The $3.3 billion project to extend to the Mediterranean

Monaco may be the second smallest country in the world, but it's one of the richest states. Nearly 1/3 of the residential population there are millionaires who were lured by the soft fiscal policies -- income tax was abolished in 1869. 70% of the population are citizens who are born outside Monaco, while only 10,000 people are local.

38 thousand residents live on a smaller surface than New York City Central Park, while a new neighbourhood for millionaires will be built taking a good surface to the sea.

Since the 19th century Monaco has increased its surface by 100 ha.

While the new $2 billion project ($2.3 billion) plans to expand the coastline by 15 ha in the Mediterranean

The project will be completed by 2025 with the new neighborhood, Portier Cove -- near the Monte Carlo casino where James Bond's three films were filmed and it will be home to 1,000 registered residents with luxury houses and villas.

Monaco's government will monitor the project, while privates will meet the cost of building and selling real estate.

“Revenues from the sale of these apartments and houses will amount to the value of 3.5 billion euros (4.1 billion dollars)” says Jean-Luc Ndujen, project leader in the government

You can buy an area of 17 square feet per million.

The construction platform to extend to the sea will be completed by 2020, while the entire project will be completed in 2025

About 40 % of this neighbourhood will provide heating and lighting from seawater and solar panels.

Each of the apartments will be 400 square metres, while the villas will be approximately 1,000 square metres.

/ CNN/