Corporate tax in Monaco: the 25% profits tax, and which companies pay it
Written by Julien Rossi, Tax, licensing and compliance lead. Reviewed by Camille Perrin. Updated 20 September 2026. Reading time 11 minutes.
Short answer
Monaco's profits tax, the impôt sur les bénéfices (ISB), is 25% of net profit for financial years opened from 1 January 2022 (Ordonnance Souveraine n° 3.152, Article 21). It reaches a business only where at least 25% of turnover comes from operations made outside Monegasque territory, or where the company receives patent, trade mark or copyright income. The legal form does not matter.
On this page
- The rate and its history
- Why the tax exists
- Who pays it
- Where turnover arises
- Does the form matter
- The two-year relief
- The taxable base
- Dividends and withholding
- Administrative offices
- The tax year
- Penalties
- Selling or leaving
- Tax residence
- The 15% minimum tax
- Figures met elsewhere
- Who answers your case
How much is corporate tax in Monaco?
Monaco charges 25% on the net profit of a business inside the scope of the impôt sur les bénéfices (ISB), the profits tax, for financial years opened from 1 January 2022. Article 21 of Ordonnance Souveraine n° 3.152 of 19 March 1964 words it: À compter du 1er janvier 2022, le taux normal est fixé à 25 %.
Two things follow that the rate alone does not say. Not every Monegasque business is inside the tax: liability turns on a turnover test and on a second head of charge for patent income. And it is the only direct tax the Principality levies, with no wealth tax, no land tax and no housing tax (La fiscalité monégasque, updated 27/08/2026), which is what the "tax free" reputation rests on and the subject of the tax haven guide. VAT applies beside it at 20%; the rest are in the Monaco tax guide.
The rate and its history: from 33.33% to 25%
Article 21 carries its own history, which is why two rates still circulate: 33.33% from 1 January 1993, then four steps down, written into the article by Ordonnance Souveraine n° 7.174 of 24 October 2018.
| Financial years opened | Rate | Article or instrument | Note |
|---|---|---|---|
| from 1 January 1993 | 33.33% | O.S. n° 3.152, Art. 21 | superseded; still quoted in circulating guides |
| from 1 January 2019 | 31% | Art. 21, as amended by O.S. n° 7.174 | first step of the staged cut |
| from 1 January 2020 | 28% | Art. 21, as amended by O.S. n° 7.174 | |
| from 1 January 2021 | 26.5% | Art. 21, as amended by O.S. n° 7.174 | |
| from 1 January 2022 | 25% | Art. 21, as amended by O.S. n° 7.174 | the rate in force in September 2026 |
What fixes the rate is the date the financial year opened, not the year of payment: a year opened on 1 December 2021 and closed on 30 November 2022 is a 26.5% year. No year opened since 31 December 2018 has been taxed at 33.33%, although the figure still circulates.
Why a country with no income tax taxes company profits
The tax predates any recent decision about its rate. By Article 1er of the tax convention of 18 May 1963, Monaco undertook to institute a tax on profits realised from 1 January 1963, établi et recouvré dans les mêmes conditions que l'impôt français frappant les bénéfices des sociétés: assessed and collected on the same conditions as the French tax on company profits. The whole yield goes to the Princely Treasury.
That is why the Monegasque rate tracked the French rate down, and a bilateral treaty did it: Monaco is outside the European Union, so no EU directive and no EU rate reaches it. The convention also fixed the first four years at 25%, then 30%, 35% and 40% (Article 5 § 1), history and nothing more.
Which companies pay it: the two heads of charge and the "at least 25%" test
Article 1er § 1 sets two heads of charge, and a business needs to meet only one. The first is the turnover test. A business of any form carrying on an industrial or commercial activity in Monaco is inside the tax when its turnover comes à concurrence de 25 % au moins, at least 25%, from operations made outside Monegasque territory, directly or through an interposed person. Article 2 a) of the 1963 convention uses the same words.
A "more than 25%" version circulates widely in English-language explainers. The statute says at least, and it controls: the difference bites at exactly 25.0% and nowhere else. No guidance was located on how the department treats a business sitting there.
