Why is Monaco called "tax evasion paradise"?

1868, Charles III, then the Grand Duke of Monaco, announced the cancellation of "almost all direct taxes" nationwide. The Grand Duke kept his promise, and even for Monte Carlo Casino, he didn't collect any tax from it. Monte Carlo Casino has made a lot of money since it opened. The opening of duty-free casinos has brought Monaco a surprise. Because of its own development needs, casinos not only take the initiative to pay for Monaco's public facilities, but also attract many rich tourists and immigrants with the attraction of low taxes and pleasant Mediterranean climate, making Monaco a tax haven for the rich.

Nowadays, a large number of sports stars choose to move to Monaco to avoid the high taxes and fees in their country. Becker, former famous German tennis player, F 1 active driver Coulthard, and Haining, a contemporary female tennis master, are typical examples.