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The FIRE Exit
The Europe atlas
The Europe atlas

Monaco.

No income tax since 1869: if you can get in.

Price it in your money

Tell me where you live now and what you spend a month, and every cost here becomes your number: the same life, priced country by country, in your own currency.

A guide, not a quote. I move your monthly spend by each country’s official price level (Eurostat and the World Bank, whole-economy, EU-27 = 100). No exchange rates, so it stays in your own currency. But averages hide rent and the city you pick, and changing country is rarely a straight swap. Read these as the right ballpark, then price the real thing.

Cost of living

Not in the Eurostat price series, and among the most expensive places to live anywhere, with French VAT at 20%.

No wealth taxPassive-income visa

Where in Europe

The country, in one line
Verified 9 July 2026
Where it stands
Outside the EU. Inside the Schengen area in practice, via France. The euro, by agreement
The money
The euro
no FX risk on a euro budget
Language
French
Capital
Monaco

Mediterranean: mild winters, warm dry summers on the water.

How the money you live on is taxed

For a move to Monaco, classify what pays you before comparing rates. Securities, crypto, pensions and company distributions can follow different calculations.

The full income picture

These are the usual rules for a resident unless a case says otherwise. A new-resident rule, tax wrapper or treaty may change one case without changing the others.

Securities and funds

0% (no income or gains tax)

A non-French Monaco resident pays no Monaco tax on a private listed-share or fund-unit gain. French nationals are the main exception under the bilateral arrangements.

Listed shares
0% (no income or gains tax)
A non-French resident's listed-share gain is outside Monaco personal income and capital-gains tax. No holding period is required.
Fund and ETF units
Exempt under the ordinary rule
Fund/ETF unit gains are untaxed for the individual on the same footing as directly held shares. Fund domicile (EU-regulated retail fund vs US-domiciled) is irrelevant to a resident's Monaco tax because there is no income or gains tax to differentiate them.
Losses
No separate rule
With no tax on gains there is no loss relief for individuals. A share loss produces no deduction because gains are not in charge.
Foreign and US listings
0% Monaco tax on the gain
A resident's gain on a foreign or US-listed share is untaxed in Monaco just like a domestic one. Source countries rarely tax a non-resident's listed-share gain, so the sale is usually clean. Check the treaty for source tax and Monaco's relief.
Accumulating funds and annual tax
No separate rule
Accumulating funds are never taxed on fund income. Distributing funds are equally untaxed for the resident individual.
Worth checking

The securities and funds watch depends on the asset classification, source country or treaty. Recheck the stated conditions before acting.

Dividends

0% (no personal income tax)

Monaco adds no resident tax to a dividend. Tax taken in the source country can remain a final cost because Monaco has little treaty relief and no local tax to credit.

Monaco company dividend
Exempt under the ordinary rule
A dividend from a Monaco company carries no personal tax for a non-French resident. Any company-level business-profits tax is a separate layer.
Foreign listed-share dividend
0% (no personal income tax)
Monaco does not tax the dividend at all, but source-country tax can still remain. The source country withholds at its domestic or treaty rate, Monaco gives no foreign-tax credit (it has no tax to offset).
Fund or ETF distribution
Exempt under the ordinary rule
The fund or ETF distribution received by a resident individual is untaxed in Monaco (no personal income tax). Accumulating funds are equally untaxed.
New-resident treatment
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.

There is no separate rule here. Use the general foreign-income case, then check what the treaty says about the country paying the money.

Worth checking

The dividend answer is stable at 0% Monaco tax. The effective outcome swings entirely on the source country and whether one of Monaco's dozen-odd tax treaties applies.

Crypto

0% (no personal income tax)

A private crypto sale, exchange or spend carries no Monaco income or capital-gains tax. Staking, mining and airdrop receipts are also untaxed for a private holder.

