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Residency in Monaco brings several advantages:
- Favourable tax system for Monaco Residents
- Live in Secure environment
- Superb location with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Business friendly
- English widely spoken
- The Cote d'Azur and Italy on the doorstep
How to apply for Residency in Monaco
To obtain Monaco Residency there are certain requirements for each applicant to fulfil. The requirements for applying for residency in Monaco are as follows:
- Establish a bank account in Monaco
- Each applicant (or couple) will need to deposit sufficient funds for the bank to then issue the required bank attestation ( letter) to confirm that the account holder(s) has sufficient funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a valid work contract issued by a local Monaco company). The banks have varying requirements for this ranging from € 100,000-€ 1 million per applicant (adult).
Rent or purchase a property in Monaco
If renting the lease must be for a minimum of 12 months and have sufficient bedrooms to accommodate the number of persons applying. For example, in order for this to qualify for Monaco residency, a couple should rent a one bedroom apartment at least and for a family of four a minimum if two bedrooms. This lease is normally automatically renewed at the end of each lease period.
Monaco Residency Security check
Each applicant must provide a police certificate stating that each adult applicant does not hold a criminal record in the country or countries where they have resided during the previous five years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate should not be more than three months old at the time of application for the residency.
Monaco Residency Requirements
In addition, the following documents must be submitted for each applicant when applying for Monaco residency.
- Valid passport
- Birth certificate
- Marriage certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a spouse who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment
- The new electricity contract for the Monaco apartment
- The official Monaco residency application forms completed and duly signed
- Health report for applicants of 70 years and over
Conditions for Monaco Residency
To complete the Monaco residency process, an official residency interview will be arranged during which all the required documents are submitted. Following this the Monaco residency application will be processed and authorized. This will take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must first apply for a special Visa from the French Embassy in their country of residence which once approved and issued (up to sixteen weeks) will then permit the applicant to complete the Monaco formalities within three-four weeks, when the residency card will be issued (also known as the Carte de Sejour).
How To Apply For MC Residency
The requirements for applying for Monaco residency are reasonably straightforward and as long as the applicant can provide all of the required documents, then there is no general reason why the applicant should not be granted Monaco Residency and receive theirs Monaco resident’s card.
Monaco Residency Rules
The first Monaco residency card will be issued for a period of twelve months after which this card must be renewed. The card is called a Monaco Carte de Resident Temporaire and is renewed each year for the first three years. In then fourth year of continuous Monaco residency the holder then will be issued with a three year card , known as the Monaco Carte de Resident Ordinaire. These cards are valid for three years and must be renewed at expiry. In year ten, the holder of a Monaco residency may apply for a Carte Privilege which is granted at the discretion of the Monaco authorities. This is not automatically granted and if not granted the applicant will continue to receive the three year Monaco resident's card.
The Cost For Residency In Monaco
The cost of applying for residency in Monaco really lies in the expense of renting an apartment added to the general cost of living in Monaco. Unlike other countries offering residency programs, applying for residency in Monaco does not require the applicant to “invest” a specified sum of money in Monaco nor is it compulsory to purchase a property as a rental is sufficient.
It is a very favourable place to become a resident and enjoy the many advantages which becoming a resident of Monaco affords.
Relocation Monaco is one of the main companies offering monaco residency services, and is based in Monaco.