The second head has no turnover test. A company whose activity in Monaco consists in receiving income from the assignment or licensing of patents, trade marks, manufacturing processes or formulas, or of literary and artistic property rights is taxable on that income whatever the geography of its turnover; received by a natural person, the same income stays outside. A licensing company with wholly Monegasque turnover can be inside the ISB.
Article 1er § 2 then takes three things out of the base: profits and losses attributable to permanent establishments abroad, to complete cycles of operations habitually carried out outside Monaco, and to operations made abroad through dependent representatives.
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an industrial or commercial activity carried on in Monaco. Node 2: at least 25% of turnover from operations made outside Monegasque territory
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directly or through an interposed person
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with "25 % au moins" quoted inside the node and a boundary marker drawn at exactly 25.0%. Node 3
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an OR branch: income from patents
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formulas or literary and artistic rights
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no turnover test
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outside the tax when received by a natural person. Node 4: excluded from the base
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foreign permanent establishments
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complete cycles of operations abroad
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with the Monaco / France / abroad split of the return
Figure 1. The two heads of charge, and the boundary at exactly 25% of turnover
How turnover is located, and why France counts as outside Monaco
Article 3 decides where turnover arises, which a founder needs settled before any rate is useful.
- Goods sold outside Monaco or destined abroad count wherever delivery takes place.
- Services, rights and leased assets count where they are used or exploited abroad.
- The article's examples: insurance of foreign risks, finance used abroad, transport to or from abroad.
- Retail cash sales made on the spot in Monaco are never foreign turnover.
- A distributor abroad is an interposed person: selling through one moves nothing inside (Article 2).
- France counts as outside Monaco.
The last point is proved on the return: Article 23 § 1, 7° requires the operating account to split turnover between Monaco, France and abroad. The rules date from 1964, and nothing has been published on how they apply to digital services.
Does the legal form of the company change the tax?
It does not. Article 1er applies to businesses quelle que soit leur forme, whatever their form, and the Government's wording is that the activity and the location of the operations decide liability.
Is the two-year exemption automatic? The new-business relief
A new Monegasque business can pay no profits tax in its first two years, and the qualifications dropped from the short version are most of the rule.
| Year of activity | Tax computed on | Effective rate at 25% | Status of the figure |
|---|---|---|---|
| Year 1 | no ISB | 0% | published practice, page updated 03/08/2026 |
| Year 2 | no ISB | 0% | published practice, same page |
| Year 3 | 25% of the profits | 6.25% | base published; rate is our arithmetic |
| Year 4 | 50% of the profits | 12.5% | base published; rate is our arithmetic |
| Year 5 | 75% of the profits | 18.75% | base published; rate is our arithmetic |
| Year 6 | 100% of the profits | 25% | published practice, same page |
The relief is published practice, not statute: no legal text behind it was located, so it appears here as the Government publishes it, on the Impôt sur les bénéfices page, updated 03/08/2026. Three conditions are cumulative: created in the Principality, within the scope of the profits tax, and developing an activité réellement nouvelle, a genuinely new activity. No period is published for the department's decision on what is genuinely new.
The relief reduces the base, not the rate. Applying the rate to the fractions below gives effective rates of 6.25%, 12.5% and 18.75% for years 3 to 5: our arithmetic, three percentages that appear in no Monegasque text. A company below the turnover threshold and outside the patent head has none to be relieved of.
What the 25% is charged on: the base and the limits on deduction
The rate is the easy half. It applies to the net profit: the overall result of operations of every kind, including disposals of assets (Article 8 § 1), after all charges are deducted (Article 9 § 1). The limits on those charges are where a Monegasque return parts company with an accounting profit.
