Monaco is a sovereign city-state on the French Riviera with an area of 1.9 square kilometres and a population of 38,300, Monaco is one of the densest countries in the world. Advantages of living in Monaco include;
- High standard of infrastructure
- Attractive personal tax regime
- Excellent outdoor lifestyle, weather and an ideal location
- Easy and reliable access by rail, road, sea, and nearby Nice airport
- A very stable real estate market
- Many sporting and cultural events
- Top educational facilities and first class medical care
- Very secure living environment
One of the characteristics of the Principality is favourable taxation for individuals. The lack of income tax dates back to an Ordinance by Prince Charles III in 1869. The only direct tax in the Principality is a tax on the profits of industrial and commercial companies which do more than 25 % of their turnover outside of Monaco. There is no wealth tax, capital gains tax, annual property tax or council tax.
Monegasque nationals and residents in the Principality, with the exception of French nationals who are regulated by the 1963 Bilateral Convention between France and Monaco, are not liable for income or the above taxes. However, the lack of income tax for individuals only relates to persons who are genuinely tax resident in the Principality of Monaco. It does not affect rules applied by other states.
Tax on inheritance and gifts (maximum 16%) only applies to assets that are situated in the Principality of Monaco, regardless of the domicile, residence or nationality of the deceased person or donor (subject to the provisions of the Convention between France and Monaco of 1st April 1950).
Corporate Income Tax
Monaco registered companies carrying out an industrial or commercial activity and generating more than 25% of its turnover outside Monaco are subject to Business Profit Tax. Value Added Tax (VAT) is levied on the same basis and at the same rate as in France. The intra-Community tax regime has been applicable since 1st January 1993.
- Offshore and onshore company incorporation
- Corporate administration services
- Provision of directors
- Providing domicile and management for Monaco “civil” (non-trading) companies
- Relocation services
- Provision of trusteees and trust administration
- Family Office Services