On 29 May 2019, officials from Monaco and Montenegro signed an income tax treaty. The treaty is the first of its kind between the two countries and will enter into force after the ratification instruments are exchanged. The withholding tax rates provided by the treaty are as follows: Dividends - 5% if the beneficial owner directly or indirectly holds at least 10% of the paying company's capital; otherwise, 10% Interest - 10% Royalties - 5% for copyrights on a literary, artistic, or scientific work, or software; otherwise, 10% Additional details of the treaty will be published once available.