Monaco’s CRS regulatory environment is currently evolving:
- The OECD CRS standard has recently been updated, resulting in new obligations for financial institutions. Find out more here: OECD updates common reporting standard
- The Principality’s CRS system is currently under evaluation by the OECD, reinforcing controls and sanctions emanating from the Direction des Services Fiscaux. Find out more here: Assessment of CRS application in Monaco and Details of CRS sanctions
- Recent local updates aim to reinforce the obligations of professionals. Find out more here: Updated CRS FAQ from the Monegasque Government
In this context, the Direction des Services Fiscaux has intensified its controls to ensure that professionally managed investment entities comply with their registration and annual declaration obligations.
Certain entities, such as Monegasque non-trading companies whose income is mainly derived from a portfolio of financial assets and which have entrusted the management of their assets to a bank or management company, could be concerned.
Unlike the FATCA regulations, which allow these entities to adopt ODFFI status and delegate their reporting obligations to the bank, the CRS regulations do not provide for such an option. Entities therefore remain responsible for their own CRS compliance.
Phoenix Consulting has designed a tailor-made offer to support these entities in complying with CRS requirements. You will find more details in the brochure below.
Our team of experts is ready to support you in this complex process.
*Common Reporting Standard | Norme Commune de Déclaration

