Monaco: cost of living

Does Monaco have income tax?

Monegasque nationals and residents of Monaco are not liable for income tax, with the exception of French nationals, who are covered by the 1963 bilateral convention between France and Monaco, according to the Government's MonServicePublic page on tax in Monaco (last updated 27 August 2026). The page says the lack of income tax dates back to an Ordinance of Prince Charles III in 1869.

The page adds that there is no wealth tax, annual property tax or council tax. VAT is charged on the same basis and at the same rates as in France. The only direct tax is the business profit tax, for firms making more than 25% of their turnover outside Monaco. The exemption applies only to people genuinely established in Monaco and does not change other countries' tax rules.

Official sources: MonServicePublic: Tax in Monaco