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Taxes and Residence in Monaco

February 11, 2012 | Comments: 0 | Views: 129

Taxes and Residence in Monaco

The Principality of Monaco is an independent state located at the Cote d' Azur about 30 miles away from the Italian border. This member of the UN has been attracting high net worth individuals and prominent sports and entertainment personalities for decades.

In addition to personal security, the climatic situation and good road and airport connections the Principality offers a highly favourable tax system.

The Principality of Monaco does not know a personal income tax. Neither wealth tax or capital gains tax are imposed. In so far no accounting or bookkeeping is required for private individuals.

Monaco applies an estate tax / inheritance tax on assets situated in the Principality at rates that depend on the degree of relationship but transmissions to or from ascendants or descendants in direct line, as well as between spouses are tax free.

Only regarding customs and VAT (value added tax) Monaco is considered to be part of the EU, otherwise the Principality of Monaco is not a member of the European Union. The VAT tax rate is currently at 19.6 %.

While stamp duties are applied on real estate transfers, no property tax is levied.

If you move to Monaco, it is necessary to apply for a residency permit. Depending on the individual case several documents have to be presented. In particular the administration demands a criminal record and investigates the applicant's background. Also the applicant has to have a place suitable for living according to his family situation in Monaco either as an owner a renter or based upon a grant of use by the owner. Further its has to be shown that there a sufficient financial means to live here without working which is normally proven by an attestation issued by a local bank. If somebody wishes to work in Monaco either as an employee or a business owner additional permits are required.

The Principality of Monaco offers various advantages as a place of business:

- Central location in Europe

- International Aiport 30 minutes away

- Multi lingual skilled workforce

- Attractive taxation system

Any kind of professional or commercial activity including a company formation in Monaco requires the prior authorisation by the local authorities.

The Principality of Monaco has enacted and applies anti money laundering rules according to internationally accepted standards that also include the fight against the financing of terrorism.

Real estate can be acquired without restrictions.

Dr. Bosse International Lawyer in Monaco

Source: EzineArticles
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