Live life at the heart of Europe: Make the move to Monaco

The first card is valid for one year, and renewable every year for three consecutive years, this is called the Carte Temporaire.

In year four of your residency, you will be issued with a three year Carte de Sejour, this will be renewed every three years. This is called the Carte Ordinaire.

After three consecutive, three year card renewals, the card holder is eligible for a ten year Monaco Carte de Sejour, if the holder is spending a minimum of six months a year in Monaco, otherwise the three year card may continue to be issued.

Although French is the national language of Monaco, English and Italian are both widely spoken in most establishments and by its resident population.

Monaco is a very secure place to live as has a high police presence in relation to the number of members of the population, and they are vigilant it’s a great place to raise a family.

Monaco has a great balance of outdoor and indoor activities for the whole family.

Sports facilities to cater for tennis/football/rugby/ /cycling/basketball/athletics, and water sports such as sailing and yachting. With the southern Alpes less than two hours away from Monaco, there is a winter paradise practically on the doorstep.

The world-famous Monaco Grand Prix F1 is held in May every year, the Tennis Masters Tournament in April and the Monaco Yacht Show in September.

Culturally Monaco is well provided for with its own opera/ballet and philharmonic orchestra, summer music festivals, jazz festival, gastronomic festivals, it has its own theatre and various musical and dance events/shows throughout the year.

The rental or purchase costs of property in Monaco are high, which is reflective of the advantages of zero income/capital gains/wealth taxes for approved residents. Monaco property is in high demand, therefore there is limited availability both for rentals and purchases of property. Food costs/fuel costs /entertainment are comparable to living in main cities globally, and plenty of choice to suit all pockets.

Monaco's  tax advantages for approved residents of zero income tax, zero capital gains, zero wealth tax, zero property tax for individuals and zero-low inheritance taxes , make Monaco a serious consideration for individuals and families looking to protect their wealth, and live in an enviable and very secure location. Monaco is within a few hours of any European country by road/train/air/sea and with daily flight connections globally from Nice airport , is a gateway to any global destination.

Monaco offers a good educational and healthcare structure, with a Mediterranean climate- all round a winning lifestyle.

If you would like to enjoy life in Monaco, please fill in your contact us.

Moving to Monaco can be as easy or as complicated as you make it.  We are here to fully assist with the full process- from the start to the completion ( 6-9 months subject to passport held).We give our clients our full support right through the process.

The following is a guide to the steps which need to be followed.

Please contact for me for assistance with this process. We will be pleased to assist you, your family or partner with this important event.

Contact details;

Email: wendy@relocation-monaco.com

Phone:
+ 377 680 860 248
+ 44 7747 801731

STEP 1 - BANKING

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 € 500,000- € 1million (or more) We assist with the bank introductions and ongoing assistance during the account opening process. Once the Monaco bank account is open (4-6 weeks ) and funded, the bank will ,on request, issue the bank attestation ( letter)  addressed to the Surete Publique/Residency Office which is required for the official Visa/Residency applications.

STEP 2 - PROPERTY

We will make a search for a suitable property  to rent (or buy) in Monaco in accordance with the client’s requirements and budget. If the applicant is living on his/her own we would recommend a minimum of a one bedroom apartment to rent. If more than one person is applying for residency, then we suggest two bedrooms or more, subject to how many persons will be applying for residency. This lease must be for a minimum of 12 months and will be required to be provided during the  visa/residency application process. We assist with a property search , send details of suitable properties to the client and arrange viewings for the client during a scheduled visit to Monaco. Three months rent is payable in advance plus three months rent in addition as a security deposit( refundable when lease is terminated), plus the agency fees of 10% of the first years rent+ 20% VAT on the agency fees.

STEP 3 - FORMAL APPLICATION

The official Monaco residency application. This must be done in person; we assist to set up the required appointments, we prepare all the required official documentation for the client,  we can accompany the client to the official residency interview when set( we request this once the banking and property elements are complete) and track the residency application for the client.

