On July 12, 2016 the EU and Monaco signed an Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC. This will allow the tax administrations of the EU Member States and the tax administration of Monaco improved cross-border access to information on the financial accounts of each other's residents.

The Protocol amendments the 2004 agreement that ensured that Monaco applied measures equivalent to those in an EU directive on the taxation of savings income. The aim is to extend the automatic exchange of information on financial accounts in order to prevent taxpayers from hiding capital representing income or assets for which tax has not been paid.

Click here to be forwarded to the text of the Amending Protocol to the Agreement between the European Community and the Principality of Monaco providing for measures equivalent to those laid down in Council Directive 2003/48/EC as available on the website of the European Council/Council of the European Union.

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