Attack undermines the image of Monaco, one of the safest countries in the world

Monaco's reputation as one of the safest countries in the world was shattered shortly before 9pm on Monday (29) local time when a bomb exploded at the entrance to one of the city-state's most luxurious residential buildings.

The explosive detonated as Ukrainian-born oligarch Vadym Yermolaiev, 58, resident of the building, walked out onto the street. He was seriously injured.

A woman and a 13-year-old child also suffered serious injuries in what was the first bombing attempt ever recorded on the streets of Monaco, known for its intense surveillance system.

Prince Albert II, head of state of Monaco since 2005 and son of Prince Rainier III and Princess Grace Kelly, classified the attack as "a hateful act". He mobilized the country's police forces and security services to locate whoever was responsible for the attack and ordered the reinforcement of street patrols, which were already frequent, to reassure the principality's richest residents.

The police opened an investigation for "attempted premeditated murder and placing an explosive device in a public area."

Monaco's Minister of State, Christophe Mirmand, stated that it was "the first time in history that an act of this type has occurred in the principality" and added that images from security cameras show that the suspect "circulated the region several times while awaiting the arrival of the victims."

The small principality, exempt from income tax, surrounded by France on three sides and the Mediterranean Sea on the other, has always prided itself on its high level of security and tranquility.

With a population of 38,857 inhabitants, this means that there is one police officer for every 70 residents, according to the Monegasque Institute of Statistics and Economic Studies.

In the United States, the average is approximately one police officer for every 400 people, although this proportion varies greatly between states and cities. In Washington, D.C., the city with the highest concentration of police officers in the country, the ratio is one officer for every 185 inhabitants. In the UK, the average is one police officer for every 425 people.

In addition to the police force, Monaco has 125 elite soldiers from the Compagnie des Carabiniers du Prince (Company of the Prince's Carabiniers), responsible for protecting the prince and his family.

The principality also has a network of 1,387 surveillance cameras with facial recognition, monitored 24 hours a day by a command and operational supervision center. Random identity checks are also frequent: more than 134,000 checks were carried out last year.

The government is still investing millions of euros to reinforce security on the northern border with France. There are no physical barriers between Monaco and the French city of Beausoleil, and it is possible to cross from one side to the other on foot without realizing it.

The suspect of placing the bomb in the Sun's Palace residential building, a cream-colored building built in the 1920s and located on Rue Révérend-Père-Louis-Frolla, was recorded by security cameras walking down the street and then crossing into French territory. Despite a manhunt involving the Monaco and French police, he remains at large.

The government of Monaco highlights the "unique level of public security" as one of the main reasons why so many wealthy people and celebrities have decided to move to the principality.

Famous residents include Formula 1 drivers Lewis Hamilton, Jenson Button and Max Verstappen; tennis players Novak Djokovic and Björn Borg; as well as former Beatles drummer Ringo Starr and singer Shirley Bassey.

Nick Edmiston, founder and president of superyacht manufacturer Edmiston & Co and resident of Monaco since 1989, said that the feeling of security is the country's biggest differentiator.

"You can walk down the street wearing expensive jewelry and feel safe," he said. "Many very rich people are used to living surrounded by security, but that is not necessary in Monaco."

According to a study by real estate consultancy Knight Frank, around 35% of Monaco residents are millionaires.

In addition to security, the tax system is also one of the principality's greatest attractions. The country does not charge taxes on income, wealth, real estate or capital gains. Companies registered in Monaco are also exempt from tax, as long as the majority of their activities are carried out in the principality itself. The only tax applied is VAT (Value Added Tax), equivalent to consumption tax, with a rate of 20% on most products and services.

To apply for residency in Monaco, candidates need to open a bank account in the principality and deposit at least 500,000 euros (around R$3 million, at current exchange rates).

The government receives so many requests from people interested in living in the country that it invested 2 billion euros (around R$12 billion) in a project to recover 6 hectares of land from the sea.

There, 120 apartments are being sold, with prices exceeding US$100,000 per square meter - higher prices than those charged in luxury developments such as 15 Central Park West, in Manhattan, and One Hyde Park, in London.

According to a report by real estate consultancy Knight Frank, US$1 million is enough to buy just 16 square meters of a high-end residential property in Monaco - less than a third of the area that the same amount would allow you to purchase in Paris.

Source: CNN