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Guernsey-Monaco

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Tax Treaty between Guernsey and Monaco to Enter into Force

Guernsey has announced that its income tax treaty with Monaco will enter into force on 9 May 2015. The treaty, signed 7 April 2014 in Guernsey and 14 April 2014 in Monaco, is the first of its kind between the two jurisdictions.

Taxes Covered

The treaty covers Guernsey income tax, and Monaco profit tax on commercial income of individuals and profit tax on companies.

Withholding Tax Rates

  • Dividends - 0%
  • Interest - 0%
  • Royalties - 0%

Capital Gains

The following capital gains derived by a resident of one Contracting Party may be taxed by the other Party:

  • Gains from the alienation of immovable property situated in the other Party;
  • Gains from the alienation of movable property forming part of the business property of a permanent establishment in the other Party; and
  • Gains from the alienation of shares directly or indirectly deriving more than 50% of their value from immovable property situated in the other Party

Gains from the alienation of other property by a resident of a Contracting Party may only be taxed by that Party.

Double Taxation Relief

Both jurisdictions apply the credit method for the elimination of double taxation.

No Prejudicial or Restrictive Measures

Article 23 (No Prejudicial or Restrictive Measures) includes the provision that neither Contracting Party may apply prejudicial or restrictive measures based on harmful tax practices to residents, non residents or nationals of either Party.

The article defines such measures as those applied by one Party to residents or nationals of either Party on the basis that the other Party does not engage in effective exchange of information and/or because it lack transparency in the operation of its laws, regulations or administrative practices, or on the basis of no or nominal taxes and one of the preceding criteria. Specific examples of measures include:

  • The denial of a deduction, credit or exemption;
  • The imposition of a tax, charge or levy;
  • The inclusion on a discriminatory list or any similar or assimilated measure or practice; and
  • The requirement for a special reporting

Effective Date

The treaty applies from 1 January 2016.

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