Monaco has signed a bilateral tax agreement with the United Arab Emirates to prevent tax evasion and eliminate double income tax, an historic move that was witnessed by both the Prince of Monaco and the Prince of the UAE.
On Saturday 13th November, Prince Albert II of Monaco and Crown Prince of Dubai Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum were present for the signing of the bilateral tax agreement by Monaco’s Finance Minister Jean Castellini and UAE Minister of State for Financial Affairs Mohamed Bin Hadi Al Hussaini at Dubai Expo.
It is the 36th tax agreement entered into by the Principality and is “the result of constructive negotiations carried out with the objective of preserving the specificities and interests of the two States, promoting their economic relations and improving their cooperation in tax matters,” said the Prince’s government in a statement.
In 2009, at the instigation of Prince Albert, Monaco began pursuing agreements to strengthen tax transparency and the exchange of information between countries, in line with the international requirements advocated by the OECD.
“The Principality welcomes the excellent links with the United Arab Emirates and the increased relations between the two states,” concluded the government.
In addition to complying with OECD standards, the agreement offers full protection to tax payers from double taxation, removes difficulties in cross-border trade and investment flows, and encourages the exchange of goods, services and capital movements.
The signing came on the same day that Monaco celebrated its National Day at the Dubai Expo.
Sheikh Hamdan and Prince Albert also toured their country’s Pavilions and discussed other ways of expanding economic, investment and cultural ties.
I met with Albert II, Prince of Monaco, at the UAE Pavilion at @expo2020dubai and visited the Monaco Pavilion, which features a design inspired by the ‘Rock of Monaco’ that represents the country’s national, cultural and environmental identity. pic.twitter.com/2o7hvIRDLP
— Hamdan bin Mohammed (@HamdanMohammed) November 13, 2021
Image Credit: Twitter/Hamdan bin Mohammed