Panama vs Monaco
Tax Rate Comparison
Enter your income below for a personal tax estimate, then scroll down for full rate breakdowns.
💰 Personal Income Tax Calculator
Enter your income to see your estimated annual tax liability in each country — side by side.
Individual Income Tax (Top Marginal Rate)
VAT / GST / Sales Tax
Corporate Tax Rate
Capital Gains Tax
Social Security & Payroll
🇵🇦 Panama — Municipal & Corregimiento Taxes
Panama's 10 provinces and 81 districts have municipalities that levy commercial licence fees (Tasa Unica), property tax (impuesto de inmuebles at 0%–2.1%), and service fees. Panama City has the highest commercial licence fees. Panama uses a territorial tax system — income earned outside Panama is not taxed. This has made Panama a significant financial and trading hub. The Colón Free Zone is the world's second largest free trade zone. Panama is working to exit FATF grey lists and improve tax transparency.
🇲🇨 Monaco — No Sub-National Tax Variation
Monaco is a city-state with no sub-national taxation. Monaco has no personal income tax for residents (with limited exception for French nationals under a bilateral treaty). Corporate tax at 33.33% applies only to companies deriving more than 25% of revenue from outside Monaco. This principality between France and Italy is the world's most famous tax haven — with the world's highest per-capita millionaires. VAT is aligned with the French system.
Panama vs Monaco: Key Tax Differences (2026)
💰 Income Tax: 🇵🇦 Panama has a higher top income tax rate (0–25% vs 0%). 🇲🇨 Monaco is more favourable for high earners.
🛒 VAT/Sales Tax: Monaco has a higher consumption tax (7% vs 20%).
🏢 Corporate Tax: 🇵🇦 Panama offers a lower corporate rate (25% vs 33.33%), which can influence business location decisions.
📈 Capital Gains: 🇲🇨 Monaco taxes investment gains at a lower rate (0% vs 10%), benefiting investors.