The tax system in Monaco

Monaco's local and foreign residents are not subject to tax on income, gains or capital in Monaco. 
There is no wealth tax, property tax or council tax in the Principality of Monaco.

French nationals in Monaco nevertheless remain liable for French income tax under the Franco-Monegasque bilateral convention of 18 May 1963.  American nationals will also be liable for tax in their home country.

Inheritance tax and transfer tax

These taxes apply to property located in the Principality of Monaco, irrespective of the nationality of the deceased person or donor, their place of residence or where they are domiciled for tax purposes.
The tax rate varies depending on the relationship between the deceased and their heir:

-          Direct parent/child relationship or between spouses


-          Between siblings


-          Between uncles, aunts, nephews and nieces          


-          Between kin other than siblings, uncles, aunts, nephews or nieces


-          Between unrelated individuals