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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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30 December 2020
Stock sav­ings plan and Brexit: Brit­ish stock and some oth­er fin­an­cial in­stru­ments...
As a res­ult of Brexit, both stock or UCITS by a Brit­ish is­suer are dis­qual­i­fied and some EU-based UCITS funds’ un­der­ly­ing Brit­ish fin­an­cial in­stru­ments may also be so. Such a dis­qual­i­fic­a­tion may lead...
23/12/2020
Res­id­ence cer­ti­fic­ate, tax dom­i­cile cer­ti­fic­ate, proof of usu­al res­id­ence...
The de­nom­in­a­tion, the ob­ten­tion and the pur­pose of these doc­u­ments are of­ten sub­ject to con­fu­sions.Sov­er­eign Or­din­ance No 8.372 of Novem­ber 26th, 2020 pub­lished in the Journ­al Of­fi­ciel of Monaco on Decem­ber...
11 December 2020
Monaco tax: tax cer­ti­fic­ate
In ac­cord­ance with in­ter­na­tion­al stand­ards, Sov­er­eign Or­din­ance 8372 of 26 Novem­ber 2020 amends Sov­er­eign Or­din­ance 8.566 of 28 March 1986 reg­u­lat­ing tax cer­ti­fic­ates (Journ­al de Monaco of 4 Decem­ber...
22 July 2020
Tax Con­nect Flash
COURT CASE 28 MAY 2020 (COURT OF AP­PEAL OF MONACO) Panama pa­pers and Monaco Sov­er­eign Or­din­ance of 23 March 2010 on In­ter­na­tion­al Tax Co­oper­a­tion Case law on ex­change of tax in­form­a­tion gives the basis...
20/05/2020
COV­ID-19 | Con­fined in France: What con­sequences on a tax res­id­ence in...
Is a pro­longed stay in France dur­ing the health crisis likely to jeop­ard­ise a tax res­id­ence in Monaco? A re­cent re­lease from the French tax au­thor­it­ies, spe­cific­ally the De­part­ment of Non-Res­id­ents Tax­a­tion...
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.The Prince’s Gov­ern­ment might modi­fy the list and the...
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.We will con­tin­ue to en­cour­age the hold­ing of re­mote meet­ings (by tele­phone or video­con­fer­ence), while of­fer­ing our cli­ents the pos­sib­il­ity...
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.Com­pan­ies sub­ject to cor­por­a­tion tax in Monaco can claim a tax cred­it for R&D ex­pendit­ure...
01/04/2020
COV­ID-19 | New dates for sub­mit­ting tax re­turns in France
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...
27/03/2020
Real es­tate wealth tax (RE­WT)
The Real es­tate weath tax (RE­WT), which came in­to force on 1 Janu­ary 2018, re­places the wealth tax (« ISF » in French, for « Im­pôt de Solid­ar­ité sur la For­tune »), whose tax­able base was broad­er...
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.The Prince’s Gov­ern­ment might modi­fy the...
11/03/2020
NCD / CRS
The auto­mat­ic ex­change of in­form­a­tion entered in­to force in Monaco on 1 Janu­ary 2017 in the form of the Norme Com­mune de Déclar­a­tion (NCD), the French name of the Com­mon Re­port­ing Stand­ard (CRS).The...