Tax

Monaco

More than half of the Principality of Monaco's revenue comes from its tax system.

Local companies are not taxed on their profits unless 25% or more of their turnover is generated outside Monaco. The rules determining the tax base and payment of Value Added Tax (VAT) are similar to those in France, and are applied with particular vigilance by Monaco's tax authorities since more than 50% of the Principality's current resources comes from VAT alone. Rules on registration duties were recently modified and the inherent tax implications of every transaction should always be carefully considered in advance.

Therefore, the Principality of Monaco has signed many agreements facilitating the exchange of information for tax purposes.

Given the complex regulations and the vital tax implications of transactions completed inside the Principality, CMS Pasquier Ciulla Marquet & Pastor advises and supports clients with all their projects, providing them with a range of expertise acquired over many years of practise in Monaco.

Monaco’s location means that there is an increasingly international element to the professional or private legal issues that can arise. Our firm helps you understand the various international agreements to which Monaco is a signatory (conventions for the avoidance of double taxation, exchange of information for tax purposes etc) and advises you on their practical implications.

As well as these advisory services, to ensure that our clients are fully compliant with all the specific requirements of domestic legislation and international law, our experienced team can act on your behalf and handle all the formalities and paperwork to be completed and filed with the Principality’s authorities and other institutions.

Lastly, our firm assists and represents clients in any tax-related pre-litigation or litigation.

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    Tax structuring

    One of the key concerns of every private individual is the acquisition and management of their personal assets. These assets may be held in the form of a non-trading partnership (SCI or SCP) or a company (joint stock company, limited liability company), and can include real estate property in France or in Monaco, and will inevitably have multiple overlapping tax implications.

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    Business taxation

    With globalisation, markets are becoming increasingly internationalised and so are our clients’ activities, meaning that foreign rules and laws are often involved, especially because of Monaco's location.

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    Real Estate taxation

    The Principality of Monaco is a central part of the global real estate market, with over 450 million euros in new-build sales and 2.2 billion euros in property re-sales in 2016 (source: http://www.imsee.mc/Economie-et-Finance/Immobilier).

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    Olivier Marquet
    13/11/2018
    Cor­por­ate in­come tax
    change to tax­a­tion rate
    27/09/2018
    The fight against money laun­der­ing, ter­ror­ist fin­an­cing...
    New Sov­er­eign Or­der im­ple­ment­ing Act n°1362
    12/07/2018
    Ex­chan­ging tax in­form­a­tion based on a bi­lat­er­al agree­ment
    27/06/2018
    French wealth tax (ISF) ab­ol­ished and re­placed with...
    What has changed since Janu­ary 1st 2018?
    Olivier Marquet
    16/01/2018
    The Monaco Court of Ap­peal rules on the ex­change of...
    12/10/2017
    Con­fer­ence or­gan­ised by CMS Pasquier Ciulla & Mar­quet.
    about bi­lat­er­al tax treat­ies