Family Offices in Monaco: Structure, Services and Facts

What a family office does in Monaco

A family office is a private structure that manages the wealth, governance, administration and lifestyle of a single family or a small number of families. In Monaco, family offices typically coordinate investment management, banking relationships, legal and tax structuring, real-estate holdings, art and collectibles, succession planning, philanthropy and day-to-day personal services.

Monaco's appeal rests primarily on the absence of personal income tax for non-French residents, the absence of wealth tax, the absence of individual capital-gains tax, a long-standing private banking tradition, a secure and discreet environment, and direct access to European markets. None of these advantages remove the need for sound cross-border tax planning — they only reshape it.

Verified tax context for families

• Personal income tax: Monaco does not levy any personal income tax on individuals, regardless of the source (salary, dividends, interest, capital gains, rental income, pensions). The only exception concerns French nationals who became Monaco residents after 13 October 1962; they remain taxable in France under the Franco-Monegasque Tax Convention of 18 May 1963.
• Wealth tax: none.
• Annual property tax: none.
• Individual capital gains: not taxed in Monaco.
• Inheritance and gifts: only assets physically located in Monaco are taxed, and at rates that depend on the relationship — 0% in direct line (spouse, children, parents), 8% between siblings, 10% between uncles/aunts/nephews/nieces, 13% for other relatives, 16% for unrelated beneficiaries.
• VAT: Monaco applies French VAT — 20% standard, 10%, 5.5% and 2.1% reduced rates. There is no 0% VAT regime in Monaco.
• Corporate profit tax (ISB): 25% when a Monaco company earns more than 25% of its turnover outside Monaco.

These facts should always be verified directly with the Direction des Services Fiscaux and a licensed Monaco tax advisor before any decision.

Regulatory context

Financial activities and investment services provided to third parties in Monaco are supervised by the CCAF (Commission de Contrôle des Activités Financières). A single-family office that manages only the wealth of one family is generally not a regulated financial activity in itself, but any service provided to external clients, or any portfolio management delegated to a Monaco entity, falls under CCAF supervision.

Typical services

• Strategic wealth planning and asset allocation
• Consolidated reporting across banks and custodians
• Tax coordination across the family's countries of residence and citizenship
• Legal and corporate structuring (holdings, foundations, trusts where recognised)
• Succession and governance, including family constitutions
• Real-estate acquisition, management and refurbishment
• Art, collectibles and alternative assets
• Philanthropy and impact investment
• Concierge, personal administration, staff management

When Monaco works — and when it does not

Monaco tends to fit families whose primary objective is wealth preservation, who value a secure and discreet environment, who already have international investment exposure, and who can meet the residency requirements (housing, deposits, clean record). It is typically less relevant for founders building operational businesses that need a large local talent pool, for families seeking specific industry ecosystems (tech, biotech, media) at scale, or for anyone whose home country imposes strict exit or deemed-disposal rules.

Before relocating

Relocating a family to Monaco is a multi-year project. It requires careful planning across residence, tax treaties, banking, real-estate, schooling and governance. We strongly recommend working with a licensed Monaco tax advisor, a Monaco lawyer for the residence application, and an international private bank familiar with the family's home jurisdictions.

Official sources

• Direction des Services Fiscaux (gouv.mc)
• MonEntreprise
• MonServicePublic — Settling in Monaco