Taxation Agreements
Monaco signed a limited form of agreement with France in 1963 and an agreement specifically covering inheritance taxes in 1950. These are the only tax agreements in force.
Other Taxes
Value added tax is levied in Monaco on the same basis and at the same rates as in France, pursuant to the customs union between the two countries. Monaco is therefore indirectly subject to the provisions of the EU Sixth Directive as amended, without actually being a member of the EU.
The standard rate is currently 19.6%
Registration duties are levied on the transfer of certain property in Monaco. Listed below are some examples of the rates application.
| |
Rate% |
Transfer of real estate in Monaco
|
7.5 |
Transfer of shares in a Monegasque real estate company (SCI) whose assets comprise of Monegasque real estate
|
6.5 |
Leases of real estate for life or unlimited duration
|
6.5 |
Leases of movable property for unlimited duration
|
5.0 |
Leases of real estate and movable property for limited duration
|
1.0 |
Subscription for shares on formation of a company
|
1.0 |
| Transfer of shares and negotiable instruments |
1.0 |
(Note that in the case of a SAM there is no obligation to submit the transfer of shares to registration formalities. The tax is therefore optional for a SAM)
Stamp duties exist in Monaco but are much less significant than registration duties and are normally fixed in amount. However, stamp duty of 0.5% is due on the nominal value of shares and bonds, increased by share premium if applicable, issued by companies. |
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