Monaco A Personal Tax Haven 

In 1969 Prince Charles the III abolished income tax by signing a Sovereign Order making Monaco a personal tax haven. This applies to all residents of Monaco of any nationality except French citizens whose residency started after 1957. These French citizens still must pay French income tax. France uses great pressure sometimes to get what it wants.

Monaco does not impose:

    * Land tax
    * Wealth tax
    * Housing tax

Taxes on inheritance, direct donations and donations between husband an wife do not exist. A low donation tax is paid in the following cases:

    * Brothers and Sisters                      8%
    * Uncles, aunts, nieces and nephews 10%
    * Other collateral                            13%
    * Non-related person                       16%

Transfer taxes concern only real estate located or with situs in the Principality.

V.A.T. rates are the same as in France. Most common rates: 20.6% & 5.5%

The Principality of Monaco is located on the Mediterranean Sea, tucked into the Maritimes Alps, near the Nice International Airport and the French and Italian Rivieras. The population of 32.020 (6,089 citizens) is composed of 19% Monégasque, 32% French, 20% Italian living on a surface of 0.76 square miles. It is the world’s second smallest country. The official language is French and the government is a constitutional monarchy, ruling for over 700 years.

Many well known events take place there every year:

- International Circus festival (January)

- Monte-Carlo Television Festival and   Market  (February)

- International Forum of New Images - Imagina   (February)

- Monte-Carlo Spring Arts Festival (March-May)

- Monte-Carlo International Tennis Championships   (April)

- Monaco Formula 1 Grand Prix (May)

- International Fireworks Festival (July-August)

- National Holiday Festivities (November)

Not the least expensive place on earth to live, but one of the safest, cleanest and politically stable countries in the world. Rich in artistic and cultural events and it’s mild climate make it the place to be if you can afford it.

Tags: Monaco tax haven low taxation tax haven