Making East Cape Monaco

This is to provide an illustration of what I was talking about with my post, proposing that East Cape New Zealand be established as a principality like Monaco.

Study the picture below...

East Cape New Zealand as Monaco

I've drawn a line roughly 20 kilometres long from just south of Tikitiki across to East Cape. This is a territory much larger than Monaco which is only approx. 2 square kilometres. Instead of looking at this area as deprived, create it as a haven for the rich; zero personal taxation for those from outside New Zealand and Australia but resident within East Cape for a minimum amount of time. Companies with no local business pay no income tax at all.

This principality would be in charge of its own government but not be able to have its own armed forces or foreign policy. What do you think?