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 Monaco bank  letter attestation confirming that the bank account is open and funded with the required amount of the Government minimum required for the Residency, of at least € 500,000( note some banks now require a minimum of € 1 million-€ 3 -5 million to establish the account)
• 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. We prepare these for the client.
• Signed and dated “ Attestation sur l’Honneur”- we will provide this for the client’s signature.

Once all of the documents are prepared, we submit them to them the Residency Service, and once acknowledged, an interview will be arranged (we request this) at the Monaco Residency Section/office of the Monaco Police. ( Surete Publique).  

STEP 4 - TRACKING AND RESIDENCY CARD/CARTE DE SEJOUR ISSUANCE

After the meeting the application will be processed.  We track the application and client will be advised when it is approved and to make a further appointment for biometrics to be taken and to collect his /her Carte de Sejour. ( For all EU passport holders,  this will take 8 -10 weeks post the residency interview to be approved and issued) The 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 should  continue to be issued.

This entire process for an EU passport holder should take approximately five- six months months , from start to finish.

For a non-EU passport holder, the process is slightly different and will take between 8-9 months in total. ALL Non EU passport holders must initially apply for a Visa D in their country of residence at the time. This takes three months to be approved and issued. Both the banking and property steps must be completed PRIOR to the Visa D application being made.Once the Visa D is approved and issued, we can then follow the same Monaco residency formal application as above for EU passport holders.

We fully assist with the required steps for the banking and property as above, which are both required to be completed PRIOR to the Visa D application. We also assist fully with the Visa D application/documents preparation/setting of appointment to submit the application.

Practical aspects

The Carte de Resident gives the resident the right to remain in Monaco for more than three months . 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 for tax purposes. 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 living in Monaco.

One can come and go as one pleases in Monaco. The required amount of time to be spent in Monaco each year does not have to be in one block.

When the carte de resident is due for renewal, the resident needs to produce the most recent 2 months electricity bill, a new bank letter (attestation) is required, an attestation sur l'honneur, the expiring carte de resident and a new set of residency renewal forms needs to be completed (we assist with this process if requested).

Monaco is home to an established banking community, with the banks in Monaco representing a good cross section of the leading international and local banks.

Which Bank?

We will discuss with you which bank(s) may be most appropriate for your requirements, taking into consideration your language of preference and banking requirements.
Where possible we will recommend a specific member of bank staff with whom you may speak to directly in the knowledge that they will take care of you and your financial needs.

Monaco Banking

The minimum amount required by the Monaco government for a residency application is € 500,000 per main applicant to be deposited in an account in the applicant’s name with a bank in Monaco and which must be held with the bank at all times during the residency period. Some banks may request higher deposits  ( € 1-5 million) to start a relationship .
The larger private banks in Monaco have a cash counter service, safety deposit boxes and can provide Euro cheque books, debit /credit cards, and pay direct debits for the clients if requested.

The leading private banks in Monaco offer investment services including multi-currency deposit accounts, equity and fixed income trading, a wide range of multi-currency investment funds, as well as precious metals, foreign exchange and commodity trading platforms. Some of the banks in Monaco will lend for property purchases in Monaco/ Cote d'Azur/selected ski resorts in France and Switzerland.
Professionally managed investment portfolio services are also offered amongst the leading private banks in Monaco. Wealth management is certainly a valued investment service in Monaco both by the banks themselves and their discerning clientele.

Property funding is available for real estate purchases in Monaco, the Cote d’Azur as well as some of the well known ski resorts in France and Switzerland. Italian property funding is available with selected banks in Monaco.

The requirements to open a bank account in Monaco are as follows:

• Proof of Identification of the beneficial owner of the account, normally a valid passport is requested.
• Proof of fiscal residence of the client. This can be in the form of a recent utility bill in the client’s name or other official documents (accepted at the bank’s discretion).
• Full background information as to the origin/source of the funds to be deposited. Documentary evidence of the source of funds is generally requested.
• A profile of the client including details of his/her professional activities and source of income.
• If the client is resident in a tax paying country, three years previous private tax returns may be requested, and if the client owns a company, corporate documentation and three years previous corporate tax returns and accounts will be requested.