| Item | The limit | Article | Note |
|---|---|---|---|
| Manager or best-paid executive's pay | effective work, not excessive by international practice; a scale below EUR 7m of sales or EUR 3.5m of services | Art. 13 § 1; convention Art. 3 § 1 | the scale's amounts are not published in the texts read |
| Expenses the manager bears personally | uplift on the scale amount, within 15% | Art. 13 § 1 | |
| The other managers' pay | at most 75% of the top-paid manager's pay and flat-rate expenses | Art. 13 § 2 | |
| Net financial charges | the higher of EUR 3 million a year or 30% of the adjusted tax result | Art. 9 § 5 | for years opened from 1 January 2019 |
| Related-party debt above 1.5 times equity | EUR 1 million or 10% of the adjusted tax result | Art. 9 § 5 | the harder of the two limits |
| Passenger cars | EUR 18,300 of depreciable cost; yachts and pleasure residences not deductible | Art. 9 § 3 | |
| Loss carry-forward | EUR 1,000,000 plus 50% of the profit above that amount | Art. 7 § 1 | the remainder carries forward on the same terms |
| Loss carry-back, by option | the lower of the previous year's declared profit and EUR 1,000,000 | Art. 7 bis I | a claim refunded after five years, inalienable and not assignable |
The manager's own pay is the first limit: deductible only so far as it matches effective work and is not excessive by internationally recognised practice (Article 13 § 1), and capped by turnover band below EUR 7 million of sales or EUR 3.5 million of services (convention Article 3 § 1). The scale is set by sovereign ordinance and its amounts are not published in the texts read.
Losses run both ways: forward up to EUR 1,000,000 plus 50% of the profit above that (Article 7 § 1), or by option back one year for a company with share capital (Article 7 bis I). Gains on fixed assets sold in operation stay out where the business reinvests them within three years of the year end (Article 10 § 1), and dealings with related parties abroad on abnormal conditions are restated (Article 14).
Dividends, participation and withholding: what the texts say, and what they do not
On the receiving side the ordinance is explicit. A Monegasque joint-stock company holding at least 20% of the capital of another, Monegasque or foreign, deducts the net income of that holding from its own profit, less a notional share of costs: 20% below 35%, 10% from 35% to under 50%, and 5% at 50% and above (Article 15 § 1). Foreign tax on intellectual property or investment income is creditable on proof (Article 22).
On the paying side the texts stop short of the answer the market gives. No official Monegasque source read for this page states that no withholding tax is levied: the Government's list of the taxes in force names none, and the ordinance mentions withholding only in Article 22, to credit foreign tax. Silence in a list is not a rule.
Which Monegasque registrations will your planned activity trigger?
Tell us what the business will do and where its operations will be carried out.
How is a group administrative office (bureau administratif) taxed?
A group administrative office, the Monegasque bureau administratif, is not a trading entity: it carries out direction, management, coordination or control for its own group, and the Government's page is categorical that no commercial activity may be carried on by an administrative office. Its file, premises and staffing belong to that page.
Its tax treatment rests on published practice, not on an article. The Government's filing page, updated 30/07/2026, assesses the tax on a notional base equal to 40% of annual operating expenditure, and only where the ordinary-law result would be lower; no statute behind that figure was located. It is a base, not a reduced rate: the other official page words the same regime as a reduced rate on a notional base and gives no figure, so 40% is the only published number. At the standard rate that is about 10% of annual running costs, our arithmetic.
The tax year: the return, the four instalments and the two statements
One return, one balance, four instalments and two statements fall due every year.
| Obligation | When | Form or threshold | Article or source |
|---|---|---|---|
| The return | within 3 months of the close of the year | form 353-0018 | Art. 23 § 2; filing page updated 30/07/2026 |
| The balance | within the same 3 months | slip 353-0016, cheque, transfer or cash | Art. 31 § 4; filing page |
| The four instalments | February, May, August, November | one fifth of the tax on the last closed year | Art. 31 § 1 |
| Stopping the instalments | 15 days before the next due date | signed declaration; fine if wrong by over one tenth | Art. 31 § 3 |
| Commissions and fees statement | first 3 months of the year | above EUR 75 per beneficiary | Art. 23 § 5 |
| Interest statement | first 3 months of the year | above EUR 500 | Art. 23 § 1, 9° |
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Annual timeline
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titled "A Monegasque company's profits-tax year". Four instalment markers in February
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August and November
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each labelled "one fifth of the tax on the last closed year". A return-and-balance marker at three months from the year end
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before 1 April for a calendar year
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carrying forms 353-0018 and 353-0016. Two statement markers in the first three months
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above EUR 75 and above EUR 500. A stop marker 15 days before a due date for the declaration that suspends the instalments. A parallel track below showing relief
Figure 2. One profits-tax year, the relief clock running underneath
1. Close the financial year. The periods run from the close, not from the calendar.
2. File the return within three months. Form 353-0018 and its annexes go to the Direction des Services Fiscaux, so before 1 April where the financial year is the calendar year (Article 23 § 2).
