Jurisdiction overviewTax in Monaco
Last reviewed: · by TaxProsRated editorial
Key points
Monaco's Direction des Services Fiscaux administers no personal income tax for resident non-French nationals. French citizens who moved to Monaco after October 13, 1962 pay French personal income tax under the 1963 Franco-Monegasque Tax Convention. Corporate income tax (Impot sur les Benefices) is 25% for companies with 25% or more of revenue from outside Monaco, and 0% for purely domestic-revenue companies. TVA follows the French framework at 20% standard. Monaco has approximately 35 active bilateral tax treaties and ratified the MLI in 2017.
Monaco: key tax rates
| Tax | Rate | Source |
|---|---|---|
| Corporate income tax | 25%Profits tax applies only to companies earning over 25% of turnover outside Monaco; purely domestic activity is untaxed | Savills Monaco (taxation overview)as of 2026-06-23 |
| Top personal income tax | 0%No personal income tax for residents (French nationals remain liable to French income tax under the 1963 treaty) | Savills Monaco (taxation overview)as of 2026-06-23 |
| VAT / GST (standard) | 20%French VAT applies (Monaco is within the French VAT territory) | Savills Monaco (taxation overview)as of 2026-06-23 |
| Capital gains | No CGTNo capital gains tax on individuals | Savills Monaco (taxation overview)as of 2026-06-23 |
| Inheritance / wealth tax | 0-16%Direct line (spouse and children) exempt; siblings 8% up to unrelated 16% | Savills Monaco (taxation overview)as of 2026-06-23 |
Who is the tax authority?
Monaco's Direction des Services Fiscaux (DSF), under the Department of Finance and Economy, administers the principality's tax system. The DSF handles corporate income tax (Impot sur les Benefices), TVA collection, and business registration obligations.
Customs is jointly administered with France under the 1963 Customs Convention. TVA filings flow through the French Direction Generale des Finances Publiques (DGFiP) framework because Monaco operates within the French fiscal area.
The Conseil National is Monaco's parliament. It enacts domestic tax legislation. The 1963 Franco-Monegasque Tax Convention and the 1962 Monetary Convention are the two foundational international agreements that define Monaco's tax posture.
What is the tax year and when are returns due?
Monaco's tax year is the calendar year (1 January to 31 December). There is no personal income tax return for non-French-national residents. French citizens resident in Monaco file with the French DGFiP on the same schedule as France-resident taxpayers.
Corporate Impot sur les Benefices (IB) annual returns are due 30 June (with extension possible). TVA filings follow the French quarterly framework through the DGFiP.
Who is a Monaco resident?
Monaco does not use the term "tax resident" in the same way most jurisdictions do, because the personal income tax framework only applies to French nationals. Residence status is important for two reasons: it determines whether you are subject to French PIT (if you are a French national), and it affects eligibility for Monaco's HNW residency program.
Monaco residency requires substantial financial ties — typically a deposit of EUR 500,000 or more with a Monaco bank, plus proof of accommodation (purchase or rental). Around 30% of Monaco's approximately 39,000 residents are non-Monegasque foreign nationals attracted by the no-PIT framework.
The 1963 Franco-Monegasque Tax Convention requires French nationals who moved to Monaco after October 13, 1962 to pay French PIT on worldwide income. This provision was inserted specifically to prevent French citizens from using Monaco as a tax shelter.
What are the personal income tax rates?
Monaco imposes no personal income tax on residents — with one critical exception. The no-PIT rule does not apply to French citizens who became Monaco residents after October 13, 1962.
French nationals who moved to Monaco after October 13, 1962 are taxed on worldwide income as if resident in France. French PIT rates run from 0% to 45% plus surcharges — effectively the full French progressive scale. French nationals who were Monaco residents before October 13, 1962 are exempt under the transitional grandfather provision.
No capital gains tax applies to Monegasque-resident non-French-national individuals. No wealth tax, inheritance tax, or gift tax applies to direct-line transfers for Monegasque residents. Lateral-line transfers carry a small duty.
How does corporate tax work?
Monaco's Impot sur les Benefices (IB) uses a bipartite structure unlike any other European jurisdiction. The rate depends on the share of revenue derived from outside Monaco.
Standard IB rate for companies earning 25% or more of turnover from outside Monaco. Covers most international subsidiaries, financial firms, and multinational presences. Rate was 26.5% pre-2022 reform.
Companies whose revenue derives entirely from Monaco-based activity — local retailers, service providers, domestic real estate — are exempt from IB. This benefits businesses with purely local customer bases.
Withholding tax on dividends paid to non-resident shareholders is 0% under IB rules. Tax losses may be carried forward for 5 years. Monaco enacted Pillar Two Qualified Domestic Minimum Top-up Tax (QDMTT) effective December 31, 2023, targeting in-scope MNEs with global revenues above EUR 750 million.
What about TVA and other indirect taxes?
