Taxation in Monaco

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Monaco’s decision to scrap income taxes dates back to the time of the American Civil War. The move has since helped draw scores of wealthy individuals to the city-state on the French Riviera – its residents include Michael Smurfit, and his son, Tony, the chief executive of packaging giant Smurfit Kappa.

The Principality of Monaco, a known tax haven, delighted its larger European neighbors when it announced its commitment to fight tax dodgers after becoming the 84th jurisdiction to participate in the Multilateral Convention on Mutual Administrative Assistance in Tax Matters.

Monaco were exempted from a super tax on salaries exceeding €1million just hours after being told they would have to make the payment.

NEW DELHI: India has entered into an agreement with Monaco for exchange of information that will allow the two countries to check tax evasion and money laundering.

When Bono, the U2 frontman, was asked on a visit to Monaco to sum up his favourite thing about the place, his reply came in three words: “No fucking paparazzi.” Perhaps Harry Redknapp liked that about Monaco too. But the tiny Mediterranean principality’s reticence about photographers signals a far deeper attraction for the world’s wealthy: […]

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