3. Pay the balance in the same three months. Net of the instalments paid, on slip 353-0016, by cheque, transfer or cash.
4. Keep the four instalments running. February, May, August and November, each a fifth of the tax on the most recent closed year (Article 31 § 1). A business already covered may stop them by signed declaration 15 days before the next due date, at the risk of a fine if it proves wrong by more than one tenth (Article 31 § 3).
5. File the two annual statements. Commissions, fees and royalties paid to non-employees above EUR 75 for one beneficiary, declared in the first three months of the year, undeclared sums losing their deductibility (Article 23 § 5); interest and similar income above EUR 500 (Article 23 § 1, 9°).
An excess of instalments is set against later years, or refunded where the business has ended or has been loss-making two years running (Article 32). Accounts in a foreign language need a sworn translation if the inspector asks (Article 24).
Reassessment, penalties and how far back the department can go
The compliance half is in the ordinance as plainly as the rate.
- A proposed reassessment is accepted or answered within 20 days (Article 26 § 1).
- A persisting disagreement goes to the commission consultative: a judge, the tax director, a finance-department representative and two business representatives (Article 27).
- During an audit the taxpayer may be assisted by counsel of his choice (Article 26 § 3).
- A late or missing return carries a fine of EUR 15 to 75; late payment 3% for the first month plus 1% for each further month (Articles 34 and 35).
- A good-faith shortfall carries up to one and a half times the tax, fraud four times it, with a closure of the establishment open to the Minister of State (Articles 36 and 37).
- Reassessment and refund claims are barred after the end of the third calendar year following the close of the year (Article 33).
Administrators, gérants and legal representatives are also jointly and severally liable in all dealings with the department, on assessment, disputes and collection (Article 30).
Selling the business, ceasing, or moving the seat abroad
A sale or a cessation brings the return forward: it falls due in the month following the month in which it became effective, the tax is payable at once, and seller and buyer are jointly liable (Article 29 § 1). The events that count as a cessation are wider than founders expect: dissolution, a conversion creating a new legal person, a contribution, a merger, and a transfer of the seat or of an establishment abroad (Article 29 § 3). Moving the registered office out of Monaco is a taxable event before it is anything else, and the procedure sits on dissolving a company in Monaco.
Gains on fixed assets are then taxed on one half of their amount where the sale or cessation happens less than five years after the creation or purchase of the business, and on one fifth after that (Article 11 § 3). Passing the business on rather than selling it is another subject: succession and gift duty are in the inheritance tax guide.
Is there such a thing as corporate tax residence in Monaco?
No Monegasque text read for this page defines corporate tax residence, and the tests imported from other jurisdictions, a registered office in Monaco or a place of effective management there, have no Monegasque source behind them.
The ordinance provides a scope test instead, on the activity and on where the turnover arises (Article 1er § 1), with the profits of a permanent establishment abroad excluded from the base (Article 1er § 2). A company can be Monegasque in every corporate sense and still stand outside the profits tax.
Will Monaco apply the 15% global minimum tax?
A bill proposes it. Projet de loi n° 1.129, published text dated 28 July 2026 and still a bill before the Conseil National when this page was checked on 19 September 2026, would create a qualified domestic minimum top-up tax at 15% for Monaco entities of groups with consolidated turnover of EUR 750 million or more in at least two of the four preceding financial years.
Three details matter now. It would apply to financial years opened from 31 December 2026, with first payments from 2029. It carries no income inclusion rule and no undertaxed payments rule. And it is not consistent about its own start: the explanatory statement speaks of years closed from that date, Article 104 of years opened. Until it is voted, Article 21 governs.
