Monaco proposes 15% minimum tax for largest multinational groups

Monaco has taken another step towards aligning its corporate tax framework with international standards, tabling legislation that would introduce a domestic minimum tax for the world’s largest multinational companies while ensuring the resulting tax revenue remains within the Principality.

In a statement issued Wednesday, the Government indicated that it has submitted a draft law to the National Council that would implement the OECD’s Pillar Two framework through a Qualified Domestic Minimum Top-up Tax (QDMTT), applying to multinational groups with annual consolidated revenues exceeding €750 million.

The proposed measure would ensure these companies pay an effective minimum tax rate of 15% on their activities in Monaco, in line with rules developed by the Organisation for Economic Co-operation and Development (OECD) under its Base Erosion and Profit Shifting (BEPS) initiative.

Protecting Monaco’s tax sovereignty

The government said the reform is primarily aimed at protecting Monaco’s tax revenues rather than increasing the tax burden on affected businesses.

Under the OECD’s global minimum tax framework, if Monaco does not collect the top-up tax itself, other participating jurisdictions where a multinational group has subsidiaries or a parent company could claim those revenues instead.

By introducing the domestic tax, Monaco ensures that tax generated by economic activity within the Principality remains in Monaco rather than being transferred to foreign tax authorities.

Supporting competitiveness

The government also argues that adopting an OECD-recognised framework will strengthen Monaco’s attractiveness for multinational businesses.

For companies covered by the rules, operating within a jurisdiction that complies with the OECD framework should reduce administrative complexity and avoid additional compliance obligations that could otherwise arise if Monaco did not implement the measure.

Part of wider international commitments

The reform forms part of Monaco’s ongoing efforts to align its legal and fiscal framework with international standards on tax transparency and fair taxation.

According to the government, the legislation demonstrates the Principality’s commitment to maintaining a competitive business environment while meeting the evolving requirements established by the OECD.

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Photo of the Prince’s Palace by Cassandra Tanti 

 

Monaco Economic Board joins global French-speaking business network

The Monaco Economic Board (MEB) has officially joined the Alliance of Francophone Employers, opening up new international markets and networking opportunities for businesses in the Principality.

This move comes as the MEB prepares to officially change its name to the Chamber of Commerce of Monaco, a change members will vote on during a meeting on 5th October.

The Alliance links 44 business groups and chambers of commerce across 37 countries, representing over one million companies worldwide. The group’s main idea is simple: sharing a language makes it easier to talk, make decisions, and build trust in business.

For Monaco, the membership helps strengthen trade ties with Africa and opens doors to new regions where local businesses usually have fewer connections.

Focus on South-East Asia

The new partnership creates immediate opportunities in South-East Asia. In November, the sixth Francophone Entrepreneurs Meeting (La REF) will take place in Phnom Penh, Cambodia. Organised with the Cambodia Chamber of Commerce, the event will bring together more than 3,000 business leaders and investors during the 20th Francophonie Summit.

A government team led by Isabelle Berro-Amadeï, Minister for External Relations and Cooperation, will attend the summit.

At the same time, MEB leaders Guillaume Rose and Justin Highman will travel to Cambodia with Monegasque business owners who already work in the region. The trip is designed to build local connections and pave the way for future business missions.

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Main photo credit: Ecem Arslan – Pexels 

Monaco pianist Stella Almondo to return home for solo recital at Grimaldi Forum

After captivating an audience of nearly 50,000 people at one of France’s largest open-air classical music festivals, Monégasque pianist Stella Almondo is set to return home for an intimate solo recital at the Grimaldi Forum Monaco this September.

Just weeks before her Monaco performance, Almondo appeared at Un Violon sur le Sable in Royan, a renowned seaside classical music festival that draws tens of thousands of spectators each year. Performing alongside the festival’s symphony orchestra on Grande Conche beach, the young pianist delivered a technically accomplished and emotionally expressive performance before an audience of almost 50,000.

The concert marked another milestone in the career of one of Monaco’s most promising young classical musicians.

Stella Almondo to perform solo at the Grimaldi Forum

On Sunday 20th September at 6pm, Almondo will take to the stage at the Auditorium Prince Pierre in the Grimaldi Forum Monaco for a solo piano recital.

