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Monaco

Government and institution measures in response to COVID-19.

Government and institution measures in response to COVID-19.

Tax measures – Direct and Indirect

(e.g. payment deferrals, rate reductions…)

Click here to see a comprehensive summary of jurisdictional tax measures and government reliefs in response to COVID-19.

Employment-related measures

(e.g. state compensation schemes, training…)

Deferment of social security contributions

  • Employers and self-employed workers in the Principality who are experiencing a significant drop in activity due to the Coronavirus epidemic can contact the Social Security Contributions Collection Office to request staggered payment of their contributions.
  • Employers and self-employed workers in the Principality who are experiencing a significant drop in business as a result of the coronavirus epidemic and are unable to make the next payments due are eligible for this measure. However, employers must, in all cases, complete the usual declarations.
  • This measure covers Social Services Compensation Fund (CCSS), Independent Pensions Fund (CAR) and unemployment insurance contributions, as well as Sickness, Accident and Maternity Insurance for the Self-Employed (CAMTI) and Independent Pensions Fund for the Self-Employed (CARTI) contributions.
  • A case-by-case analysis will be carried out.  A reply will be sent electronically as soon as possible.

Exceptional Minimum Income

  • The Prince’s Government has decided to introduce an Exceptional Minimum Income for self-employed workers which applies from 1 March 2020.
  • The purpose of this financial assistance is to offer economic support to self-employed workers by providing a minimum monthly income of EUR 1,800 per month.

Economic stimulus measures

(e.g. loans, moratorium on debt repayments…)

Interest subsidy

  • The Prince’s Government has decided to extend this scheme to cash flow loans sought by companies in the Principality, in acknowledgment of the specific and unique economic situation resulting from the COVID-19 health crisis.
  • In this extraordinarily challenging context, the subsidy reduces the real agreed interest rate on the loan to zero.

Monegasque Guarantee Fund

  • Measure introduced for cash flow loans and overdraft facilities amounting to less than €50,000, granted to traders, craftspeople and very small businesses affected by the COVID-19 crisis: This measure is aimed at legal entities or individuals engaged in economic activity in the Principality of Monaco (commercial or licensed professional); associations, non-trading companies, portfolio management companies, insurance companies and companies subject to insolvency proceedings are excluded.
  • Measure for cash flow loans and overdraft facilities amounting to between €50,000 and €500,000, granted to businesses affected by the COVID-19 crisis: This measure is aimed at companies operating in the Principality and registered in the Trade and Industry Registry of Monaco; associations, non-trading companies, portfolio management companies, insurance companie, companies subject to insolvency proceedings are excluded.
  • In both cases, the applicant should contact their normal bank.

Other measures and sources

Main sources of information

Contact us

Legal: Bettina Ragazzoni – bragazzoni@kpmg.mc