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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 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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    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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    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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    22 July 2020
    Tax Con­nect Flash
    Monaco Tax Law: Ex­change of tax in­form­a­tion
    20/05/2020
    COV­ID-19 | Con­fined in France: What con­sequences on a tax res­id­ence in...
    A re­cent re­lease from the French tax au­thor­it­ies, spe­cific­ally the De­part­ment of Non-Res­id­ents Tax­a­tion ex­am­ines the case of per­sons dom­i­ciled out­side of France who are pre­ven­ted (or were pre­ven­ted) from re­turn­ing home, and there­fore would stay or would h
    18/05/2020
    COV­ID-19 | Sup­port Meas­ures for Mone­g­asque Com­pan­ies
    The Gov­ern­ment of Monaco has taken ex­cep­tion­al meas­ures to sup­port Mone­g­asque com­pan­ies fa­cing eco­nom­ic dif­fi­culties due to the COV­ID-19 pan­dem­ic. Find out more.
    04/05/2020
    End of lock­down in Monaco: our of­fices will re­open on 11 May
    We are de­lighted to an­nounce the re­open­ing of our of­fices on 11 May. Find out more.
    30/04/2020
    In­nov­at­ive firms: amend­ment to the ex­penses eli­gible for the R&D tax cred­it
    Sov­er­eign Or­din­ance No 7.922 of 14 Feb­ru­ary 2020 amends the ex­penses that are eli­gible for the R&D tax cred­it. Find out more.
    01/04/2020
    COV­ID-19 | New dates for sub­mit­ting tax re­turns in France
    Mone­g­asque res­id­ents: The French Gov­ern­ment an­nounced on Tues­day 31 March 2020 a new ex­cep­tion­al tax meas­ure fol­low­ing the dif­fi­culties re­lated to COV­ID-19. This new meas­ure con­cerns in­di­vidu­als sub­ject to French in­come tax and French real es­tate wealth t
    27/03/2020
    Real es­tate wealth tax (RE­WT)
    Al­though the real es­tate wealth tax is a French tax, it may be pay­able by any per­son resid­ing in Monaco and own­er in France of one or more prop­er­ties held dir­ectly or through an en­tity.
    25/03/2020
    COV­ID-19 | Sup­port meas­ures for Mone­g­asque com­pan­ies
    The Gov­ern­ment of Monaco has taken ex­cep­tion­al meas­ures to sup­port Mone­g­asque com­pan­ies fa­cing eco­nom­ic dif­fi­culties due to the coronavir­us COV­ID-19 pan­dem­ic. Find out more.
    11/03/2020
    NCD / CRS
    In Monaco, the list of jur­is­dic­tions par­ti­cip­at­ing in the ex­change of in­form­a­tion has been up­dated for the year 2020 by Min­is­teri­al De­cree No. 2019-1080 of 20 Decem­ber 2019. Find out more.
    02/01/2020
    Private Cli­ent
    Christine Pasquier Ciulla and Re­gina Gri­ciuc have au­thored the Monaco Chapter of the 2020 Private Cli­ent Guide by Get­ting the Deal Through.
    30 September 2019
    Private Cli­ents & Tax
    What are the main tax is­sues raised by private cli­ents in Monaco ?
    04 March 2019
    Anti-money laun­der­ing
    On 13 Feb­ru­ary 2019, the EU Com­mis­sion up­dated its list of coun­tries with “stra­tegic de­fi­cien­cies in their anti-money laun­der­ing and counter-ter­ror­ist fin­an­cing frame­works”. There are now a total of 23 coun­tries named on the list, up from the pre­vi­ous fig