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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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