Monaco Offshore Guide
Monaco is the second smallest independent state in the world- measuring even smaller than 2 square kilometer, situated to the east of the French Riviera and dominated by Monte Carlo. The physical geography of Monaco includes a long beach and stiff cliffs. Even with its very small territory, the land is filled with many country sights including well-arranged beaches, parks, and awe-inspiring mountain landscapes.
Imagine a place where you will not be required to pay taxes for your income – the answer is Monaco! This makes Monaco an excellent tax haven and the main reason why the most richest and successful people are attracted to this small state. Social services make it possible for families not to worry about the safety and education of their children. French is the official spoken language in Monaco although a large part of the population can speak and converse in English and Italian.
This progressive nation has no army or armed forces; police department consisting of 500 staffs is responsible for the security of the place and a small coast guard with three small patrol boats. This is probably to convince you that Monaco is indeed safe and secure - not to out mention a very prosperous place.
Monaco is an ideal place for business specifically in the fields of services and banking. Being a very prosperous nation situated in an outstanding geographical location that is adjacent to most European cities, Monaco is indeed an excellent place to hold and maintain a business. In addition to these characteristics the development of sound and excellent state-of-the art banking system, enhanced safety background founded on prominent political and social stability, and magnificent tourism all contribute to creating Monaco a favorable and enticing environment for corporate and small scale industries.
There are variety of advantages that offshore companies are about to enjoy in Monaco. The following are some of them:
• Financial and business strategy is guaranteed to be kept private. This is greatly favorable for the investors that are not comfortable with publicity.
• Great savings on taxes with the probability of having it waived; however any offshore business should be reminded that most companies incorporated in Monaco are subject to local corporation tax unless managed by a legitimate Monegasque management company.
• In Monaco, you can be sure that your wealth or investment is safe because banking system in Monaco guarantees confidentiality.
• In cases of inheritance, ease or convenience in transferring assets to the next generation is guaranteed as stated by regulations governing this act.
• Facilitation of transfer of property (cars for example) named under an offshore company is possible by transferring or selling stock.
• With regards to other taxes, offshore companies are not obligated to pay income tax for non-French residents.
• Monaco is located in mainland Europe and is easily accessible to and from other parts of the world with the presence of an international airport making it an ideal business center.