Once this is done, and with all of the above required documents/information provided the account may be opened within 4-6 weeks (on average), subject to the bank’s compliance procedures having been completed.

The Monaco Property market is open to most investors, whether resident or not. As a resident of Monaco, or to apply for residency in Monaco one must either rent a house or an apartment in Monaco for a minimum of one year, or buy a property in Monaco.

Buying a Property in Monaco remains popular either as a private residence or as an investment .The combination of the advantageous tax system for  approved Monaco residents, the security, the climate, excellent schools and the lifestyle, all support the prices of properties in Monaco, whether buying a property or renting an apartment, be it a compact property  or a 4/5 bedroom penthouse.

Monaco, although not large by land mass (less than 2 sq kilometres) is made up of several areas, the most popular and most expensive being the area around the Casino Square, “Carre d’Or” (Golden Square), followed by  Larvotto which is close to the beaches, and Fontvielle which is the newer port area of Monaco, popular for its marina and commercial shopping centre. Other areas are La Condamine, a charming original part of Monaco just off the main port, with a good choice of restaurants and shops, the Jardin Exotique, which is the area at the upper western side of Monaco, and the Quartier La Rousse/ St Romain, at the eastern end of the Principality, also close to the beaches, the Monte Carlo Country Club with tennis courts and a private beach club.Moneghetti is above the Port area.

All areas are serviced by the very efficient Monaco bus network. To walk from the farthest point to the centre of Monaco is no more than a 45 minute walk, or a 5-10 minute car drive depending on the traffic. There are many underground car parks and most properties have car parking facilities available either under or adjacent to the apartment buildings. These are either owned privately or can be rented monthly.

We work with a selected network of well established Monaco estate agents for our clients, whether they are renting a Monaco property or purchasing/selling, thus providing the client with a one stop service instead of dealing with numerous individual agents, saving the client repeated efforts, time and costs. We aim to fully understand the client’s property requirements and then have agents make a full market search of available suitable properties, and send the search results to the client for their review. This can be repeated until the client settles on a property, either for rental or for purchase.

Prices vary widely in Monaco according to the location of the property, the building and the size of the apartment or house. The Carre d’Or area and Larvotto are amongst the most expensive areas in Monaco. Prices are quoted by the sq metre for Monaco properties and vary from €50,000 per sq metre to €100,000+ per sq metre. The larger properties, usually penthouse/top floor apartments/houses average 4/5 bedrooms and may have up to 400 sq metres, or more, of living space of which part will be terrasses with sea views of the Mediterranean.

In addition to car parking spaces properties generally have an additional storage space allotted, known as “a cave”. The larger properties may have more than one parking space and cave.

A guide to Fees to buy a property in Monaco are as follows;

3% of purchase price to be paid by the purchaser

5% of purchase price to be paid by the seller.

Notary fees: Approximately 6% of the value of the property, depending on the ownership structure of the transaction.( includes the registration , stamps and legal fees).

Guide to average purchase costs of property in Monaco.

These are an average only both for price and size and vary greatly according to location and individual property.

Prices to Rent. (all are per calendar month plus service charges).

Rents are paid quarterly in advance with service charges added. Three months rent is paid additionally in advance when renting a property in Monaco, as a security deposit, which is refundable on leaving the property, subject to the property being left in the same condition as when rented.

The agent’s fees for renting Monaco properties are 10% of the annual rent plus 20% VAT, payable once on renting. The leases are generally renewable annually. Longer leases of 2/3 years may be available upon request to the landlord. An additional 1% for lease registration fees is payable.

Guide to rental prices for Monaco properties. These may vary greatly depending on the location, the building and the size of the apartment/house.

