Permalink

    I simply wanted to make a brief comment in order to appreciate you for some of the remarkable items you are giving at this website. My particularly long internet search has at the end of the day been honored with excellent points to talk about with my classmates and friends. I ‘d tell you that we website visitors actually are undoubtedly endowed to be in a wonderful website with so many marvellous people with useful basics. I feel pretty grateful to have used your entire site and look forward to so many more fun moments reading here. Thanks again for all the details.

    Reply
  • 28 August 2017 at 11:56
    Permalink

    This website is really a walk-by means of for all of the information you needed about this and didn抰 know who to ask. Glimpse right here, and also you抣l undoubtedly discover it.

    Reply
  • 29 August 2017 at 21:05
    Permalink

    I enjoy you because of all your valuable efforts on this web page. My mom really loves managing internet research and it’s easy to understand why. I learn all regarding the dynamic tactic you provide functional solutions via the website and as well attract participation from some other people on this concern and our favorite simple princess is without question learning so much. Take pleasure in the rest of the new year. You’re doing a superb job.

    Reply
  • 1 September 2017 at 5:41
    Permalink

    I’m typically to running a blog and i really respect your content. The article has actually peaks my interest. I am going to bookmark your site and keep checking for brand new information.

    Reply
  • 2 September 2017 at 22:39
    Permalink

    My spouse and i have been very thrilled that Raymond managed to deal with his investigations from the ideas he obtained out of the weblog. It is now and again perplexing to just happen to be handing out facts which usually most people have been making money from. So we do know we need you to thank because of that. The entire illustrations you made, the easy website navigation, the friendships your site make it possible to create – it is most astounding, and it’s really assisting our son and our family recognize that this idea is enjoyable, which is certainly wonderfully pressing. Many thanks for everything!

    Reply
  • 5 September 2017 at 9:20
    Permalink

    I’m just commenting to let you be aware of what a excellent encounter my cousin’s princess developed studying your blog. She discovered numerous things, which included what it is like to have an awesome coaching nature to let many people smoothly gain knowledge of some specialized issues. You undoubtedly exceeded our own expected results. Thank you for rendering the useful, trustworthy, explanatory as well as unique tips about that topic to Emily.

    Reply
  • 6 September 2017 at 1:25
    Permalink

    I抦 impressed, I must say. Actually rarely do I encounter a weblog that抯 both educative and entertaining, and let me let you know, you have got hit the nail on the head. Your concept is outstanding; the difficulty is one thing that not sufficient persons are talking intelligently about. I’m very happy that I stumbled across this in my search for something relating to this.

    Reply
  • 7 September 2017 at 16:04
    Permalink

    I intended to compose you one very little remark just to give thanks once again for these wonderful suggestions you have shown on this website. It has been quite remarkably open-handed with you to allow without restraint what exactly many individuals would’ve offered as an electronic book to generate some bucks for their own end, principally considering that you could have done it if you considered necessary. These solutions in addition worked to provide a great way to be aware that other people online have the identical keenness just like my own to understand great deal more with reference to this problem. I am certain there are several more enjoyable opportunities ahead for individuals that check out your blog.

    Reply
  • 11 September 2017 at 10:09
    Permalink

    I just wanted to compose a quick note to be able to express gratitude to you for those nice tips and tricks you are posting at this website. My time intensive internet look up has now been rewarded with excellent facts and strategies to exchange with my partners. I would point out that many of us website visitors are truly lucky to dwell in a decent place with very many outstanding professionals with insightful principles. I feel truly happy to have encountered your entire webpages and look forward to some more brilliant moments reading here. Thanks once more for everything.

    Reply
  • 12 September 2017 at 4:21
    Permalink

    I抦 impressed, I must say. Actually rarely do I encounter a blog that抯 both educative and entertaining, and let me let you know, you’ve hit the nail on the head. Your idea is outstanding; the issue is something that not enough persons are speaking intelligently about. I am very pleased that I stumbled throughout this in my search for something regarding this.

    Reply
  • 13 September 2017 at 6:37
    Permalink

    I precisely wanted to thank you so much all over again. I am not sure the things that I might have handled in the absence of those ideas contributed by you regarding such a concern. It had been a real traumatic situation in my opinion, nevertheless viewing a expert approach you treated it took me to weep for fulfillment. I will be grateful for your advice and in addition trust you find out what a powerful job you’re providing educating most people through the use of your website. I am certain you haven’t come across any of us.

    Reply
  • 16 September 2017 at 23:41
    Permalink

    Thank you a lot for giving everyone an extraordinarily marvellous possiblity to read in detail from this site. It really is so nice and also jam-packed with amusement for me and my office peers to search your website at the least 3 times in a week to study the newest guides you have. And lastly, I’m actually astounded concerning the mind-blowing tactics you serve. Selected 1 points on this page are in truth the most beneficial we’ve ever had.

    Reply
  • 17 September 2017 at 2:24
    Permalink

    Spot on with this write-up, I really assume this website wants much more consideration. I抣l probably be again to read far more, thanks for that info.

    Reply
  • 18 September 2017 at 16:23
    Permalink

    Thanks so much for providing individuals with a very splendid possiblity to read articles and blog posts from here. It is often so amazing and jam-packed with a good time for me and my office peers to visit your website on the least three times in one week to see the fresh guidance you have got. And lastly, I’m so always amazed considering the astonishing concepts you give. Certain 3 points in this post are easily the finest I have had.

    Reply
  • 18 September 2017 at 21:17
    Permalink

    My husband and i felt really delighted when Jordan could deal with his researching through your ideas he made from your very own site. It is now and again perplexing to simply possibly be giving out steps other people have been making money from. We really discover we need you to thank for that. The main illustrations you’ve made, the simple site menu, the relationships your site make it easier to engender – it’s everything wonderful, and it’s really aiding our son in addition to the family recognize that that matter is pleasurable, and that’s wonderfully essential. Many thanks for all!

    Reply
  • 22 September 2017 at 8:49
    Permalink

    Greetings! Very helpful advice on this article! It is the little changes that make the biggest changes. Thanks a lot for sharing!

    Reply

Leave a Reply

Your email address will not be published. Required fields are marked *

%d bloggers like this: