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?

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.