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Prestigious European microstate with 0% personal income tax
Region
WESTERN EUROPE
Corporate Tax
25%
Setup Time
3 weeks
Currency
EUR
Monaco, a tiny sovereign city-state on the French Riviera, offers tax-free personal income alongside glamorous Mediterranean lifestyle. The principality's company registration supports specific business setup strategies for those meeting residency requirements.
With a population of 40,000 in just 2 square kilometers, Monaco is the world's most densely populated country. French is official, with English and Italian common. The Mediterranean climate is pleasant year-round.
Healthcare is excellent through French-integrated services. Safety is outstanding with extensive security presence. The cost of living is among world's highest.
The luxury lifestyle, harbor, casino, and tax benefits attract ultra-high-net-worth individuals.
Monaco has no personal income tax for residents (except French nationals). Corporate tax of 25% applies only to companies deriving over 25% of turnover from outside Monaco. No capital gains or wealth tax exists.
Monaco uses the Euro. The economy depends on tourism, real estate, and financial services. Banking secrecy has been modified but legitimate privacy remains.
Company registration requires approval from the Monégasque government. The SAM (société anonyme monégasque) and SARL serve different purposes. Establishing business requires government authorization, which is selective.
Company formation timeline depends on government approval processes. Minimum capital varies by structure. Annual compliance follows Monégasque corporate law.
Monaco has shown openness to blockchain technology but has not established comprehensive crypto license frameworks. Digital asset businesses would need to structure activities carefully within existing regulatory parameters.
The famous Casino de Monte-Carlo operates under state monopoly. Private gambling license opportunities do not exist. The jurisdiction does not license external gaming operators.
The extremely limited space constrains business operations. Government approval requirements mean Monaco is not open to all applicants. Residency requirements may apply for tax benefits.
Banking access is available through Monaco-based institutions. Professional services cater to high-net-worth requirements.
Monaco suits high-net-worth individuals, family offices, and luxury service providers for their business setup.
Local: SARL
Local: SAM
| Corporate Tax Rate | 25% |
| Personal Income Tax Rate | 0% |
| VAT / Sales Tax | 20% |
| Capital Gains Tax | 0% |
| Withholding Tax | 0% |
| Reduced Corporate Tax Available | Yes |
| Non-Resident Withholding Exempt | Yes |
| Tax Treaty Network | Yes |
| Banking Access | HIGH |
| Financial Privacy | MEDIUM |
| Currency Controls | NONE |
| Local Bank Account Required | Yes |
| Non-Resident Bank Account Allowed | No |
| Physical Presence for Banking | Yes |
| Banks Restrictive (High Risk) | Yes |
| AML Officer Required | Yes |
| MLRO Required | Yes |
| Compliance Officer Required | No |
| Data Protection Officer Required | No |
| Bookkeeping Frequency | Annual |
| Local Bookkeeping Required | Yes |
| Mandatory Audit | Yes |
| License Required | Yes |
| Local Director Required | No |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $15,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant |
| Business Plan Required | Detailed business plan with technical and legal documentation required |
| Personnel Required | Management with appropriate qualifications and honorability, AML officer required |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 1 |
| Min. Directors | 1 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | Not publicly accessible - available to authorities and regulated entities only |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | Yes |
| Regulators | Minister of State and Commission de Contrôle des Activités Financières (CCAF) |
| Licensing Fee Details | Fees determined on a case-by-case basis by the Minister of State/CCAF |
| Permitted Business Models | Exchange, Custody, Trading Platform, Advisory |
| Permitted Activities | Crypto-to-crypto exchange, Crypto-to-fiat exchange, Digital asset custody, Crypto wallet management, ICO/STO issuance (with authorization) |
| Restricted Activities | NFT offerings excluded from token offering rules, unsolicited advertising to Monaco residents by foreign companies prohibited |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Derivatives Allowed | No |
| RWA Tokenization Allowed | Yes |
| App Store Listing Allowed | Yes |
| Crypto Custody Allowed | Yes |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Capital Maintained in Account | No |
| Compliance Program Required | Yes |
| Travel Rule Compliance | N/A |
| Business Plan Required | Extensive documentation required for government authorization |
| Personnel Required | Management with demonstrated experience and good character |
| Insurance Required | No |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | No |
| Min. Shareholders | 2 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | No |
| Registry Access | Strictly controlled by Gambling Authority |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Monthly |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | Yes |
| Corporate Income Tax Applicable | No |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | No |
| VAT Applicable | No |
| Regulators | Gambling Authority (Service de Contrôle des Jeux) under Ministry of Finance |
| Licensing Fee Details | Progressive GGR tax up to 80%; licensing fees determined by government |
| Permitted Business Models | Land-based casino only |
| Permitted Activities | Poker, roulette, blackjack, baccarat, craps, Trente et Quarante, Punto Banco, slot machines |
| Restricted Activities | Online gambling not regulated or permitted, sports betting not regulated, lotteries not regulated, bingo not regulated. Monaco citizens prohibited from gambling. |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |
| Player Fund Segregation | No |
| License Required | Yes |
| Local Director Required | Yes |
| Local AML Director Required | Yes |
| Local Legal Address Required | Yes |
| Local Physical Office Required | Yes |
| Required Share Capital | $150,000 |
| Capital Maintained in Account | Yes |
| Compliance Program Required | Yes |
| Travel Rule Compliance | FATF compliant, CRS and FATCA compliant |
| Business Plan Required | Comprehensive business plan with 3-year projections required |
| Personnel Required | Qualified directors, compliance officer, AML officer with appropriate experience and honorability |
| Insurance Required | Yes |
| Insurance Details | Professional indemnity insurance required for financial services |
| Remote Incorporation Possible | No |
| 100% Foreign Ownership | Yes |
| Min. Shareholders | 2 |
| Min. Directors | 2 |
| Shareholder/Director Same Person | Yes |
| Registry Public | Yes |
| Registry Access | CCAF publishes list of authorized firms at ccaf.mc |
| Renewal Period | Annual |
| Accounting Filing Required | Yes |
| Accounting Filing Frequency | Annual |
| Financial Statement Required | Yes |
| Financial Statement Frequency | Annual |
| Accounting Audit Mandatory | Yes |
| Compliance Audit Mandatory | Yes |
| Technical Audit Mandatory | No |
| Corporate Income Tax Applicable | Yes |
| Dividend Tax Applicable | No |
| Capital Gains Tax Applicable | No |
| Territorial Tax Regime | Yes |
| VAT Applicable | Yes |
| Regulators | Commission de Contrôle des Activités Financières (CCAF), Autorité de Contrôle Prudentiel et de Résolution (ACPR) for credit institutions |
| Licensing Fee Details | Application and authorization fees determined by CCAF on case-by-case basis |
| Permitted Business Models | Credit institution, Investment firm, Asset management, Portfolio management, Investment advisory |
| Permitted Activities | Banking, discretionary portfolio management, financial advisory, fund management, account keeping |
| Restricted Activities | Cross-border solicitation by unauthorized companies prohibited, reverse solicitation not permitted |
| Cross-Border Service Allowed | No |
| Physical Inspection Required | Yes |