Sale for money
0% (no personal income tax)
A private resident's sale of crypto to fiat is untaxed.
Crypto-to-crypto exchange
Exempt under the ordinary rule
A swap of one crypto asset for another is not a taxable event for a private resident. This is because Monaco taxes neither the gain nor the income.
Spending crypto
Exempt under the ordinary rule
For this case, paying for goods or services with crypto triggers no income or gains tax for a private resident. For this case, value-added tax applies to the underlying purchase as it would for any payment (France-aligned 20% standard), but the crypto disposal itself is untaxed.
Staking and lending
0% for a private holder
Staking or lending income received privately carries no Monaco personal income tax. A commercial enterprise can produce a different company-level result.
Mining, validation and airdrops
Exempt under the ordinary rule
For this case, mining/validator rewards and airdrops received by a private individual are untaxed in Monaco. Systematic mining run as a commercial enterprise with more than 25% foreign turnover could fall within the 25% business-profits tax.
Private investor or business
Different rules apply
The dividing line is not private-vs-professional rate (both are 0% for an individual's income) but whether the activity constitutes a commercial/industrial enterprise with more than 25% of turnover outside Monaco. Only then does the 25% business-profits tax reach it at the enterprise level.
Wealth tax and departure tax
No separate rule
Monaco has no net-wealth tax and no exit tax, so crypto holdings are neither taxed annually on value nor caught on emigration.
New-resident treatment
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.
Worth checking

Monaco participates in automatic crypto and financial-account reporting. EU-style market regulation can affect local service providers, but it does not create personal tax on a private holder's crypto result.

All 34 crypto rules, side by side

Pensions

0% (no personal income tax)

A non-French resident pays no Monaco tax on a foreign pension. Source-country tax can remain because Monaco has few treaties and no local tax credit.

Monaco pension
Exempt under the ordinary rule
A Monaco-source pension paid to a resident carries no personal income tax. Social-security pensions run through the Monegasque social-insurance funds.
Foreign state or social-security pension
Exempt under the ordinary rule
A foreign state or social-security pension is untaxed by Monaco. Whether the paying state can tax it depends on that state's law and any (rare) Monaco tax treaties. Check the treaty for source tax and Monaco's relief.
Foreign occupational or private pension
0% (no personal income tax)
A foreign occupational or private pension carries no Monaco personal tax. The paying country's law and any applicable treaty determine source tax.
Foreign government or civil-service pension
Exempt under the ordinary rule
A foreign government or civil-service pension carries no Monaco personal tax. Its government-service treaty article can leave tax in the paying country.
Foreign pension lump sum
Exempt under the ordinary rule
The foreign pension lump sum received by a non-French Monaco resident is untaxed in Monaco. Whether the source country taxes the lump sum is source-specific and, absent a Monaco tax treaties, unrelieved from Monaco.
Worth checking

The pensions watch depends on the asset classification, source country or treaty. Recheck the stated conditions before acting.

If you own a company

0% personal (source tax can remain)

A dividend to the resident owner carries no personal tax in Monaco. A Monaco company pays 25% business-profit tax only when more than 25% of its turnover comes from outside Monaco.

Company profit
Different rules apply
A Monaco company pays 25% business-profits tax (business-profit tax) for financial years from 1 Jan 2022. Only if it carries on a commercial/industrial activity generating more than 25% of turnover outside Monaco (or derives income from patents/copyright).
Distribution from a Monaco company
0% at shareholder level
The only tax burden is the company's own business-profit tax, and only where the more than 25%-foreign-turnover test is met.
Distribution from a foreign company
0% personal (source tax can remain)
A dividend from the owner's foreign company is untaxed at the Monaco personal level. The source country's dividend withholding applies and Monaco relieves none of it (no credit, and no tax treaties for most countries). Check the treaty for source tax and Monaco's relief.
Sale of your company stake
Exempt under the ordinary rule
For this case, sale of the owner's shareholding by a resident individual is untaxed in Monaco (no capital-gains tax), whether the company is Monaco or foreign. A source country could tax a stake sale in a real-estate-rich or locally-incorporated company under its own rules.
Salary or director fee
Exempt under the ordinary rule
Salary or director fees carry no Monaco income tax. Mandatory employer and employee social-security contributions still apply to Monaco employment.
Social contributions and remuneration risk
Taxable under the ordinary rule
Monaco levies no personal income tax but does collect compulsory social-security contributions from employees, employers and self-employed workers. These are social charges, not income tax.
Running the company from Monaco
Monaco business-profit tax if commercial activity plus more than 25% foreign turnover
A foreign company carrying on commercial or industrial activity in Monaco can face 25% business-profits tax when more than 25% of turnover arises outside Monaco.
Controlled foreign company rules
No separate rule
Monaco has no controlled-foreign-company or anti-deferral regime for individuals. This is because it has no personal income tax to defer or attribute.
New-resident treatment
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.
Worth checking

