Ever since 1861, tiny Monaco has sheltered its residents from one of life's inevitabilities—taxes. To enjoy this blessing, thousands of foreigners have settled in Monaco, and the principality has prospered since World War II as the headquarters for scores of foreign firms, including Allied Chemical, U.S. Time, and the weapon trader, Interarmco, that do the bulk of their business outside Monaco's 388 acres. A tax haven at his doorstep nettled Charles de Gaulle, who was bothered about Monaco long before he took on his economic competition with Britain. Convinced that Monaco-based businessmen enjoyed an unfair advantage over their taxpaying...
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