Monaco - International Tax Developments
Treaty with the UEA and OECD rating confirmed
The Tax Treaty between the Principality of Monaco and the United Arab Emirates has entered into force
Sovereign Order No. 11.964 of 12 June 2026, published on 19 June 2026 in the Journal de Monaco, ratified the treaty signed on 13 November 2021 in Dubai between the United Arab Emirates and the Principality of Monaco.
This agreement is based on the OECD Model Tax Convention and incorporates measures from the international project on Base Erosion and Profit Shifting (BEPS), which aims to prevent multinational enterprises from artificially shifting their profits to jurisdictions with lower taxation. It defines which of the two States holds the right to tax the various categories of income, including dividends, interest, and royalties, thereby eliminating the risk of double taxation on the same income.
For Monaco, this treaty marks a new milestone in the development of its treaty network and is of particular importance given the growth of commercial and financial exchanges with the United Arab Emirates, constituting the 36th tax treaty signed by the Principality.
For reference, to date, Monaco has signed 40 international agreements on tax matters, of which 39 are in force. Among them, 12 provide for the elimination of double taxation, while 22 deal exclusively with the exchange of information.
The Principality of Monaco rated "Compliant" by the OECD Global Forum
The enhanced follow-up report of the Global Forum on Transparency and Exchange of Information for Tax Purposes, published on 19 June 2026, confirms the maintenance of the "Compliant" rating attributed to Monaco, the highest level on the assessment scale. A member of the Global Forum since 2009, the Principality thus retains the rating obtained during its previous evaluation, conducted in 2018.
In 2018, two recommendations had been addressed to Monaco:
- The first concerned the availability of information relating to the beneficial owners of certain corporate forms. In response, the Principality created a dedicated register and granted the relevant legal entities a two-year period to comply with their identification obligations. By October 2025, 97.9% of them had complied with these obligations. Monaco also strengthened its framework by requiring the designation of a person responsible for beneficial ownership information and the opening, by commercial companies, of an account with an institution located in Monaco.
- The second recommendation concerned the supervision of accountants, auditors, and notaries holding such information. Since 2023, these professions fall under the authority of the Autorité Monégasque de Sécurité Financière (AMSF — Monaco Financial Security Authority), which has strengthened its sectoral controls.
In June 2026, the Global Forum determined that Monaco had taken sufficient measures to implement its recommendations. The Principality is therefore no longer required to report on this matter.
This rating confirms Monaco's commitment to tax transparency and the exchange of information, as well as its ability to adapt its framework to international standards.
During the monitoring period, Monaco received 543 requests for the exchange of information, primarily from France, Italy, and the United Kingdom. 13 outgoing requests were sent, mainly to France. The Principality indicates that it provided complete and definitive responses for 99% of the requests received.
