MONACO PEO & EOR
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As a Global PEO & EOR service provider, we pride ourselves on our global reach, in-country knowledge, and ability to swiftly and efficiently mobilize workers around the world. Our robust PEO/EOR covers everything from global HR, payroll, compliance, in-country support, immigration, visas, and more.
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DID YOU KNOW
- Known for its high-wealth and entrepreneurial population, one in three people who live in Monaco are millionaires.
- Due to reasons rooted in the nation’s history, residents are banned from gambling in Monaco. Despite being home to one of the world’s most famous casinos – Monte Carlo, Monaco has passport checks as the entrances to prevent residents from entering.
- Monaco is one of the world’s most expensive places for real estate. The average price in Monaco is double that of New York!
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Working in MONACO
Employment Information
In Monaco, employees typically work a maximum of 38 hours per week within a flexible timeframe known as ‘the spread of hours’ (e.g., 7 am to 7 pm). Any work beyond this span can be negotiated for overtime rates, ensuring work-life balance in this beautiful Mediterranean enclave. Monaco offers a harmonious blend of work and leisure, making it an attractive destination for a fulfilling career and a splendid lifestyle.
Taxation
Monaco offers one of the world’s most advantageous income tax systems, as the principality does not impose any general income tax on individuals. Because of this, personal income (including salaries, dividends, and capital gains), are not subject to income tax. This means that individuals retain a substantial amount of their earnings.
Despite this, individuals with French citizenship are subject to French income tax on certain types of income. This is because of a historic agreement between Monaco and France. Monaco’s tax policies are a key part of the principality’s appeal as a financially prosperous region.
For organizations, Monaco imposes a corporate income tax rate of 25%, which is highly competitive compared to other neighboring European countries. Monaco also provides a variety of incentives for businesses, including exemptions and reduced tax rates for specific industries.
Holidays, Sickness and Maternity Leaves
Employees in Monaco are entitled to a generous holiday package which is designed to ensure a healthy work-life balance. Typical annual leave ranges from 25 to 30 working days per year, depending on the length of service and any specifications in employment contracts.
Additionally, Monaco prioritizes the health of its workforce by ensuring comprehensive sick leave benefits. In the event of illness or injury, employees in Monaco are entitled to paid sick leave. New mothers are also entitled to a typical maternity leave of 16 weeks, during which time they will receive their full salary. Monaco also provides paternity leave, usually for a week.
Public Holidays (2023)
- New Year’s Day
- New Year Holiday
- Saint Dévote’s Day
- Easter Monday
- Labour Day
- Ascension Day
- Whit Monday
- Corpus Christi
- Assumption Day
- All Saint’s Day
- National Day
- National Day Holiday
- Immaculate Conception
- Christmas Day
Visas
Monaco offers several visa categories tailored to different individual circumstances. Some examples of the visas on offer include:
Work Visa: This is typically granted to individuals who have secured a job in Monaco. It requires sponsorship from a Monaco-based employer. Work visas are usually issued for one year and can be renewed for as long as the employment contract is valid.
Self-Employment Visa: This visa is typically used by entrepreneurs and self-employed individuals who are looking to establish their business in Monaco. Acquiring this visa is dependent on meeting specific financial criteria and demonstrating a viable business plan.
Residence Visa: Monaco’s residence visas are for individuals who can demonstrate financial self-sufficiency and do not intend to work in the principality.
Family Reunification: Monaco also offers family reunification visas, which allow spouses and dependent children to join the primary visa holder in Monaco.