Monaco

{"ftc_utility":"none","fbar_trigger_notes":"Monaco residents must open local bank accounts to satisfy residency requirements and demonstrate financial ties. These accounts typically exceed the $10,000 FBAR threshold immediately. FBAR filing (FinCEN 114) is required annually for US persons with Monaco bank accounts exceeding $10,000 at any point during the year.","ftc_utility_reason":"Monaco levies no personal income tax on non-French national residents, so no foreign taxes are paid on earned income or investment income. The Foreign Tax Credit provides no benefit in this context. US citizens in Monaco still owe US tax and the FEIE is the primary tool for sheltering earned income.","presence_day_count_notes":"Monaco residency requires a residence card (carte de sejour) and applicants must demonstrate genuine habitual residence - typically spending the majority of their time in Monaco. The 330-day physical presence test for FEIE purposes is achievable for those with legitimate Monaco residency but the residency permit itself has no strict minimum-day requirement. Residents should document physical presence carefully given Monaco's small size and frequent cross-border travel into France.","typical_qualifying_method":"either","housing_exclusion_available":true,"physical_presence_test_applies":true,"estimated_housing_exclusion_usd":45000,"local_tax_rate_on_earned_income":0,"bona_fide_residence_test_applies":true}

{"pension_income":{"notes":"Foreign pension income is not taxed in Monaco for non-French national residents given the absence of personal income tax. Monaco residents do participate in a local social insurance system (Caisse de Retraite de Monaco) but this does not affect foreign pension income taxation.","tax_rate":null,"locally_taxed":false},"social_security":{"notes":"No US-Monaco totalization or tax treaty exists. US Social Security benefits are not taxed locally in Monaco. US citizens remain liable to US tax on Social Security under normal IRS rules.","locally_taxed":false,"treaty_protection":false},"roth_distributions":{"notes":"No personal income tax in Monaco means Roth distributions are not taxed locally. No US-Monaco tax treaty exists to govern treatment, but the absence of local PIT makes this a non-issue for most residents.","locally_taxed":false},"us_401k_ira_distributions":{"notes":"Monaco has no personal income tax, so US 401k and IRA distributions are not taxed locally for non-French nationals. There is no US-Monaco bilateral tax treaty. French nationals residing in Monaco are taxed under French rules and would be subject to French rates on such distributions.","tax_rate":null,"locally_taxed":false,"treaty_protection":false}}

{"rate":0,"notes":"Monaco does not levy capital gains tax on individuals. No separate CGT exists for residents, with the exception of French nationals who remain subject to French tax law under the 1963 Franco-Monegasque convention.","details":{"tax_type":"Capital Gains Tax","country_name":"Monaco","country_iso_code":"MCO","source_references":["Monaco Government - Direction des Services Fiscaux","Franco-Monegasque Tax Convention 1963","KPMG Monaco Tax Profile"],"last_verified_date":"2026-06-03","general_description":"Monaco imposes no capital gains tax on individual residents. French nationals residing in Monaco are a notable exception - under the 1963 bilateral tax treaty between France and Monaco, they remain fully subject to French tax law including French CGT rates, which can reach 30% (flat PFU) or higher depending on asset type and holding period.","corporate_capital_gains":{"rate":0.33333,"tax_treatment":"Corporate capital gains are generally included in taxable profits and subject to the business profits tax (impot sur les benefices) at 33.33%, which applies only to companies deriving more than 25% of turnover from outside Monaco."},"individual_capital_gains":{"rate":0,"tax_treatment":"No individual capital gains tax for non-French nationals. French nationals taxed under French rules per the 1963 treaty, potentially at 30% flat rate (prelevement forfaitaire unique) on financial gains."}}}

{"notes":"Monaco levies no personal income tax and therefore no withholding tax on dividends paid to individual residents (excluding French nationals). French nationals are subject to French dividend withholding rules. Monaco does not have a standalone dividend withholding tax regime for non-French resident recipients.","rates":[{"rate":0,"type":"exempt","notes":"No withholding tax on dividends for non-French national residents. French nationals subject to French rates under the 1963 convention."}]}