Figures you will meet elsewhere, and the text that controls
Four of the nine results captured for this query in September 2026 carried a superseded or unsourced figure. The table sets each beside the text in force, without naming where it appeared: a census of pages decays in a week, an article does not.
| The figure as it circulates | Where it circulates | What the text in force says | Since when |
|---|---|---|---|
| 33.33% as the current rate | provider explainers and older printed documents | 25%, O.S. n° 3.152, Art. 21 | financial years opened from 1 January 2022 |
| "more than 25% of turnover outside Monaco", or its mirror, "over 75% inside Monaco" | English-language guides and summaries | 25 % au moins, at least 25%, Art. 1er § 1 a) and convention Art. 2 a) | 18 May 1963 and 19 March 1964 |
| 6.25 / 12.5 / 18.75% presented as statutory rates | long-form relocation and finance guides | the relief reduces the base, 25 / 50 / 75 / 100% of profits; the effective rates are arithmetic | published practice, page updated 03/08/2026 |
| "a reduced rate" for administrative offices | consultancy notes and summaries | a notional base of 40% of annual operating expenditure, only where the ordinary-law result is lower | published practice, page updated 30/07/2026 |
| VAT at 19.6% | comparative guides | 20% standard rate; the reduced rates and their articles belong to the VAT guide | in force in September 2026 |
| "there are no withholding taxes" | comparative guides | no official Monegasque text states it; Art. 22 mentions withholding only to credit foreign tax | not established |
Where a Monegasque rule is quoted here, the French text is the one cited: English translations of official pages have differed from their French originals elsewhere on this site.
Who can answer a question about your own tax position
Advice or assistance in tax matters requires an authorisation in Monaco, under Article 8 of Loi n° 1.144 of 26 July 1991, even for Monegasque nationals, and the titles expert-comptable and comptable agréé are reserved by Loi n° 1.231 of 12 July 2000. This page therefore explains the law, computes nobody's liability and carries no calculator. A specific company's question goes to the Direction des Services Fiscaux, Le Panorama, 57 rue Grimaldi, open 9:30 to 17:00 Monday to Friday, or to a Monegasque-registered expert-comptable: who may keep the books and who may advise is the subject of accountants in Monaco.
From our practice. The scope test is settled on invoices, not on intentions. The files that take longest are those where the founder describes the activity in one sentence and the operations turn out to sit in three places, so the turnover split has to be rebuilt line by line. We assemble the registration file, set the activity and the turnover split out in the form the department expects, and leave the conclusion to the department or an expert-comptable.
Sources
Statutes and the treaty first, then the government pages, each with the date it was read or last updated.
- Ordonnance Souveraine n° 3.152 of 19 March 1964, the profits tax, as consolidated: Arts. 1er, 2, 3, 4, 7, 7 bis, 8 to 15, 21 to 24, 26, 27, 29 to 37. Read 19 September 2026.
- Convention fiscale franco-monégasque of 18 May 1963, Arts. 1er, 2 a), 3 § 1, 5 § 1. Read 19 September 2026.
- Ordonnance Souveraine n° 7.174 of 24 October 2018, the amending ordinance behind the staged cut. Archived 6 September 2026.
- Projet de loi n° 1.129, the qualified domestic minimum top-up tax, still a bill; published text dated 28 July 2026. Read 19 September 2026.
- Loi n° 1.144 of 26 July 1991, Art. 8, on advice and assistance in tax matters. Read 19 September 2026.
- Impôt sur les bénéfices, updated 03/08/2026: the rate list, form neutrality, the new-business relief, the tax department's address.
- Déclarer et payer l'impôt sur les bénéfices, updated 30/07/2026: the three-month deadline, the forms, the instalments, the 40% notional base.
- La fiscalité monégasque, updated 27/08/2026: the profits tax as the only direct tax, and the list of taxes in force.
- Bureau administratif, archived 6 September 2026: what an administrative office is, and the ban on commercial activity.
- Agence commerciale, archived 6 September 2026: a branch is liable on the same turnover test.
Read and deliberately not linked: an official brochure archived on 6 September 2026 that still prints a superseded rate, and the English translation of the profits-tax page, read on 19 September 2026 as evidence of what ranks rather than as a source.
Next step: VAT and tax registration in Monaco
Answered with the article
+ How much is corporate tax in Monaco?
The Monegasque profits tax is charged at 25% of net profit for financial years opened from 1 January 2022, under Article 21 of Ordonnance Souveraine n° 3.152 of 19 March 1964. Not every Monegasque business falls inside the tax: liability turns on a turnover test and on a separate head of charge.
+ Does Monaco have corporate tax at all, or is Monaco 100% tax free?
Monaco levies no personal income tax, but it does tax company profits, and that profits tax is the only direct tax in the Principality. A business is inside it when at least 25% of its turnover comes from operations made outside Monaco, or when it receives patent or similar income. The label itself is covered in the tax haven guide.