In contrast to the scale of her recent orchestral performance in Royan, the Monaco recital will offer audiences the opportunity to experience her musicianship in a more intimate setting, where the focus will be entirely on her interpretation and artistry at the piano.

The recital is expected to showcase the elegance, virtuosity and emotional depth that have become hallmarks of the young pianist’s performances.

Tickets now on sale

The recital will begin at 6pm on Sunday 20th September at the Auditorium Prince Pierre in the Grimaldi Forum Monaco.

Tickets are priced at €20, with seating limited. Reservations can be made through the Grimaldi Forum box office by calling +377 99 99 30 00 or via the venue’s online ticketing service.

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Photo source: Grimaldi Forum

Monaco’s building boom fades — and its workforce with it

Turnover in Monaco’s construction sector fell by more than a third in 2025, a decline of close to €1 billion, as the major projects that had powered three exceptional years drew to a close, according to the latest report from the Principality’s statistics institute, IMSEE.

The sector’s revenue dropped 36.1% to €1.75 billion, a fall that accounted for more than half of the €1.6 billion (7.6%) decline in Monaco’s total revenue for the year, excluding financial and insurance activities. Even after the contraction, construction turnover remained slightly above its 2021 level and has almost doubled over the past decade, having peaked at €2.7 billion in 2024.

A near-billion-euro fall in turnover

Every part of the sector lost ground. Residential and non-residential building construction, its largest component, fell back below the €1 billion mark with a drop of €771.7 million, or 45.5%. Specialised construction works, covering the second-fix and finishing trades, declined by €157.2 million, or 16.8%, while civil engineering contracted by €57.7 million, more than halving at 55.1%.

The retreat has reshaped the sector. Building construction, which had climbed to 64.9% of turnover in 2022, now accounts for 52.8%, closely followed by specialised works on 44.5%, or €778.0 million.

Still one of Monaco’s biggest employers

Despite the downturn, construction remains one of the Principality’s largest employers. It counted 6,245 salaried staff at the end of 2025, down 288, or 4.4% — a sharper fall than the 1.2% recorded across Monaco’s private sector as a whole — yet it stayed the third-biggest employer, accounting for more than one private-sector worker in ten before temporary staff are counted. The number of employers slipped to 347, seventeen fewer than in 2024.

The count of businesses held steadier. Eighteen were created and fifteen struck off during the year, leaving 450 active establishments, a net gain of three. Specialised construction firms make up just over 70% of them.

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Photo by Cassandra Tanti 

Monaco’s free summer concerts take an Italian turn

An evening of Italian music comes to Square Gastaud on Wednesday 5th August, as the Mairie de Monaco’s free open-air concert series turns towards Italy. The ‘Bella Italia’ concert runs from 7.30pm to 9.30pm, is open to all and requires no ticket.

It forms part of the ‘Soirées Musicales Estivales’, the series of summer musical evenings staged outdoors by the Mairie de Monaco, the Principality’s town hall, between 8th July and 19th August. The concerts move between Square Gastaud and the Larvotto, at Place Anne-Marie Campora, and are free to attend.

The ‘Bella Italia’ evening

The 5th August programme at Square Gastaud is given over to Italian sounds, in what the Mairie bills as a relaxed and festive setting. As with the other dates in the series, there is no charge and no booking is needed, with the music running from 7.30pm to 9.30pm.

A summer of open-air concerts

The musical evenings take in a range of styles across the season, from French chanson to pop and rock, before the series closes on 19th August with a pop-rock night. They are one strand of a broader summer programme run by the Mairie, which this year has also featured children’s evenings in several neighbourhoods and the pyromusical fireworks nights held at Port Hercule on 25th July and 1st August.

The concerts are among the more low-key fixtures of Monaco’s summer calendar, turning the Principality’s public squares into open-air venues for residents and visitors through the warmer months.

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Photo by Monaco Life

Rare eclipse to darken Monaco’s evening sky on 12th August

Around 95 per cent of the Sun will disappear behind the Moon in the skies over Monaco on the evening of Wednesday 12 August, when a rare total solar eclipse sweeps across the far north of the planet and cuts across the Iberian Peninsula. The Principality sits well outside the narrow band where the Sun is blotted out entirely, but it will still see one of the deepest partial eclipses observed from the Riviera in years, unfolding low over the horizon as the Sun begins to set.

