Monaco Personal Income Tax

Personal income tax

• General principle — Monaco does not levy personal income tax on individuals resident in the Principality — a defining feature since 1869. The only major exception is French nationals, who remain within the French tax net under the 1963 bilateral convention.
• Personal income tax on resident individuals — 0% (None — Monaco levies no personal income tax on individuals resident in the Principality, in force since 1869) (Sovereign Ordinance of 1869 (abolition of direct personal taxation))
• Income tax bands / brackets — None (there are no personal income tax brackets because no personal income tax is levied) (Monaco tax code (absence of personal income tax))
• Tax-free threshold — Not applicable (all employment, investment and pension income of residents is untaxed) (Monaco tax code (absence of personal income tax))
• Non-resident individuals — No Monaco personal income tax; non-residents are taxed in their own country of residence (Monaco tax code (absence of personal income tax))
• French nationals resident in Monaco — Subject to French income tax as if resident in France, unless habitually resident in Monaco since before 13 October 1962 ((approx — confirm article)) (Franco-Monegasque Tax Convention of 18 May 1963, Article 7)
• Residence test / proof of residence — Residence is established by a Monaco residence card (carte de sejour); broadly requires presence of more than 183 days per year or Monaco as the main home, plus accommodation and means of support ((approx — confirm day-count rule)) (Monaco residency regulations (carte de sejour))
• Capital gains tax on individuals — None (0%) on individuals percent (Monaco tax code (absence of personal capital gains tax))
• Inheritance / gift duty — direct line (parent-child, spouse) — 0% percent (between spouses and in the direct line (parents/children) ((approx — confirm))) (Monaco registration and inheritance duty rules)
• Inheritance / gift duty — unrelated persons — 16% percent (on Monaco-situs assets passing to unrelated persons (intermediate rates apply to siblings, uncles/aunts and others) ((approx — confirm))) (Monaco registration and inheritance duty rules)
• Personal income tax return / filing deadline — No personal income tax return is filed in Monaco by residents (no personal income tax exists) (Monaco tax code (absence of personal income tax))