The tax treaty between Guernsey and Monaco was signed April 7th, 2014, in Guernsey and April 14th, 2014, in Monaco. The treaty is the first of its kind between the two jurisdictions and includes the following withholding rates: Dividends - 0% Interest - 0% Royalties - 0% The treaty will enter into force 30 days after the two countries exchange ratification instruments, and will apply from January 1st of the year following its entry into force.