Monaco is a highly accessible, in the heart of Europe and offers an exceptional quality of life. Monaco's residents enjoy numerous advantages contributing to this high standard of living:
A key factor of Monaco's attractiveness is its sustainable tax system that emphasizes on indirect taxes (VAT) rather than direct taxes (taxes on personal income).
Monegasques and foreigners residing in the Principality are not liable to income tax, with the exception of French nationals (governed by the Franco-Monegasque bilateral convention of 1963).
However, income tax exemption for individual persons applies only to those residents actually living in the Principality.
The only direct tax levied in the Principality is tax on the Business profits of enterprises generating 25% or more of their turnover, directly or indirectly, outside the Principality (rate: 33.33%).
To summarize, in Monaco there is no wealth, income, estate, housing or inheritance tax for direct filiation.
Anyone over the age of 16 years, wanting to stay in Monaco for more than three months per year or wishing to establish their residence must apply for a residency permit delivered by the Monegasque authorities.
The terms for foreigners to set up residency in Monaco are based on various conditions that differ depending on the nationality of the applicant.
However in all instances, one must be able to prove: