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Relocating to Monaco
Emigrating to Monaco can be as easy or as complicated as you make it. You are not required to have relocation assistance but most people do. The following is a guide to the steps which need to be followed. If you have any questions please feel free to contact me.
1) The applicant needs to open a bank account with a bank in Monaco. Depending on the bank they will ask for a minimum initial deposit of € 300,000 - € 1million. We can assist with the bank introductions. Once the Monaco bank account is open ( 7-10days) and funded, the bank will ,on request, issue the bank attestation ( letter) to the Surete Publique (Immigration) stating that the client has sufficient funds to support himself/herself in Monaco. If the applicant has a job offer in Monaco then a copy of the employment contract is required.
2) Search for an apartment to rent (or buy) in Monaco. If the applicant is living on his/her own we would recommend a minimum of a one bedroom appartment to rent. If more than one person is applying for residency then we suggest two bedrooms or more. This has to be for a minimum of 12 months and the lease will be required to be shown during the residency application process. We can assist with a property search and produce a short list and arrange viewings with the estate agents, who will then handle the lease and the setting up of the telephone and electricty contracts.Three months rent is payable in advance plus three months rent in addition as a security deposit( refundable when lease is terminated).
3) Apply to the Surete Publique for residency. This is done in person; we can assist to set up the required appointments. At this stage the Surete Publique will give the client a list of required documents to prepare and they will ask if he/she has somewhere to live in Monaco.
The required documents for the Monaco residency application are as follows:
- Valid Passport
- Birth certificate
- Marriage/Divorce certificates if appropriate.
- Certificate of no criminal record in the last place of residence for the preceding 5 years. This can be obtained from the police in the last country of residence. It will take approximately 2-3 weeks and will incur a small cost. This may be applied for online in some circumstances depending upon the country of residence at the time of application for Monaco residency.
- A summary of the applicant’s education/professional background and how their assets have been acquired. This needs to be provided in French ( we can translate if required).
- Valid Health Insurance covering Monaco (we can assist with introductions to Monaco based insurance companies)
- Monaco bank attestation (as above).
- A lease for a minimum of 12 months Monaco property rental or proof of acquisition of property in Monaco.
- The electricity contract for the rental apartment/purchased property.
- A completed official set of residency application forms which are provided by the Surete Publique. Again we can assist with this if required as they are in French.
Once the applicant has all of the paperwork required, then a short interview will be arranged with one of the officers in the immigration office ( Surete Publique). After the meeting the application will be processed. When approved the Surete Publique will send a letter to the address of the rented/purchased appartment in Monaco for the applicant to collect his carte de sejour( residency card). This initial card is valid for 12 months and for each of the next three years is renewed and then every three years thereafter. If the applicant resides in Monaco for 12 years he/she may become eligible for a ten year residency card, at the discretion of the Surete Publique. If not, three year cards continue to be issued.
This entire process should take no more than three months, from start to finish.
The Carte de Sejour gives the resident the right to remain in Monaco for more than three months . The residency status requires the client to spend a minimum of three months in Monaco each year. It is the person’s own responsibility to make sure that he/she adheres to the rules regarding residency and the maximum number of days per year allowed to be spent in any other country with reference to Taxes. If the person becomes a long term resident of Monaco (10 year card) then he/she should be able to demonstrate that he/she spends at least 6 months per year there.
One can come and go as one pleases in Monaco. The three months required amount of time to be spent in Monaco each year does not have to be in one block. When the carte de sejour is due for renewal, the resident needs to produce the most recent 4 months electricity bills, a new bank letter (attestation) is required, with a copy of the valid property lease, the expiring carte de sejour and a new set of residency renewal forms needs to be completed.