About Monaco Jurisdiction and Offshore
Monaco, which is a constitutional monarchy since 1911, is the smallest state in the world after the Vatican. The Monegasque Principality is located along the French Riviera near to the Mediterranean Sea and is a bordered country of the French Republic. It contains around 47% of French people in the territory, only 16% of Monegasques, 16% of Italians and 21% residents from various countries.
Monaco and the European Union
The Principality of Monaco is a third country of the European Union, but is included in it through its association with the Schengen area. Similarly, the links have been strengthened through its integration into the European internal market since 18 March 2015, which is the result of a “negotiation of one or more framework partnership agreements” between the Council of Europe, EU with Monaco, Andorra and San Marino.
Its relations with the European Union are also supported by France, which allows Monaco to participate in certain European policies. For example, since 1968, Monaco has been a member of the customs territory of the Community and of the VAT area, resulting from its customs union with France.
The local currency is therefore the Euro, but Monegasque offshore banks offer access to multi-currency accounts with no particular restrictions.
Taxation in Monaco
The tax advantages in Monaco are numerous, especially for entrepreneurs from all over the world.
First, one of the general principles of Monegasque taxation is the total absence of direct taxation. There are, however, two exceptions to this principle:
– A profit tax of 33.3% for companies with more than 25% of their turnover outside the Principality of Monaco, and those whose activity in Monaco consists of patents, artistic or literary property rights.
– A French income tax for natural persons of French nationality who can not prove at least 5 years of residence in Monaco.
The latter exception stems from a bilateral agreement established by a tax treaty between France and Monaco signed on 18 May 1963 so that French residents residing in Monaco are subject to the same tax as their neighbors.
About Monaco Banking System
Monaco is now obliged to disclose to the French tax authorities all the assets of the nationals of the neighboring country present in their territory. The Principality has signed numerous agreements for the exchange of tax information and double tax treaties with various countries in the world and is now obliged to exchange information automatically for European countries.
It is, however, a state with an attractive banking system due to the predominance and quality of its banking activities, in addition to being located in a sector with high added value.
With more than 40 establishments on 2 km2, the Monaco banking sector represents one of the main sectors of activity of the Rock.
Why you should contact FBS Banking™ ?
Under international pressure, Monaco is continuing its tightening in the area of money laundering and thus makes opening an account for non-residents more difficult and uncertain. This bank tightening makes it relatively complex to open an offshore account for a non-resident. It is therefore necessary to be introduced by an intermediary known to the banker and in whom he has great confidence.
With more than 20 years of experience in the banking sector, FBS Banking ™ guarantees you the opening of a reliable offshore banking account in Monaco and in various jurisdictions around the world thanks to its strong international partnerships.
We are concerned about confidentiality from the first contact. You can click on the button below to receive additional information about our services and a study adapted to your situation, without obligation on your part and in discretion.
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