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FDI in Figures

Monaco does not publish national income figures and is not included in UNCTAD's World Investment Report 2023. Tourism continues to attract the bulk of foreign investment, but the impact of the Covid-19 pandemic on the sector has been significant. Real estate is another attractive sector (non-residents are estimated to account for more than half of real estate investments). Furthermore, Monaco is a renowned financial centre and has attracted many foreign banks and financial institutions over the years. In 2019, the country announced the establishment of a new Fintech hub, MonacoTech, aimed at supporting the growth of innovative startups in the financial technology sector. The main investor in the country is France.

Monaco, the world's second smallest country, boasts an open economy that encourages foreign investment, offering a high standard of living and minimal unemployment. While French citizens are subject to French personal income tax, residents and workers in Monaco are exempt. Corporations enjoy tax incentives, and there are no restrictions on property ownership or banking for foreigners, although some banks may apply fees to American accounts. With over half of real estate investments made by non-residents, Monaco is renowned for its security and political stability. Economically tied to France, Monaco uses the Euro and operates under French customs law, ensuring access to the EU single market. Economic activities are closely monitored by the government, requiring prior approval from the Department of Economic Expansion for any business operations, including those of foreign companies. The Monaco Welcome and Business Office provides assistance to individuals and entrepreneurs relocating to the principality, while the Espace Entreprises Monaco Business Office supports new investors. In 2013, the Principality began to implement measures to increase tax transparency and in 2016 the EU and Monaco signed an agreement to improve the fight against tax fraud. The country introduced new measures to fight money laundering in 2018 that are in line with EU directives, with the creation of a new register of beneficial owners of companies and a register of beneficial owners of trusts. Such measures also included the creation of an internal anonymous whistle-blower system. The Principality of Monaco has not signed any bilateral fiscal agreement, except the one with France. Finally, Monaco is not ranked on the 2023 Corruption Perception Index nor on the latest Index of Economic Freedom.


Country Comparison For the Protection of Investors

  Monaco Estados Unidos Alemanha
Foreign Direct Investment 202020212022
Number of Greenfield Investments*
Value of Greenfield Investments (million USD) 323051

Source: UNCTAD - Latest available data

Note: * Greenfield Investments are a form of Foreign Direct Investment where a parent company starts a new venture in a foreign country by constructing new operational facilities from the ground up.


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Tax Rates

Value Added Tax (VAT) - Taxe sur la Valeur Ajoutée (Local name)
20% (standard rate). A reduced rate of 10% applies to certain products (pharmaceutical products, water, restaurants, take-away food, hotels, transportation of passengers, certain types of real estate renovations).
Other reduced rates are 5.5% (products and services for the disabled, books (including e-books), most food and drink products, energy) and 2.1% (certain medicines and newspapers).
Exports and related services are zero-rated.
Company Tax
  • 26,55% for fiscal year beginning as from January 1st, 2021
  • 25% for fiscal years beginning as from January 1st, 2022
Withholding Taxes
Dividends: 0%, Interests: 0%, Royalties: 0%.
Social Security Contributions Paid By Employers
Pension Fund for Employees (CAR): 8.07%
Health Insurance for Employees (CCSS): 15.15%
Unemployment Benefit Insurance (ASSEDIC): 4.05%
Supplementary Pension Fund (AMRR): 5.85%
Other Domestic Resources
Department of Tax Services
Ministry of Finance and Economy

Individual Taxes

No Income tax (except for French nationals that are covered under a fiscal treaty between Monaco and France) 0%

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Investment Opportunities

Tenders, Projects and Public Procurement
Asian Developement Bank, Proposed Projects in Asia
DgMarket, Tenders Worldwide
Useful Resources
Economic Development chamber of Monaco (CDE)

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Latest Update: May 2024