Monaco is the world’s second-smallest independent state, with only the Vatican City smaller.

With its 200 hectares surrounded by France on three sides, the tiny country is small enough to fit inside New York City’s Central Park.

The country is well known as a playground for the rich, a reputation largely derived from its advantageous tax regime and its hosting of the glamourous Formula 1 race.

Its 0% tax on income tax has turned the country into an alluring home for the wealthy, with F1 legend Lewis Hamilton, former Beatle Ringo Starr and tennis champion Novak Djokavic all believed to have moved to the tiny state.

But the country is not exclusively a place for rich and famous millionaires. Tourism is a major source of income for the state, with visitors drawn by the glamour of the harbour, the fleet of sports cars on most streets and the luxury shopping complemented by the stunning scenery.

For tourists there is plenty to do. The Casino de Monte Carlo has been featured in dozens of films, making it a must-see on any trip while the 800 years of history is on display on every corner, with sites such as Le Rocher and Cathédrale de Monaco crucial to understanding the country’s past.

Like Britain, Monaco has a constitutional monarchy, with Prince Albert II taking over as head of state following the death of his father, Prince Rainier, in 2005.

Prince Rainer was Europe’s longest-reigning monarch at the time of his death, his rule having seen him transform Monaco, with an emphasis on weaning it from its reliance on tourism and attracting more revenue through business and commercial opportunities.

Nowadays, business conferences are held in the country frequently whilst banking, finance and real estate companies all increased their operations within the principality under his reign.

Unlike other monarchies around the world, Monaco’s head of state is not known as a King. Prince Albert’s parents were Prince and Princess, as have his ancestors throughout the generations been.

The monarchical anomaly stems principally from the country’s small stature.

Monaco has historically always aligned itself with a bigger country, often a Kingdom. In its history, it has been protected by the Spanish, the French and Italians.

In order to maintain the relationship and not threaten the power or ego of their protector, usually a King themselves, the rulers of Monaco have historically been known as Prince and Princess.