In the 1990's Russians brought suitcases of cash to the Cote d'Azur and Monaco to buy property , but now it's the British - using conventional banking methods and with it a degree of respectability - who are investing in Europe's top tax haven.

While the British have been players in the region for nearly two hundred years, with Nice just along the coast being a favourite resort of the genteel Victorian English - in recent years the British have held a presence in Monaco, but now they're back in numbers not seen for over a century.

The new wave of British buyers is welcomed by Monte Carlo property agents as their funds are more likely to be legitimately earned, while some of the 90's Russian cash was often a little suspect.

'Things have changed since the 90's when the Russian mafia was the big player in town', explains Roger Munns, Managing Director of Monaco property specialists Tribune Properties, 'Then it was easy to put a few million cash down for a property and not have questions asked. In the last few years the banks have really tightened up due to government pressure because of the 'war on terror' and tracking money from illegitimate sources. Estate agents in Monaco know that the chances of a British buyer being able to show the source of their money as legitimate is very high'.

With standard one bedroom apartments at just under a million Euros, and a typical three bedroom apartment at over three million Euros, property prices have more than doubled in Monaco in the last ten years.

In the past Monaco property buyers have often been retired sixty-somethings, staying away from their home country to avoid the taxes that come with selling their business. But today's Monaco buyer is just as likely to be in his mid thirties or forties as they are in their sixties, with the middle age British leading the way.

'A few years ago around one in ten enquiries we were receiving were from the UK', say Tribune, 'but now it's virtually four in ten - a significant shift in the nationality of Monte Carlo property buyers.