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Monaco Domicile & Residency

Determining Monaco residency for tax purposes involves understanding the laws and regulations on tax residency established by the government of Monaco.

According to the Monaco Income Tax Law, an individual is considered a resident of Monaco for tax purposes if they meet one of the following conditions:

1. They have their principal place of residence in Monaco.
2. They have their main professional activity or main source of income in Monaco.
3. They stay in Monaco for more than 183 days per year.

To determine residency, the government of Monaco will consider factors such as the location of an individual’s principal place of residence, the location of their main professional activity or main source of income, and the frequency of their stays in Monaco.

It is important to note that being physically present in Monaco for 183 days or more during a taxable year, or maintaining a principal place of residence in Monaco does not automatically make an individual a resident for tax purposes. The individual must also have the intent to make Monaco their home.

Additionally, Monaco has signed double tax treaties with a number of countries, which include provisions for determining the tax residence of an individual in case of dual residence.

Individuals who are unsure of their residency status should consult with a tax professional or the Monaco Tax Authority for guidance. It’s important to keep in mind that tax laws can change frequently and it’s best to consult with a tax professional who is up-to-date with the current regulations.