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Why consider Monaco?
It does however offer many more advantages over and above other destinations which is why it is still a very popular jurisdiction, particularly because English is widely spoken and understood.
The government is actively encouraging individuals and their families and corporations to relocate to Monaco. It remains secure and politically stable and holds a strong and well supported banking and financial services community.
10 Reasons why you should
- For resident individuals Monaco has a number of advantages over other jurisdictions. For example, there is no income tax and no requirement to prepare and submit tax returns or disclose worldwide income or assets.
- For companies, although the corporate tax rate is 33.33%, after various allowable deductions, this results in an effective corporate tax rate of under 6%. Directors fees if taken by resident directors are free of income tax to the recipient.
- For most individuals there are lower compliance costs as there is no requirement to prepare and submit yearly tax returns.
- As there is no income, capital gains or wealth tax there is a greater ability to preserve and accumulate one's wealth.
- There is increased confidentiality of one's wealth as there is no reporting of worldwide income or assets to outside agencies.
- There is no capital gains tax, or wealth tax for non-French resident individuals.
- There are no inheritance taxes on Monaco based assets between husband and wife or children. A sliding scale of rates applies between 8% and 16% for more distant inheritors.
- The residency application procedures for most individuals and their families is relatively straightforward.
- There is no requirement to purchase a property in Monaco nor is there a minimum property rental charge payable.
- There is no dependants tax charge levied.
Monaco attracts many different people
- Entrepreneurs who are still actively growing their businesses.
- Individuals who want Monaco based offices.
- Companies looking to relocate and reward their senior management teams without the effects of personal income tax.
- Individuals who want to operate private equity and hedge fund management in Monaco.
- Families wanting to take advantage of the excellent facilities (including education) in Monaco.
- Individuals retiring from business.