Paolo Petrini

29/05/2024

Taxation and Legislation

Why UK Non-Doms Should Consider Moving to Monaco for Tax Benefits

For many years, the non-domiciled (non-dom) tax regime in the UK has allowed residents to benefit from favorable tax treatment by paying taxes only on the income they remit to the UK. However, recent legislative changes have significantly altered this landscape. Starting from April 6, 2025, the UK will abolish the non-dom tax regime. This means that all UK residents, regardless of their domicile status, will be taxed on their worldwide income, a significant shift from the previous remittance basis system.

Paolo Petrini

10/05/2024

Taxation and Legislation

Monaco and the FATF's grey list: Impacts and responses of the Principality in 2024

In 2024, the Principality of Monaco is at a crucial regulatory turning point in the face of the threat of being placed on the Financial Action Task Force's (FATF) grey list. This prospect raises questions about the possible implications for Monaco's financial sector and its attractiveness as an international financial centre. Historically, even a placement on the FATF's non-cooperation lists has not seemed to have a lasting effect on the local real estate market, which continues to thrive thanks to the persistent scarcity and luxury of properties.

Paolo Petrini

15/03/2024

Taxation and Legislation

Are new vehicles registered in Monaco subject to taxes?

In the face of European environmental initiatives aimed at reducing CO2 emissions through the introduction of taxes on new vehicles, Monaco has a distinct configuration. Due to its non-membership of the European Union, the Principality does not apply the same taxation policy based on CO2 emissions and the weight of new vehicles. This regulatory specificity offers a different perspective for Monaco residents and those planning to take up residence there.