Monaco is an independent sovereign state. It is not a member of the EU, but customs laws, VAT and other matters are co-ordinated with France.
The population is under 30,000 in an area of around 200 hectares.
BANKING
Banking has grown significantly during the last 20 years. It is a natural centre for private banking because people with wealth are drawn to Monaco and the Côte d'Azur. There is banking secrecy and no withholding tax on bank interest.
PERSONAL TAXATION
Monaco has no personal tax, no capital gains tax, no wealth tax and no local taxes or rates.
French nationals are taxed at normal French income tax rates as if they were living in France, subject to certain exceptions. French nationals domiciled in Monaco at the time of their death are not subject to French inheritance taxes on non-French assets.Monaco has no double tax agreements other than with France. Monaco is therefore a very attractive location for weathly residents to live tax free in Europe.
