The hidden taxes of Monaco | Be careful | Monaco tax haven
Monaco is a very famous tax haven located on the beautiful French Riviera.
It is located very close to Nice in France, on one side, and very close to Sanremo in Italy, on the other.
It is the main total tax haven in the heart of Europe.
There is in fact no income tax in Monaco.
There is no capital gains tax.
In some cases, business profits tax is applied to some companies.
However, most people don't pay for these either.
In fact, even the latter can be avoided with careful international tax planning.
But there is a problem for those who want to use Monaco as part of the inheritance and generational transfer of wealth.
In fact, there is inheritance tax.
However, even in this case there are methods to plan and avoid paying for it.
In fact, there are exceptions.
For example, inheritance tax is paid only on assets located in Monaco.
And also the rate varies depending on the relationship with the heir.
And if the heirs are only wives and children, the inheritance tax will not be paid.
However, if you would like to leave your inheritance to a brother or sister, you will pay for it.
And you will pay an even higher rate if the heir is not even a relative.
However, international tax lawyers manage to solve these problems, using planning.
In the next episode on Monaco, we will see what the lifestyle is like.
We will see if it is a safe country.
And we will see many other pros and cons of life in Monaco.
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