Monaco applies the French TVA (Taxe sur la Valeur Ajoutee) framework directly under the 1963 Customs and Fiscal Union Convention. Filing is through the French DGFiP, not Monaco's DSF.
| Rate | Applies to |
|---|---|
| 20% | Standard rate — most goods and services |
| 10% | Food service, transport, renovation of older buildings |
| 5.5% | Basic food items, books, subscriptions to gas and electricity |
| 2.1% | Press publications, some live theatre, medicine reimbursed by social security |
| 0% | Exports (zero-rated, not exempt) |
Registration thresholds align with French TVA thresholds. Monaco's application of French TVA makes it functionally an EU-VAT territory despite not being an EU member state — goods entering Monaco from the EU do not face customs duties under the union.
Currency framework
1962 Monetary Convention + 1963 Fiscal/Customs Union with France
Monaco adopted the euro in 2002 under a Monetary Agreement with the EU. Prior to 2002, Monaco used the French franc since 1925. Monaco mints its own euro coins — numismatically distinct from standard eurozone coins but legally equivalent at par. The 1962 Monetary Convention and 1963 Fiscal/Customs Union are the two agreements that anchor Monaco's unique relationship with the French and EU economic areas. Monaco is NOT a eurozone member state — it participates by agreement, not by treaty.
How are cryptoassets taxed?
Monaco enacted the Blockchain Act in 2017, making it one of Europe's earliest jurisdictions to legislate on digital assets — predating Liechtenstein's TVTG by three years. The Conseil National regulates Virtual Asset Service Providers (VASPs).
Monaco's VASP regulatory framework predates Liechtenstein's TVTG (2020) by three years
For non-French-national residents, no personal income tax means no direct crypto gains tax at the individual level — consistent with the broader no-PIT framework. Business or corporate cryptoasset activity is taxable under the standard IB framework where the 25% foreign-source revenue threshold is met. French nationals in Monaco pay French PIT on cryptoasset gains under the standard French flat 30% Prelevement Forfaitaire Unique (PFU) or progressive scale election.
What is the treaty network?
Monaco has approximately 35 active bilateral double tax agreements. The anchor treaty is the 1963 France-Monaco Convention, which defines the French-citizen PIT framework and governs the bilateral fiscal relationship. Monaco signed the OECD MLI in 2017.
Monaco has no DTA with the United States — only a Tax Information Exchange Agreement (TIEA) signed in 2009. There is also no DTA with the United Kingdom, though bilateral provisions exist. The MLI was signed in 2017 and modifies some bilateral treaties.
Deep-dive: see tax treaty relief in Monaco for the bilateral rate schedules.
Where does Monaco sit in the European cohort?
Monaco anchors the European microstate sovereign principality cohort alongside Andorra, Liechtenstein, San Marino, and Vatican City. These five states share a common profile: sovereign non-EU entities using the euro by agreement, with low or zero personal income tax, and tax frameworks shaped by proximity to major neighbours.
Meet a Monaco-resident taxpayer
Common pitfalls for foreigners
Monaco's unique framework creates specific traps for new residents and multinational operators:
French nationals who moved after October 13, 1962 pay French PIT on worldwide income — rates 0-45% plus surcharges. The no-PIT benefit does not apply. Verify nationality and move date before assuming exemption.
The 0% CIT benefit applies only to companies with less than 25% of revenue from outside Monaco. International businesses in Monaco with even modest foreign clients typically cross this threshold and owe IB at 25%.
US citizens and green-card holders in Monaco rely on Foreign Tax Credit mechanics to mitigate US federal tax. Monaco's TIEA (2009) supports information exchange but provides no withholding rate relief. US expat reporting requirements still apply in full.
Monaco enacted the Qualified Domestic Minimum Top-up Tax effective December 31, 2023. MNEs with consolidated revenue above EUR 750 million are in scope. Group tax functions need to model Monaco QDMTT exposure alongside the global P2 computation.
Monaco residency requires substantial deposits and proof of accommodation. Residency is revocable if conditions are not maintained annually. Losing Monaco residency mid-year can trigger home-country PIT for the full year in some jurisdictions.
Monaco joined the OECD Common Reporting Standard. Financial account data is automatically exchanged with CRS-participating jurisdictions. Monaco's pre-2009 banking-secrecy era ended following OECD grey-list pressure. Assume full transparency.
VAT obligations flow through France's DGFiP system, not Monaco's DSF. Businesses unfamiliar with French TVA administration sometimes file late or in the wrong jurisdiction. French filing deadlines and forms apply.
Relocating to Monaco from France, Germany, or the UK can trigger exit-tax obligations in the origin country. France in particular applies an exit levy on unrealised gains. Origin-country compliance is separate from Monaco compliance and requires specialist advice.
When should you talk to a Monaco Tax-Adviser?
