Information about Monaco Minimum wage and taxes.

Monaco has one of the lowest minimum wages in the world. As of 2022, the gross minimum wage in Monaco has been determined as 1,810 Euros per month. Monaco is known as a tax haven and its tax system is quite advantageous. There are no many types of taxes in Monaco, such as income tax or capital gains tax. Instead, individuals and companies resident in Monaco are taxed only on income they generate in Monaco. The concepts of "domicile" and "résidence" are important in the taxation of individuals residing in Monaco. Individuals who are "Domicile" are those who were born in Monaco or have lived in Monaco for at least 5 years. These individuals are taxed in Monaco on their worldwide income. Individuals who are "Résidence" are those who reside in Monaco for more than 6 months. These people only pay taxes on the income they earn in Monaco. For individuals residing in Monaco, the tax burden is quite low, thanks to the country's advantageous tax system and tax agreements. However, life in Monaco is quite expensive due to the high cost of living and luxury consumption habits.

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