+ Who is liable for the Monegasque profits tax?
Businesses of any legal form carrying on an industrial or commercial activity in Monaco, where at least 25% of turnover comes from operations made outside Monegasque territory, directly or through an interposed person; and companies whose activity in Monaco is to receive patent, trade mark, process, formula or copyright income, for which there is no turnover test.
+ Is the threshold "at least 25%" or "more than 25%" of turnover outside Monaco?
The ordinance and the convention of 18 May 1963 both say 25 % au moins, at least 25%. A "more than 25%" wording circulates widely in English-language guides. The statute controls, so a business with exactly 25% of its turnover outside Monaco is inside the tax, and the difference bites at that figure alone.
+ What counts as turnover made outside Monaco, and do sales to France count?
Goods sold outside Monaco or destined abroad count wherever delivery takes place, and services and rights count where they are used or exploited. Retail cash sales made on the spot in Monaco never count. France is outside Monaco: the operating account annexed to the return splits turnover into Monaco, France and abroad.
+ Does the legal form of the company change the tax?
No. Article 1er applies to businesses whatever their form, so an SARL, an SURL, a SAM, a partnership, a branch and a sole trader are treated alike, and a sole trader is assessed in his own name. The activity and the location of the operations decide liability, which is the Government's own wording.
+ Is the two-year exemption automatic for every new company in Monaco?
No. The Government publishes relief for a business created in the Principality, inside the scope of the profits tax and developing a genuinely new activity: no tax in years one and two, then tax computed on 25%, 50%, 75% and 100% of the profits. It reduces the base, not the rate, and the department decides what is genuinely new.
+ What other reliefs and deductions does a Monegasque company get?
Losses carry forward against EUR 1,000,000 plus half of the excess profit and, by option, back one year. A holding of at least 20% takes the net income of the holding out of the profit, and foreign tax on intellectual property and investment income is creditable on proof. A research tax credit exists; no official rate or cap is published.
+ How is a group administrative office (bureau administratif) taxed?
The Government's filing page, updated 30/07/2026, publishes a notional base equal to 40% of annual operating expenditure, applied only where the ordinary-law result would be lower. It is a base, not a reduced rate, and no statute behind it was located. An administrative office may carry on no commercial activity at all.
+ When is the profits-tax return due, and how are the four instalments paid?
The return is due within three months of the close of the financial year, before 1 April where the year is the calendar year, on form 353-0018, with the balance paid in the same three months. Four instalments fall in February, May, August and November, each a fifth of the tax on the last closed year.
+ How is the tax computed, and is there a Monaco corporate tax calculator?
The tax is 25% of the net profit after deductible charges, within the limits on manager remuneration, on net financial charges and on cars. We publish no calculator and compute nobody's liability: advice or assistance in tax matters is an authorised activity in Monaco. A specific case goes to the tax department or to an expert-comptable.
+ How are dividends treated, and does Monaco withhold tax on them?
A Monegasque company holding at least 20% of another deducts the net income of that holding, less a notional share of costs of 20%, 10% or 5% by holding band. On the paying side, no official Monegasque source states that there is no withholding tax, and the ordinance mentions withholding only in Article 22, to credit foreign tax.
+ Is there such a thing as corporate tax residence in Monaco?
No Monegasque text read for this page defines corporate tax residence. Liability turns on the activity carried on in Monaco and on where the turnover arises, and the profits of a permanent establishment abroad are excluded from the base by the ordinance itself, in Article 1er § 2.
+ Will Monaco apply the 15% global minimum tax?
A bill, Projet de loi n° 1.129, proposes a 15% qualified domestic minimum top-up tax for Monaco entities of groups with EUR 750 million or more of consolidated turnover, for financial years opened from 31 December 2026 and with first payments from 2029. It is a bill, not law, and its published text is dated 28 July 2026.
+ What happens if the return is late or the profit turns out to be understated?
A late or missing return carries a fiscal fine of EUR 15 to 75, late payment 3% for the first month and 1% for each further month, a good-faith shortfall up to one and a half times the tax, and fraud four times the amount, with a closure of the establishment open to the Minister of State. A reassessment is answered within 20 days. ---
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