Liechtenstein and Monaco
Liechtenstein and Monaco have a bilateral convention to avoid double taxation and prevent tax evasion and fraud. Monaco's official publication makes it possible to distinguish precisely between the instrument's signing in 2017 and its subsequent entry into force.
Analysis reviewed: 2026-10-08 · Indicators updated: 2026-10-08Bilateral context
The convention was signed in Bern on 28 June 2017 and covers taxes on income and wealth.
Cooperation and bilateral issues
The text links its application to Monaco's 2010 framework for international tax cooperation and entrusts its implementation to the relevant authorities.
Cooperation and bilateral issues
The text links its application to Monaco's 2010 framework for international tax cooperation and entrusts its implementation to the relevant authorities.
Bilateral indicators
Blank cells: data unavailable.
| Indicator | Value | Period |
|---|---|---|
| Goods trade | ||
| Goods: Liechtenstein to Monaco | ||
| Goods: Monaco to Liechtenstein | ||
| Services trade | ||
| Export share: Liechtenstein to Monaco | ||
| Export share: Monaco to Liechtenstein | ||
| Investment stock: Liechtenstein in Monaco | ||
| Investment stock: Monaco in Liechtenstein |
Definitions and sources
Trade adds both directions. Shares refer to the country’s total goods exports; investment is an accumulated stock, not an annual flow. Every figure retains the currency and period of its source. BEA positions are historical-cost estimates based on the immediate counterpart, not market values or investment by ultimate owner. ‘More than’ indicates a lower bound, not an exact amount. A recorded stock does not establish new activity or authorisation to operate under sanctions.
Country comparison
Period and source beside each figure · est. = estimate by the stated institution.
| Indicator | Liechtenstein | Monaco |
|---|---|---|
| Nominal GDP | 8.91 billion USD2024 · WB | 11.13 billion USD2024 · WB |
| GDP per capita | 220,167.23 USD2024 · WB | 288,001.57 USD2024 · WB |
| GDP growth | 8.51 %2024 · WB | |
| Policy interest rate | ||
| Inflation · annual average | ||
| Inflation · latest year-on-year figure | ||
| Unemployment | ||
| Budget balance (% of GDP) | 2.8 %IMF est.2025 · IMF | |
| Gross public debt (% of GDP) | 0.5 %IMF est.2025 · IMF | |
| Current account balance (% of GDP) | ||
| Population | 40,4502024 · WB | 38,6312024 · WB |
| Area | 160 km²2023 · WB | 75 km²2023 · WB |
| Military expenditure | ||
| Military expenditure (% of GDP) |
Definitions, dates and sources
Blank cells are not zero. Average annual inflation and the latest year-on-year figure appear in separate rows: they are not the same measure. Every annual indicator retains its reference year; when the years differ, the figures are identified as not directly comparable. When a figure is unavailable from the World Bank, an annual IMF estimate is used and identified as such. The latest year-on-year figure is the latest official release verified as of 7 October 2026. This includes advance releases marked as provisional. Mexico may have a fortnightly figure before the full month is published; it is not automatically compared with a monthly figure. The publication date is retained in each source’s details; it does not replace the observation period or the annual average. Policy rates carry their own dates and represent different instruments. Spain and France share the ECB rate. Balances are positive for surpluses and negative for deficits. The IMF may use fiscal years; unemployment retains each source’s definition (ILO estimates, IMF WEO or PCBS), as stated in the details. For Palestine, debt and the fiscal balance cover central government and retain the PCBS definition; they are not presented as consolidated general government. These are economic magnitudes, not measures of relationship quality.
Area retains each source’s territorial coverage; it does not determine sovereignty or effective control. Canada uses an archived national geographic reference. Military expenditure retains the 2024 SIPRI sample distributed by the World Bank: the amount and percentage of GDP use that same definition, which differs from NATO’s. It is not an approved budget or a 2026 figure. Information from the Stockholm International Peace Research Institute (SIPRI). Military expenditure database · Terms of use0
Indicators reviewed: 2026-10-07. Each source retains its original access date; this review does not turn all the data into 2026 observations. Figures may be revised.
