Make East Cape Monaco

Here's an idea for developing East Cape in the North Island of New Zealand; turn it into another Monaco.

Monaco is a principality on the Mediterranean and alongside France. It has no natural resources to speak of and occupies about 2 square kilometres. Despite this it is one of the richest countries on earth, if not the richest. What makes it so is zero taxation. It's a magnet to those wishing to minimise the amount of tax they pay.

France tolerates this but does not allow its own citizens to participate. If you're French and living in Monaco, you still pay tax at the rate that applies in France.

This is my idea - create East Cape as some form of self governing autonomous region, with no personal or company taxation. But this does not extend to New Zealanders or Australians.

As I understand it, to be a permanent resident in Monaco requires some hoops to be jumped through. There is a minimum amount of time you need to be in residence each year and it takes upwards of 12 years to gain permanent permanent status. Up to then any resident is subject to annual or three-yearly checks.

For East Cape I'm talking about all that area from Ruatoria to Hicks Bay. Turn it into Monaco.