Taxation & Banking
Prince Charles III of Monaco abolished all personal income tax in 1869 and, since then, Monaco has become a secure and tax-friendly environment.
A favourable taxation environment for individuals
The only direct taxation in the principality is Corporation Tax for companies, which is 33.33% and only for those companies that do more than 25% of their business internationally. This percentage still remains more advantageous than other tax regimes in other countries. There is no wealth tax, property tax or council tax and there is also no tax on investment or work income generated outside of Monaco.
More importantly, Monaco also remains one of the few places on earth where its Resident population is not required to file tax returns or declarations.
Monaco Residents benefits from zero personal income tax, no capital gains tax, wealth tax or inheritance tax. Importantly, Monaco Residents are also not obliged to make a tax return or declaration of assets at any point in time.
Banking in Monaco
Monaco is part of the OECD safe banking system which ensures an effective exchange of information, and transparency. We guide and facilitate the introduction to a wide range of established private and retail banks, based on their profile and their banking needs. For more information on the banking system in Monaco, contact us today.