Embarking on a new journey and leaving Monaco? Ceasing your tax residency here involves a series of important steps. This comprehensive guide will walk you through the process, ensuring you adhere to all the legal requirements.
Step 1: Notify the Monaco Tax Authorities
The first step in ceasing your tax residency in Monaco is to formally notify the Monaco Tax Authorities of your intention to leave. This notification must be made in writing and should include your intended date of departure from Monaco.
Step 2: Deregister from the Monaco Social Security System
You must also deregister from the Monaco social security system. This involves informing the Caisses Sociales de Monaco (CSM) of your departure and completing any necessary paperwork to terminate your social security coverage.
Step 3: Close Your Local Bank Accounts
It is important to close any local bank accounts you hold in Monaco. Contact your bank to inform them of your departure and follow their procedures for closing your accounts. Ensure that all outstanding transactions are settled before closing the accounts.
Step 4: Settle Any Outstanding Taxes
Before you can cease your tax residency, you must ensure that all your tax obligations are fulfilled. This includes paying any outstanding taxes up to the date of your departure. Obtain a tax clearance certificate from the Monaco Tax Authorities to confirm that you have settled all dues.
Step 5: Update Your Address with Relevant Authorities
Make sure to update your address with all relevant authorities and institutions in Monaco, including the postal service, utility providers, and any other organizations that may need to contact you after your departure.
Legal References
- Code Fiscal de Monaco
- Loi n° 1.381 du 19/6/2011 relative aux droits de mutation
- Ordonnance Souveraine n° 3.152 du 19/3/1964 relative à l'impôt sur les bénéfices
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