Monaco

Monaco levies no income tax on individuals making it an ideal tax haven with its casino and pleasant climate.

The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; the vast majority of them are business people rather than celebrities.

The Organisation for Economic Co-operation and Development (OECD) issued the first report on the consequences of the tax havens' financial systems in 1998. Monaco did not appear in the list of these territories until 2004, when OECD became indignant regarding the Monegasque situation and denounced it in its last report, underlining its lack of co-operation as regards to financial information disclosure and availability.

• Since 2003, the International Monetary Fund (IMF) has identified Monaco, along with 36 other territories, as a tax haven.

The Council of Europe decided to issue reports naming tax havens. Twenty-two territories, including Monaco, were evaluated.  Monaco is the only territory that refuses to perform the second round, whereas the 21 other territories are implementing the third and last round.

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