Relocation Monaco can assist with the  property search, with selected Monaco estate agents for your property requirements. There are many real estate agencies in Monaco and many of them list the same properties on their books due to the limited number of properties available for sale or rental in Monaco. We can save you, the client, time , effort  and costs by researching on your behalf with the agents, prior to your visit to the Principality, we will send details of suitable properties, according to your requirements. A short list of apartments/ houses will be drawn up and viewings arranged for you during your visit. We are pleased to repeat the search/visits until the client is satisfied and makes his/her selection for their new home in Monaco.

Once the property is selected, we work with the agent and the client to complete all of the required rental/purchase legal documentation.

Selected banks in Monaco can provide either mortgage financing/loans to acquire property either in Monaco or on the Cote d’Azur, as well as equity releases against Monaco property or on the Cote d’Azur. In general the banks will lend up to a maximum of 60% of the property value and will generally require the client to bring assets to the bank equal to a minimum of 50% of the loan amount/mortgage as collateral. The collateral may be invested either in deposits or in secure investment programmes. The loan/mortgage rates vary according to the value of the property, the amount of collateral the client can deposit (the higher the collateral, in general, the lower the fees) and the location and condition of the property. For details of the best available property finance deals for Monaco and the Cote d'Azur please contact us.

Monaco is an ideal place to move to for many reasons. It has a warm and sunny Mediterranean climate, it has a first class location  at the very heart of Europe with excellent flight connections worldwide from Nice airport, (35 mins by car from Monaco) it also boasts a world-class infrastructure , and is a very secure place in which to live. Monaco residents enjoy one of the most advantageous tax systems in Europe. Individuals, families and companies move to Monaco, because of these reasons.

We will  will work closely with you before, during and after your move to Monaco. You will be given personalized attention and offered customized solutions for your particular needs. As an independent relocation provider, we have built a solid reputation with clients that have utilized our services for their move to Monaco.

Benefits of working with WW Relocation-Monaco

• We are based in Monaco.
• We have an extensive knowledge of Monaco.
• We are a one stop solution.
• We are fluent in French, English, and we have a, excellent network of  multilingual professionals with whom we work to deliver a first class and personalized service to our broad range of International clients.
• Customer satisfaction is paramount to WW Relocation. We provide efficient, friendly, and professional services. We also offer ongoing support once you have completed your move, in the more practical areas such as where to buy home furnishings and electrical goods, registering cars, exchanging driving licenses, introductions to Doctors, Lawyers, Accountants (if required), French language schools and many other areas.

All children living in Monaco must be in full time education from the ages of 6-16 years. The school year in Monaco runs four terms annually and the school year starts in early September.

Monaco has ten state operated schools (French speaking) of which seven are nursery and primary schools, one secondary school, one lycee (college) and a specialised hotel and vocational training college.

• In order to be accepted into a nursery school in Monaco (Ecole Maternelle) the child must be three years old.
• In order to be accepted into an elementary school in Monaco the child must be 6 years old.
• For secondary schools in Monaco the age group is 11-15 years.

For the Lycee the age range is 15-18 years. It is at this point that the scholar specialises in his/her chosen area. The final exams are the Baccalaureat (OIB) which is universally recognized as a qualification for university entrance. The Monaco school syllabus is similar to that of France but with a slightly more international focus.

International Schooling

The International School of Monaco (ISM) offers a bilingual education in English and French from ages 3-18 years. This Monaco school is very popular with the international community who prefer their children to have a bilingual and internationally focused education. The ISM offers the International Baccalaureat program with scores well above the average for IB schools and prepares the students for International University Entrance. ISM students are accepted into top universities worldwide. The school has recently moved into newly built premises, also with a  Performing arts centre for music, art, drama and gymnastics. There are sports facilities available within Monaco.

There is a relatively new International school for the younger years, The British School of Monaco, which is proving to be very popular at this time , due to the fewer number of pupils in each class.Please request further information if of interest to you.

The International University of Monaco offers programmes for undergraduate, graduate and business students both full and part time; all courses are taught in English.

For new residents of Monaco, there is a choice of both international and local schools to consider in Monaco, and in addition there are well known international schools in Nice, Valbonne and Mougins, all within a 45 min drive from Monaco.