Committing to promoting transparency and good governance
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Maintaining economic development of Monaco while respecting international regulations.
In accordance with the policy set out by H.S.H. Prince Albert II on transparency and exchange of information for tax purposes, the economic development of Monaco respects the OECD standards. Monaco has for many years played an active role in the international movement to strengthen standards and increase exchange of information between countries, and its regulations comply with the highest international standards on tax matters, in order to secure its economic development model in an environment of increased international cooperation.
Broad recognition from peers at the OECD Global Forum
Monaco has been committed, since 13 March 2009, to concluding agreements on the exchange of information which comply with the standards developed by the OECD. On 23 of the same year, the OECD Global Forum on Transparency and Exchange of Information for Tax Purposes, bringing together more than 150 countries and jurisdictions, has classified Monaco within the group of countries which "have substantially implemented the internationally recognised standards in the area of tax".
For more information on Monaco’s recognition at the OECD Global Forum and exchanging tax information on request, click here.
The signature of bilateral agreements
To date, Monaco has signed 35 bilateral agreements (33 of which are in force), and discussions are underway with other countries to develop bilateral relationships:
- Tax Information Exchange Agreements (TIEA)
- Double Tax Agreements (DTA)
TIEA and DTA enable, among other things, the sending and receiving of administrative assistance in tax matters.
To see the details of bilateral agreements, click here.
The OECD Multilateral Convention on Tax Cooperation and Automatic Exchange
Monaco is engaged in the OECD Convention on Mutual Administrative Assistance in Tax Matters, the aim of which is to increase the exchange of tax information between countries.
Monaco has also signed the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information (MCAA CRS), which clarifies this Convention.
Finally, Monaco has signed the Amending Protocol of the "Agreement between the European Community and the Principality of Monaco providing equivalent measures to those of the Council Directive 2003/48/CE".
This Protocol, the OECD Convention and the MCAA CRS are the three international instruments that have made the automatic exchange of financial account information possible.
For more information on automatic exchange, please consult the FAQs on automatic exchange of information for tax matters by clicking here.
Monaco's commitment to the OECD's BEPS project
The Principality of Monaco undertook, on 17 May 2016, to adopt all the mandatory measures of the BEPS (fight against base erosion and profit shifting) and to apply them in a consistently.
The 15 actions BEPS, published in October 2015 by OECD and providing states with national and international instruments to fight against the erosion of the tax basis of multinational companies.
For more information on BEPS and Action 13 BEPS, please consult the base erosion and profit shifting (BEPS) FAQ by clicking here.
Monaco Does not appear on any EU "lists"
The Council of the European Union, through the Code of Conduct (Business Taxation) Group, publishes and regularly updates a list of "non-cooperative tax jurisdictions" and a grey list of jurisdictions who have “committed to improving” to comply with standards.
To establish these lists, the Code of Conduct Group screened the jurisdictions on the basis of three criteria:
- Tax transparency
- Fair taxation
- Implementing the OECD’s BEPS measures.
The Principality of Monaco does not appear on these lists, as it satisfied these three criteria.