The business-profit tax more than 25%-foreign-turnover boundary and the new-company phase-in are the levers that decide whether an owner-managed structure is 0% or 25% at company level. Substance and OECD/EU economic-presence expectations are tightening.

Review the company and your personal position together before the move.

Interest and cash

0% (no personal income tax)

There is no Monaco tax on interest for a resident individual (no personal income tax). Domestic and foreign interest alike are untaxed by Monaco.

Monaco bank or bond interest
0% (no personal income tax)
Interest from a Monaco bank or bond carries no Monaco personal income tax for a non-French resident.
Foreign bank or bond interest
Exempt under the ordinary rule
Foreign interest carries no Monaco personal income tax. Source-country withholding can remain because Monaco has no tax against which to credit it.
New-resident treatment
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.

Rent

0% (lease duty separate)

Rental income received by a resident carries no Monaco personal income tax. Letting a Monaco property can instead attract lease-registration duty.

Property in Monaco
0% (lease duty separate)
For this case, rental income from a Monaco property is not subject to income tax for the resident landlord. This rental income itself bears no income tax.
Property abroad
Exempt under the ordinary rule
Foreign rental income is untaxed by Monaco. Immovable property is taxed where it is situated. Check the treaty for source tax and Monaco's relief.

There is no separate rule here. Use the general foreign-income case, then check what the treaty says about the country paying the money.

Worth checking

Rent from property abroad remains taxable where the property sits, and Monaco offers no personal tax credit. Check the local lease charges for Monaco property.

Property gains

0% (transfer duties separate)

No capital-gains tax on a property sale by a resident individual. A Monaco home or investment property sells free of Monaco capital gains tax.

Monaco main home
0% (transfer duties separate)
For this case, sale of a Monaco main home by a resident is not subject to any Monaco capital-gains tax. For this case, transfer/registration duties are borne on the transfer itself (proportional, within the 0.5–7.5% band depending on how the property is held).
Monaco investment or second property
Exempt under the ordinary rule
The Monaco investment/second property sells free of Monaco capital-gains tax too. The transfer attracts registration/transfer duties (proportional 0.5–7.5%).
Foreign property
Exempt under the ordinary rule
A foreign property sale is untaxed by Monaco, but immovable property is taxed where it sits. The property's country taxes the gain under its non-resident capital gains tax rules (for example France charges non-resident capital gains tax plus social levies).
New-resident treatment
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.

There is no separate rule here. Use the general foreign-income case, then check what the treaty says about the country paying the money.

Worth checking

A Monaco property sale can carry transfer or registration duty even though no gain tax applies. For foreign property, the situs country's gain tax and social levies remain unrelieved in Monaco.

Royalties

0% for a private holder

A resident individual pays no Monaco tax on private royalties. A company can instead face the 25% business-profit charge, while foreign source tax may remain.

Monaco royalties
0% for a private holder
A private royalty carries no Monaco personal income tax. A company receiving patent or copyright income can instead face business-profits tax.
Foreign royalties
Exempt under the ordinary rule
Foreign royalties are untaxed by Monaco at the personal level, but the source country typically withholds on royalties to non-residents, Monaco gives no credit. There is no EU interest-royalty relief and (for most countries) no Monaco tax treaties to cut the rate.
Which rights qualify
Different rules apply
Monaco's business-profit tax expressly reaches patent and copyright income when received by a company, even when the wider more than 25%-foreign-turnover test might not otherwise bite.
Passive or active
Different rules apply
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.
Social contributions and value-added tax
Special rule
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.
Worth checking

A private royalty carries 0% Monaco tax. A company can face business-profits tax on patent or copyright income, while foreign source tax can remain.

