Monte Carlo, Here I Come (Again)

It is after all, where sportsmen and film stars choose to live to escape punitive tax regimes back in their home countries and quite a few millionaires like to keep their finances away from the prying tax man.

I am in no way sports inclined nor in their same stratospheric pay league so this visit to the land of Grace Kelly ruled by the Garimaldis is not an escape from any financial pressure and strictly for work; and of course, a bit of pleasure.

Even as I am packing my bags for the flight on Tuesday, via Paris, my thoughts are already on what I can claim to be familiar territory – or more correctly, the real estate that is the confines of the immediate surrounds of this very tiny city.

I can't really tell you the interesting stuff, since I have never ventured out beyond this little territory. Once I tried going to a bordering town, Ventimiglia, in Italy, to buy my year's supply of Marvis. Perhaps one day I will reveal to you the pleasures of this Florentine toothpaste whose minty flavor is best applied in the pursuit of ethereal pleasures not confined to early morning bathroom ritual!.

Like all the places I go to for overseas assignments, I have this affinity for just staying in my room. So I m not a very good person to ask for travel tips, or places to visit when in Monte Carlo. I have never visited the Palace, where the late Princess Grace stayed, or had a punt at the Casino (I have however visited the Casino's gift store which is located outside the main entrance) or the beach.

I can however, point you to the nearest drugstore, just in case you need toothpaste and toothbrush. I can take you to this small perfume shop on the Boulevard Princesse Charlotte (or was it Rue des Iris), where a very friendly Italian guy sells niche perfumes that you wont get at airports.

My trips (upcoming and past) to Monte Carlo have been kindly sponsored by Ernst and Young. I have been assigned to cover the World Entrepreneur of the Year Award, since 2011. The WEOY is a gathering of 50 of the world's best entrepreneur representing 50 states.

The last 2 years, I have interviewed many, many entrepreneurs including, Mikael Hed of Rovio, the company that gave us Angry Birds and also, Singaporean Olivia Lum of Hyflux, winner of 2011.

The gathering of these entrepreneurs is usually held at the Salon, The Hermitage Hotel. They will be bombarded the usual questions like;

'What makes you go into this business?'; 'What makes one an entrepreneur?'

and of course; 'What's your advice to budding entrepreneurs out there?'

This will be the 13th year of WEOY and this year will be packed with activities. Malaysia will send four of our top entrepreneurial personalities who include - Datuk Hazimah Zainuddin of Hyrax Oil, winner of the Woman Entrepreneur of the Year in 2002, and of course, Dr. Chia Song Kun of QL Resources.

I will bring you the highlights of the event later this week.

Now, let me get back to the glitz and glamour of Monaco. First of all, there's glamour and there's Monte Carlo downtown glamour.

On my first visit in 2011, fresh off the (12 + 2) hour flights, I saw a 12 year old girl, in blue outfit, with a matching Hermes Birkin. I also saw Bugattis, Convertible Bentleys and the latest sleek Rolls-Royces everywhere I went.

Candy sized diamonds and expensive watches adorned the window displays of the shops near the Hermitage. People walk around in immaculate designer wear. The soaring apartments facing the sea, they may look old, but they are EXPENSIVE.

The real estate is expensive. A three-bedroom apartment with a sea view will set you back EUR25,000,000.00. According to Wealth-X, a wealth intelligence research firm, the price of property in Monte Carlo is around USD5300-USD5900 per square foot.

You and I can be depressed now.

But according to a tour guide, on our way to dinner in Italy (Monaco is small, a 20-30 minute drive will take you to Italy or France), Prince Albert is trying to make sure that all natives of Monaco, the Monegasque, own at least one property. That's very decent of someone who lives in a palace; I think.

The same tour guide also tells me that to become a citizen, you need to have at least EUR2,000,000 deposited into an account in Monaco. I have yet to verify this. It's very sketchy, since I read on some website that you only need about EUR400,000.00 to gain residency in Monaco. I will find out more when I get there; as I am sure some of you out there might well be interested.

Why would people want a Monaco Passport you ask? Well, you don't have to pay income tax in Monaco. 'Nuff said.

Maybe, just maybe if I have the time, I will visit the beach, and maybe also drag my cameraman, Adzad to the F1 track. Maybe we will get up close and inspect the wall at Sainte Devote where Fillepe Massa crashed his Ferrari twice, and find out what all the fuss was all about.