Some situations call for a qualified practitioner registered with the Ordre des Experts-Comptables de Monaco:
- You are a French national and need to confirm your 1963 Convention obligations
- Your Monaco company is approaching or has crossed the 25% foreign-source revenue threshold
- You are a US citizen in Monaco relying on Foreign Tax Credit mechanics
- You are in scope for Pillar Two QDMTT and need to model the Monaco component
- You are relocating to Monaco from France, Germany, or the UK and need exit-tax assessment in your origin country
- You received a notice from the Direction des Services Fiscaux regarding an IB assessment or information request
- You hold cryptoassets and your Monaco entity is engaged in VASP-regulated business under the Blockchain Act 2017
- You are exiting Monaco residency and need to confirm whether your origin country taxes the departing year in full
You can find vetted Monaco practitioners through the directory below.
This page is general information. It is not personal guidance for your specific situation. Tax rules change. Always verify current figures with the Direction des Services Fiscaux or a licensed Monaco Tax-Adviser before filing.
Frequently asked
Who is the Monaco tax authority?
Direction des Services Fiscaux (DSF), under the Department of Finance and Economy. Customs jointly administered with France under the 1963 Customs Convention. TVA filings flow through the French DGFiP.
Does Monaco have personal income tax?
No personal income tax for Monegasque-resident non-French nationals. French nationals who moved to Monaco after October 13, 1962 pay French PIT on worldwide income under the 1963 Franco-Monegasque Tax Convention. Rates follow the French progressive scale (0 to 45 percent plus surcharges).
When are Monaco corporate tax returns due?
Corporate Impot sur les Benefices (IB) annual returns are due June 30. TVA filings follow the French quarterly schedule through the DGFiP. No personal income tax return required for non-French-national residents.
What are Monaco corporate income tax rates?
IB is 25 percent for companies with 25 percent or more of revenue from outside Monaco. Companies with revenue entirely from Monaco-based activity are exempt (0 percent IB). Rate was reduced from 26.5 percent in 2022. Losses carry forward 5 years. Pillar Two QDMTT applies from December 31, 2023 for in-scope MNEs.
What is the Monaco VAT rate?
TVA follows the French framework under the 1963 Customs and Fiscal Union. Standard rate 20 percent. Reduced rates 10 percent, 5.5 percent, 2.1 percent — matching French TVA structure. Filing through the French DGFiP.
How does Monaco tax cryptoassets?
Monaco enacted the Blockchain Act 2017, one of Europe's earliest VASP frameworks. No personal income tax on crypto gains for non-French-national residents. Corporate crypto activity subject to IB where the 25 percent foreign-source threshold is met. French nationals pay French PIT on crypto gains at the flat 30 percent PFU or progressive scale.
How many tax treaties does Monaco have?
Approximately 35 active bilateral tax treaties. Key partners include France (1963 Convention), Luxembourg, Liechtenstein, Mauritius, Qatar, Bahrain, Saint Kitts and Nevis, Malta, Guernsey, Jersey, San Marino, Andorra, and Korea. No DTA with the United States (TIEA only since 2009). MLI signed 2017.
What is the French citizen exception in Monaco?
The 1963 Franco-Monegasque Tax Convention requires French nationals who established Monaco residency after October 13, 1962 to pay French personal income tax on worldwide income, as if they were resident in France. This prevents French citizens from using Monaco's no-PIT framework as a tax shelter. French nationals who were Monaco residents before October 13, 1962 are exempt under a grandfather provision.
Major tax firms in Monaco
Verified directory of the largest accounting + tax practices operating in Monaco. Listings are entity-level reference cards — claim flow is open to firm representatives.
- Big 4
Deloitte Monaco
- Big 4
EY Monaco
- Big 4
KPMG Monaco
- Big 4
PwC Monaco
- National
Grant Thornton Monaco
Find a tax pro in Monaco
Browse credentialed pros serving Monaco — filter by specialty, language, and credential type.
Browse the Monaco directorySources
The figures, dates, and rules on this page are sourced from the documents listed below. Where two sources disagree, both are listed.
- Direction des Services Fiscaux (Monaco) · accessed
- Government of Monaco · accessed
- Government of Monaco · accessed
- Direction Generale des Finances Publiques (France) · accessed
- Government of Monaco · accessed
- Government of Monaco · accessed
- PwC Worldwide Tax Summaries · accessed
Important disclaimer
Informational only — not tax advice. This page summarises publicly available information about tax in Monaco as of July 2026. Tax laws change, individual circumstances vary, and the application of any rule depends on your specific facts.
TaxProsRated does not provide tax, legal, accounting, or financial advice. Before acting on anything you read here, consult a qualified tax professional licensed in your jurisdiction (in the US: CPA, Enrolled Agent, or attorney; in the UK: CIOT- or ATT-qualified adviser; in Australia: TPB-registered tax agent; elsewhere: a locally-licensed equivalent). TaxProsRated, its operators, and its contributors disclaim all liability for action taken in reliance on this page.