If you still work

0% (social contributions still apply)

Employment income earned in Monaco is not subject to income tax (there is none), only compulsory social-security contributions. Self-employment/consulting is untaxed at profit level unless it is a commercial enterprise with more than 25% turnover outside Monaco (then 25% business-profit tax).

Employment in Monaco
0% (social contributions still apply)
Salary for work in Monaco carries no personal income tax. Mandatory employer and employee social-security contributions still apply.
Remote work for a foreign employer
0% Monaco income tax on the resident
The non-French resident working remotely for a foreign employer pays no Monaco income tax on the salary. The employer risk is the mirror. Check the treaty for source tax and Monaco's relief.
Self-employment and consulting
Different rules apply
The rate line above gives the resident result. The rule is tested when the relevant tax event occurs.
Director fees
0% income tax
For this case, director fees are not subject to Monaco income tax for the individual (no personal income tax). Treaty allocation of director fees would only matter where a source country and a Monaco tax treaties are in play.
New-resident worker rule
No separate rule
Monaco has no special inbound-worker tax regime because there is no personal income tax to reduce. The 1963 convention instead brings French nationals and some frontier workers into French tax.

One layer stays off this page: the tax taken inside a fund before its dividend ever reaches you. Everything above is the tax after it.

The withholding guide explains that layer The Domicile Tax prices it on your pot

One term that matters in Monaco

French-national exception

Most Monaco residents pay no personal income tax there. French nationals are a major exception under the France-Monaco arrangements.

Your first tax year and starting values

Two dates matter: when your new country starts taxing you, and which value it uses to work out a later gain. Check both before you move.

When residence starts
For this case, Monaco has no personal income tax, so becoming a Monaco resident does not create a Monaco worldwide-income liability (there is nothing to trigger). Residence is an immigration/administrative status.
The arrival year
No split-year or part-year apportionment mechanism in Monaco because there is no income tax to apportion. This reader's split-year question belongs to the country of departure (how its residence ends and whether it taxes the arrival-year part).
Dual residence
A French national is a major exception to Monaco's no-income-tax position under the France-Monaco arrangements. For other dual-residence claims, check the rules of the other country and any applicable treaty.
Shares, funds, crypto, an owner-company stake and property
No gain basis needed for the ordinary case

The ordinary case does not need a sale basis because the gain is exempt or outside the normal gain calculation. A special case can differ.

These answers carry dates because the rules move.

See what changed in the atlas changelog Look up a term in the glossary

Plain-language key
Withholding tax
Tax taken before the money reaches you, usually in the country where the payment comes from.
Tax credit
Tax already paid abroad can reduce the bill where you live. The reduction is usually capped at the local tax on that same income.
Original purchase cost
What you paid for the asset. A market-value reset replaces that figure with the asset's value when you move.
Income-tax bands
The income is added to your other taxable income. Higher total income can push part of it into a higher band.
Permanent establishment
A taxable business presence. Running a foreign company from your new home can create one even if the company remains registered abroad.

This gives you the starting rule, not your final bill. The country paying the money, your treaty, account, holding period, residence dates and activity can change the result.

The system around it

No wealth tax

No wealth tax, no annual property tax, no residence tax. Inheritance and gifts are territorial and mild: 0% in the direct line, up to 16% to unrelated heirs, and only on assets sitting in Monaco.

The catch is the door

There's no exit tax leaving Monaco, but there may well be one leaving wherever you are now, since France, Germany and others tax unrealised gains on the way out. And getting in is the real price: a bank deposit that starts around €500,000 and often runs far higher, a home in the world's dearest property market, a clean record and, for non-Europeans, a French visa first. Monaco is in neither the EU nor the EEA.

Inheritance & gifts

Only Monaco-situs assets are taxed, whatever your nationality: 0% for the direct line and spouses, 8% siblings, up to 16% unrelated.

Worth watching

Monaco publishes little in English and sits outside the usual tax databases, so treat the specifics as needing local confirmation, especially the current residency deposit, and, if you hold French nationality, your own position.