It will be the first total solar eclipse visible from mainland Europe since August 1999, though only a handful of European regions fall directly beneath the Moon’s shadow. Everywhere else on the continent, including Monaco, the event will register as a partial eclipse of varying depth.

What Monaco will see

From Monaco, the Moon will begin to bite into the Sun’s disc at around 7.30pm, with the eclipse reaching its maximum at roughly 8.24pm. At that point close to 95 per cent of the Sun will be covered, leaving only a thin crescent of light. Crucially, the Sun will be very low in the sky at maximum, sitting little more than two degrees above the horizon towards the west-north-west.

Because the Sun is so low, it will slip below the horizon while still substantially eclipsed, rather than the eclipse being seen to run its full course in a clear sky. This makes an unobstructed western horizon essential for anyone hoping to follow the event to its conclusion, and the hills and buildings rising to the west of the Principality may cut the view short. A vantage point looking out over the sea towards the west offers the best chance of catching the crescent Sun as it descends.

The depth of the eclipse is broadly similar along this stretch of coast. Neighbouring Nice will see about 95 per cent of the Sun covered, Marseille around 96 per cent, while further north Paris will reach roughly 92 per cent.

A total eclipse for Iceland and Spain

The path of totality, the narrow strip where the Moon completely covers the Sun and day briefly turns to twilight, begins in the Russian Arctic and travels south across Greenland and the Atlantic before crossing western Iceland, northern Spain, the Balearic Islands and the north-eastern tip of Portugal. The longest period of totality, lasting 2 minutes and 18 seconds, falls over the ocean just off Iceland’s western coast.

The eclipse takes place close to the point at which the Moon is nearest to Earth in its orbit, meaning the Moon appears slightly larger than usual and the total phase lasts a little longer as a result. In Spain, totality arrives shortly before sunset, with the darkened Sun hanging low in the evening sky.

Watching safely

There is no moment during the eclipse in Monaco when it is safe to look at the Sun with the naked eye. Unlike observers within the path of totality, who can briefly remove their protection during the total phase, viewers in the Principality will see only a partial eclipse and must keep certified eye protection in place from start to finish.

Eclipse glasses and handheld solar viewers are safe only if they meet the international ISO 12312-2 standard, which should be printed on the product. They should be inspected before use and discarded if scratched, torn or coming away from the frame. Ordinary sunglasses offer no protection whatsoever, even very dark ones, and stacking several pairs together does not make them safe.

Eclipse glasses must never be used in combination with binoculars, a telescope or a camera. The concentrated light gathered by such instruments will burn straight through the filter and cause serious eye injury. Any optical instrument used to view the Sun needs a purpose-made solar filter fitted securely over the front, never at the eyepiece. Children should be supervised throughout.

Viewing without eclipse glasses

Those without certified glasses can still follow the eclipse safely using indirect projection, which involves looking at an image of the Sun rather than the Sun itself. A small hole punched in a piece of card, held up with the Sun behind the viewer, will project a crescent image onto a surface below. A kitchen colander works in the same way, casting dozens of crescents at once, as do the small gaps created by crossing the slightly open fingers of both hands. The dappled light beneath a leafy tree produces the same effect, scattering tiny crescent Suns across the ground.

Looking ahead

For those left wanting more, the Côte d’Azur will not have to wait long for a second chance. On 2 August 2027, another total solar eclipse will cross southern Spain, the Strait of Gibraltar and North Africa, with totality lasting well over four minutes along the Andalusian coast and more than six minutes in Egypt. It too will be seen as a deep partial eclipse from Monaco. A further eclipse, annular rather than total, will pass over Spain and Portugal on 26 January 2028.

Monaco Life is produced by real multi-media journalists writing original content. See more in our free newsletter, follow our Podcasts on Spotify, and check us out on  Facebook,  Instagram,  LinkedIn and Tik Tok

Photo of Monaco by Cassandra Tanti, with AI generated eclipse overlay