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5.4. Tax Base for Non-Resident Entities

A non-resident company undertaking business activities in Monaco in the form of a permanent establishment or through a dependent representative or from other business establishment will be taxed therein to the extent if at least 25% of its turnover is derived from outside Monaco or if its activity in Monaco consists of the collection of IP proceeds (see Sec. 4.1. and 5.1.).

No withholding tax is levied by Monaco on payments made to non-residents.