- Nominal GDP
- Current USDLiechtenstein: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.Monaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP per capita
- Current USD per personLiechtenstein: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.Monaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- GDP growth
- Annual real change (%)Monaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Policy interest rate
- Central bank instrument (%)
- Inflation · annual average
- Average annual change in headline CPI (%)
- Inflation · latest year-on-year figure
- Headline CPI relative to the same period of the previous year (%); monthly or fortnightly frequency stated
- Unemployment
- % of the labour force; definition used by the stated institution
- Budget balance
- General government (% of GDP)Liechtenstein: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Gross public debt
- General government (% of GDP)Liechtenstein: 2025 · IMF · IMF est. · WEO general-government estimate, % of GDP. Not an observed balance for the current month.
- Current account balance
- % of GDP
- Population
- PeopleLiechtenstein: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.Monaco: 2024 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Area
- Total area in km²; territorial coverage of the sourceLiechtenstein: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.Monaco: 2023 · World Bank · Annual World Bank observation, with its original year; not monthly data.
- Military expenditure
- Current USD per year; SIPRI series
- Military expenditure (% of GDP)
- Percentage of GDP; SIPRI definition, not NATO’s definition
Other data specific to this relationship
What they buy and sell
Documented selection, not an exhaustive list. Cells without a figure do not mean zero value; some products are identified without a verified amount.
Liechtenstein to Monaco
| Product or sector | Value / share |
|---|---|
Monaco to Liechtenstein
| Product or sector | Value / share |
|---|---|
Connections between people
Residents, study and travel
Blank cells: data unavailable. Each measure retains its definition and period.
| Indicator | Value | Period / source |
|---|---|---|
| Residents from Liechtenstein living in Monaco | ||
| Residents from Monaco living in Liechtenstein | ||
| Study and training: Liechtenstein in Monaco | ||
| Study and training: Monaco in Liechtenstein | ||
| Academic stays: Liechtenstein in Monaco | ||
| Academic stays: Monaco in Liechtenstein | ||
| Travel: Liechtenstein to Monaco | ||
| Travel: Monaco to Liechtenstein |
What each figure measures
Residents are counted by nationality and the coverage of the stated register, not as people born in the other country or as new arrivals in one year. PERE includes dual nationals and people born outside Spain. Study with OPT and stays carrying academic credit are different measures. Travel may include several visits by the same person; FRONTUR arrivals require an overnight stay, whereas the Canadian survey includes day visits. These figures are neither added together nor automatically compared across directions.
Mobility data added or reviewed: 2026-10-07. Reference periods may be earlier.
Underlying ties
History, institutions and long-standing issues.
Bilateral context
The convention was signed in Bern on 28 June 2017 and covers taxes on income and wealth. Monaco's Sovereign Ordinance No. 6,710, dated 13 December 2017 and published on 12 January 2018, provided for its implementation from 21 December 2017, the date on which it entered into force for Monaco. [1]
The scale of both economies
Liechtenstein's nominal GDP is USD 8.9 billion (2024), compared with 11.1 billion for Monaco (2024). The reference populations are 0.0405 and 0.0386 million, respectively. In the same year, Liechtenstein's economy was 0.8 times Monaco's in nominal GDP. The comparison puts market size into context, but does not by itself measure influence, well-being or diplomatic closeness. Estimates and their sources retain their labels in the tables. [2] [3]
Recent developments
Recent developments and latest available data · Review: 2026-10-08
Cooperation and bilateral issues
The text links its application to Monaco's 2010 framework for international tax cooperation and entrusts its implementation to the relevant authorities. Signing, the ordinance and publication are therefore distinct acts. The document establishes a mechanism for tax cooperation between the two principalities, but its summary does not justify attributing specific tax rates or exemptions without consulting the provisions of the attached convention. [1]
Sources and data
Periods and scope of the figures
Institutional sources and periods accompany each figure. Annual trade, investment positions, residents and visits are distinct measures. Empty cells do not mean zero. Statements of intent are not presented as project implementation or treaties in force.
- Bilateral relations — LIE-MCO
journaldemonaco.gouv.mc · Institutional source · Accessed: 2026-10-08
- Official series — gdp
World Bank · Institutional source · Accessed: 2026-10-07
- Official series — population
World Bank · Institutional source · Accessed: 2026-10-07