Monaco's practice of providing a tax shelter for French businessmen resulted in a 1962 dispute between the countries. A compromise was reached by which French citizens with less than five years' residence in Monaco were taxed at French rates, and taxes were imposed on Monegasque companies doing more than 25% of their business outside the principality. The country was admitted to the UN in May 1993, making it the smallest country represented.
Monaco celebrated the 700th anniversary of the Grimaldi reign in 1997. In 2002, the constitution was revised to ensure that the Grimaldis retain the throne even if Crown Prince Albert has no heir. On April 6, 2005, Prince Rainier, Europe's longest-reigning monarch, died, and Prince Albert II succeeded him.
In May 2005, Jean-Paul Proust replaced Patrick Leclercq as minister of state. Proust served until 2010, when he was replaced by Michel Roger. In late 2015, Prince Albert II appointed Serge Telle as the new minister of state. Telle would take office on Feb. 1, 2016.