Entry rules
Your passport

Can you actually move here?

With your passport, skip the doors: the clocks and the tax-residency rules are what matter for you.

No EU passport means one of the doors on the left: each checked against the authority that issues it.

The route in
The carte de séjour

no official minimum: banks commonly ask for roughly €500k+ on deposit; that's bank practice, not law

Golden visa
Never had one

No priced programme has ever existed: the money enters through the bank reference instead, with no published threshold.

The passport
10 yrs

permanent residency at 10 yrs · no dual, generally

When you become tax-resident
183 days for the tax-residence certificate; there's no income tax to trigger (French nationals excepted)

Monaco doesn't publish a price; the bank does. Residence runs on an apartment, a clean record and a banker's letter, and the sum behind that letter is whatever the bank wants to see, commonly upwards of half a million on deposit. The ten-year card is the real endpoint: naturalisation is a rarely-granted sovereign decision that costs you your old passport.

Keeping the permit: no statutory day-count for the permit; the tax-residence certificate wants 183 days or Monaco as your main stay

Worth watching

The bank deposit is the moving part: thresholds are bank practice, not law; confirm with two or three banks before planning. French citizens can't shed French tax by moving here (the 1963 treaty).

Check it yourself: MonServicePublic: applying for a residence permit · MonServicePublic: the tax-residence certificate

Getting-in rules checked July 2026. They move faster than tax law: confirm the current rule with the authority before you plan a move around it. Education, not immigration advice.

Health

Public cover is work-based only: the funds insure employees, the self-employed and their pensioners; an economically inactive newcomer has no public scheme to join and carries private cover.

Healthcare access checked July 2026. Systems are stable but details shift: confirm before you rely on them. Education, not health-insurance advice.

Your pension, the official number

This country’s official, free place to check where your pension stands: Caisses Sociales de Monaco .

What it’s worth to an early exit: The Pension Bridge

Common questions

Does Monaco have a wealth tax?
No: no wealth tax, no annual property tax and no residence tax. Inheritance and gifts are territorial and mild: 0% in the direct line, up to 16% to unrelated heirs, and only on assets sitting in Monaco.
What does it take to become a resident of Monaco?
Getting in is the real price: a bank deposit that starts around €500,000 and often runs far higher, a home in the world's dearest property market, a clean record and, for non-Europeans, a French visa first, since Monaco is in neither the EU nor the EEA. Treat the specifics, especially the current residency deposit, as needing local confirmation.
Can a private crypto gain be exempt in Monaco?
A private crypto sale, exchange or spend carries no Monaco income or capital-gains tax. Staking, mining and airdrop receipts are also untaxed for a private holder.
Can an American or a Brit retire early in Monaco?
Yes. The door is the carte de séjour: show a Monaco home, a clean record, and a Monaco bank's attestation that you hold sufficient funds; non-EEA passports need a French long-stay visa first. The bar is no official minimum: banks commonly ask for roughly €500k+ on deposit; that's bank practice, not law. Rules like these move. Confirm with the immigration authority before planning around them.
How long until a Monaco passport?
10 years of legal residence is the general naturalisation rule. Dual citizenship is generally not allowed. Permanent residency usually comes at 10 years.

Run your own numbers.

The Exit Calculator

Years to your number, at your savings rate.

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Where You Live

What an annual wealth tax does to the maths, deliberately simplified.

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The Geoarbitrage Map

The same life, priced across 58 countries.

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The brokers

One of the nine brokers on the broker guide advertises accounts here.

None of them does your tax paperwork here: every row means filing yourself; the guide shows what that involves.

The broker guide: all nine, and your bank The Broker Bill: your yearly bill, filtered to this country

The whole system (wrappers, funds, withdrawal, the blank page) is in the guide: The European FIRE guide

None of this is tax or investment advice: it's education, kept deliberately at the level that survives fact-checking. Rules shift with every budget round; the specifics of your situation belong with a licensed adviser in your country. I'm happily not one.

This page was last verified against official sources on 9 July 2026. What's changed on the map

Sources: check it yourself
Income and cross-border tax (6)

Open the sources behind each topic

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