Investing in Monaco Permanent Residency :
Is it Worth it?

monaco residence by investment

Exploring Monaco’s Residence and Citizenship Options

Monaco is a tiny independent city-state located in the French Riviera and known for its luxurious lifestyle, glitzy casinos, and stunning coastline. It is an ideal location for individuals seeking a high-quality of life, tax advantages, and visa-free travel.

This article will cover the advantages and disadvantages of Monaco residence by investment (PR) and citizenship and the eligibility requirements, process, costs, and timeline for obtaining residency or citizenship.

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Monaco Permanent Residency Monaco Residency
Lifestyle Benefits of Retiring in Monaco through Investment for Americans

Key Points of Permanent Residency in Monaco:

  1. Luxurious lifestyle and quality of life.
  2. Tax advantages as a tax haven.
  3. Visa-free travel to Schengen Area and over 160 countries.
  4. Superlative infrastructure and vibrant entertainment scene.

Advantages and Disadvantages of Monaco PR and Living in Monaco

The Monegasques enjoy a very high quality of life. With its beautiful scenery and weather, Monaco is an attractive destination for individuals seeking a luxurious lifestyle. Monaco has an excellent healthcare system and a low crime rate, making it a safe and healthy environment to live in.

Another plus for Monaco Permanent Residency is the tax advantages. Monaco is a tax haven, with no income tax, capital gains tax, or wealth tax. This makes it attractive for individuals looking to minimise their tax liabilities. It also has relatively low business taxes, which haves helped make it a banking centre and support the service based economy.

There are no restrictions on buying property or opening bank accounts.
All of this has made Monaco an attractive place to live for many celebrities, but also for entrepreneurs, business managers, financial services professionals, and retirees. The people of the country speak French as the official language, but they also have a good understanding of English. Some hundreds of Americans also reside there, many of them retirees.

However, there are some disadvantages to living in Monaco. One of the most significant is the high cost of living. Monaco is one of the most expensive cities in the world, with high housing costs, food, and other expenses – it can be challenging to manage for individuals on a tight budget.

Visa-Free Travel

Monaco has a very strong passport. It is not a member of the European Union but is a member of the Schengen Agreement, so citizens and those who have Monaco PR status can travel freely to the 26 other countries in the Schengen Area as well as more than 160 countries worldwide.

Quality of Life

Monaco has a superlative infrastructure, any shopping you desire, and caters to almost every entertainment and recreational activity. There is also a vibrant social scene – the principality is famous for world-class restaurants, bars, and clubs.

Monaco Residency Requirements

If you are over 16 and wish to reside in Monaco for more than 3 months of the year or want to own a permanent residence in the principality, then you must have Monaco PR status. Monaco’s Permanent Residency status allows you to live in Monaco for as long as you wish.

For Monaco PR status, individuals must provide proof of accommodation and financial self-sufficiency.

To prove accommodation in Monaco, you can:

  1. buy local real estate (purchase agreement)
  2. rent an apartment for a minimum of one year (rental agreement)
  3. be the director of a company holding corporate real estate in Monaco (corporate notarized report)
  4. or provide a letter along with evidence of property ownership/rental from a close relative with whom they plan to reside.

To demonstrate their financial self-sufficiency, you can:

  1. deposit at least EUR 500,000 into a local bank account in your name (bank statement
  2. show employment by a Monaco company (employment contract)
  3. create a new company in Monaco generating at least ten new jobs (corporate registration)
  4. or provide a letter of support from a close relative with whom they plan to live in Monaco.

Note, there are no requirements for donations as in some countries.

Monaco Citizenship

After 10 years with Monaco PR status (“Carte de Sejour”) you are eligible to apply for citizenship if you want.


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    The process for obtaining residency or citizenship in Monaco is straightforward. Individuals must apply to the Ministry of State, which is responsible for handling residency and citizenship applications.
    The first step in the application process is to provide proof of accommodation and financial self-sufficiency. Individuals must also provide a police clearance certificate from the USA or whatever their home country is and their application will be subject to a background check.

    After reviewing and approving the application (3 to 5 weeks later), a consular officer will require individuals to attend an interview. The interview will involve the officer asking individuals about their background, finances, and reasons for wanting to obtain Monaco Permanent Residency or citizenship.


    The timeline for obtaining the residence by investment in Monaco depends on the type of visa you apply for and the processing time taken by the authorities. In general, it can take the authorities up to 3-6 months for the authorities to process residency applications, and up to 12 months to process citizenship applications.


    For residency, applicants must pay an application fee of €10, which is non-refundable, and an annual fee of €350 for a single person and €500 for a couple. For citizenship, the application fee is €1,000, and the processing fee is €8,000 per person. Additionally, applicants must pay an annual fee of €500 for a single person and €600 for a couple.

    Request more information about Monaco residence by investment

    Obtaining Monaco Permanent Residency or citizenship can be an attractive option for those seeking a high-quality of life, visa-free travel, and favourable tax rates. This is particularly true for affluent American retirees or elsewhere.

    Harvey Law Group (HLG) has been advising on Immigration and Business Law for more than three decades. With 20 offices around the world including in the United States,

    To schedule a free consultation, contact us at +1 352 331 7554 or [email protected] to schedule a visit at
    Harvey Law Group USA office located at 1395 Brickell Avenue, Miami, Florida 33131.