The Government has pointed out that Monaco has not appeared on any of the three lists of problematic fiscal jurisdictions as published by the Council of Europe on Tuesday, December 5. A total of 92 jurisdictions were listed.
Monaco was recognised as “largely compliant” in terms of transparency four years ago, at the World Forum of the OCDE held in Jakarta. Furthermore, Monaco’s economic model is “onshore”, the Monaco government said in its statement published on Wednesday, December 6. What makes the Principality rich is the wealth of its residents, who live and consume in Monaco, plus the VAT revenues produced in accordance with an agreement with France.
From May 17, 2016, Monaco has applied the necessary measures to combat the erosion of the tax base and transfer of profits, the statement said, adding, “The Government states with satisfaction the recognition of the work so far accomplished and will pursue future actions to maintain its conformity to international standards in these matters.”