Monaco Geography, Economy, and Culture

Considered the second smallest country in the world, Monaco is situated on the French Riviera, off the Mediterranean coast. The official language is French, although Monégasque, English, and Italian are spoken and understood by most of its people. The country has only about 40,000 residents and is considered to be one of the most expensive and wealthiest countries in the world.

With an advantageous tax regime (which does not levy personal income taxes on its residents), Monaco is a tax haven for the wealthy who are drawn to its banking system which closely guards its clients’ privacy. Its capital, Montecarlo, is known for its casinos and its government is a constitutional monarchy, currently ruled by the Grimaldi family. The monarchy is perhaps best known for Prince Rainier III having married famous American actress, Grace Kelly, in the 1950s.

Public Holidays

2021
April 5	Easter Monday
May 1	Labour Day/May Day
May 13	Ascension Day
May 24	Whit Monday
June 3	Corpus Christi
August 15	Assumption of Mary
August 16	Assumption of Mary observed
November 1	All Saints’ Day
November 19	National Day
December 8	Feast of the Immaculate Conception
December 25	Christmas Day

Legal Entity Types

SAM (Société Anonyme Monégasque)
SARL (Société à Responsabilité Limitée)
SNC (Societe en Nom Collectif)
SCS (Societe En Commandite Simple)
SCA (Société en Commandite par Actions)
Sole Trader

Taxation

Corporate Tax: 28%
Income Tax (Lowest Marginal Rate): 0%
Income Tax (Highest Marginal Rate): 0%
VAT/GST/Sales Tax: 5.5% (lowest rate), 19.6% (highest rate)

Available Banks

Barclays bank plc monaco
Credit Foncier de Monaco
Bank Julius Baer (Monaco) S.A.M.
UBS (Monaco)
SG Private Banking (Monaco)
Credit Suisse (Monaco)
EFG Eurofinancière d’Investissements
Compagnie Monégasque de Banque
Banque de Gestion Edmond de Rothschild – Monaco
BNP Paribas Private Bank Monaco
HSBC Private Bank (Monaco)
Union Bancaire Privée
Banque J. Safra (Monaco)
Banque Havilland
BSI Monaco
Crédit Mobilier de Monaco
Fortis Banque Monaco
ING Bank (Monaco)
KB Luxembourg (Monaco)
Martin Maurel Sella – Banque Privée-Monaco
Monte Paschi Monaco

Need more information about Monaco?

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