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This feed is published daily with selected new or updated content from across our network. For a list of network sites, many of which feature daily news, see below.

 
02/09 New Lowtax Editor Column, by Kitty Miv
01/09 International Privacy and Security, Investors Offshore special feature
31/08 Lowtax Belize, annual update
27/08 IRS To Drop UBS Lawsuit, Tax-News.com
26/08 New Lowtax Editor Column, by Kitty Miv
25/08 New PBTG Editor Column, Caroline, PBTG editor
24/08 Uruguay Stays On OECD Grey List, Tax-News.com
23/08 Don't Forget Doha, And I Don't Mean The Tennis, Jeremy Hetherington-Gore blog entry
20/08 Ireland Plans Social Security Overhaul, Tax-News.com
19/08 New Lowtax Editor Column, by Kitty Miv
18/08 New PBTG Editor Column, Caroline, PBTG editor
17/06 Lowtax Cayman Islands, annual update
16/08 Germany's Fiscal Court Seeks Property Tax Reform, Tax-News.com
13/08 Jurisdiction Special Focus: Antigua and Barbuda, Investors Offshore special feature
12/08 New Lowtax Editor Column, by Kitty Miv
11/08 New PBTG Editor Column, Caroline, PBTG editor
10/08 Brazil Cuts Import Tariffs, Tax-News.com
09/08 Ukraine Tax Code Published, Tax-News.com
06/08 France Plans Reform Of Property Tax Credit, Tax-News.com
04/08 New PBTG Editor Column, Caroline, PBTG editor
02/08 Islamic Finance - The New Mainstream Alternative, Investors Offshore special feature
28/07 New PBTG Editor Column, Caroline, PBTG editor
27/07 UK Launches Raft Of Tax Consultations, Tax-News.com
26/07 Fat Tax On The Menu , Jeremy Hetherington-Gore blog entry
23/07 Sarkozy Seeks 'Fiscal Convergence' With Germany, Tax-News.com
20/07 Singapore Base For Tuvalu OIFC, Tax-News.com
15/07 St Vincent & The Grenadines, Investors Offshore special feature
13/07 Tax- News.com Jersey Review 2010-2011
12/07 Goodbye To All That, Jeremy Hetherington-Gore blog entry
06/07 Hong Kong Full PBTG Guide, added to Personal Business Tax Guide
28/06 Lowtax Dubai, annual update
18/06 Singapore - Another Hong Kong?, Investors Offshore special feature
15/06 Swiss Parliament Approves UBS Agreement, Tax-News.com
08/06 Dubai Full PBTG Guide, added to Personal Business Tax Guide
04/06 Lowtax Panama, annual update
01/06 Lowtax Luxembourg, annual update
03/03 Personal Business Tax Guide, PBTG, has launched!
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LOWTAX OFFSHORE

MONACO: EXECUTIVE SUMMARY


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Monaco Executive Summary

Monaco occupies barely 2 sq km on the French Riviera. Only 5,000 of its population of 33,000 people (July 2009 est) are original Monegasques. Monaco is well-connected by air, from Nice airport (22 km distant), by rail and by road. The time is GMT +1 hour, like France.

The famous Grimaldi family has ruled since 1297 under the protection of various countries, but mostly France - the 1963 Treaty with France created a monetary union, confirmed a constitutional monarchy with French responsibility for external affairs, and subjected most French residents to tax. The elected Council has little power, with Prince Albert II equivalent to a Chief Executive. Monaco speaks French, has adopted the Euro, and has a civil code judicial system.

The economy has a normal range of activities for an advanced country (GDP EUR50,000 per head), with special contributions from tourism, high-technology light industry and especially banking. However, Monaco does not want to be a tax haven, under any name, and has no 'offshore' sector as such. Like other continental jurisdictions, Monaco tends to be bureaucratic and cumbersome for international businesses.

Business profits tax is levied only on companies that trade predominantly outside the country, and there is no personal income tax or capital gains tax. Modest inheritance and gift taxes, and stamp duties add to Government revenue, along with customs duties and VAT at French levels.

Monaco came under attack in 2000, being included on the OECD blacklist (but then who wasn't?) and perhaps more seriously being the target of a hard-hitting French parliamentary report. Since then, the principality has been working hard to shed its image as a safe hiding place for money launderers and tax evaders. Measures undertaken have included cooperation agreements signed with Spain, Belgium, Portugal, and Luxembourg, and the tightening of laws relating to suspicious transactions.

In October 2001 France and Monaco reached agreement on initiatives to counter money laundering in the principality. According to the Ministry, Monaco has 'significantly strengthened' its stance against money laundering activities by doubling the number of staff who trace the money launderers as well as pledging to report more suspicious transactions. Monaco also undertook to increase its cooperation with the Financial Oversight Commission to revise the rules governing investment management companies and improve upon regulation and transparency in general.

The tax treaty between the two territories was also modified 'to correct abnormal evolutions in the deduction of executive pay from Monaco's tax on corporate profits.' This included a decision that French citizens living in Monaco since 1989 must pay a wealth tax in future.

In 2004, Monaco was forced to join the EU's Savings Tax Directive regime, and agreed to impose a withholding tax on the interest income of EU residents at the same rate as Austria, Belgium and Luxembourg (initially 15%, but 20% from July 1, 2008) and to hand over 75 per cent of such revenues to the Member State of the EU resident concerned. Monaco also agreed to exchange information on request in criminal or civil cases of tax fraud or similar misbehaviour. The new regime came into effect from July 1, 2005, and it remains to be seen what kind of impact it will have on Monaco's banking sector.

Following negotiations with the OECD, Monaco agreed in early 2009 to increase its transparency with foreign tax authorities in the hope that the OECD will remove it from its list of uncooperative jurisdictions. The Monaco government said that it was following "recent evolutions in the area of bank secrecy and information exchange" undertaken by jurisdictions such as Switzerland, Luxembourg and Austria.

Monaco trusts are useful only for residents, and in general Monaco will not be an attractive jurisdiction for companies or people wanting to find a classical offshore tax haven. But if you're just plain rich, and want a very civilised place to live, Monaco is for you.

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