Monaco Residency Permit
The Monaco residency permit provides a unique opportunity for individuals seeking to live in one of the world’s most exclusive and luxurious locations. Known for its stunning Mediterranean coastline, vibrant culture, and favorable tax environment, Monaco attracts a diverse range of residents.
Monaco Residency Permit Benefits
Residency and Family Inclusion
- No obligation to reside permanently in Monaco.
- Renewal residency permit.
Travel and Quality of Life
- Independent and sovereign state.
- Member of the UN and the Council of Europe.
- Secure and stable leadership in the heart of Europe since 1297.
- Strong legal system and infrastructures.
- Freedom of movement within the Schengen Area.
Ease of Acces
- Favorable tax system.
- Competitive real estate market with no capital gain tax.
- Easy renewal of the residency permit if the applicant has spent more than 6 months of the year in Monaco.
- Possibility to apply for Permanent Residency after 9 years.
Monaco Residency Permit Requirements
- Provide supporting documentation and a clean criminal record.
- Proof of sufficient resources to reside in Monaco without having any professional activities.
- For non-EU/EEA nationals, secure a long-stay visa from France
- Pass an individual interview.
- Spend a reasonable amount of time in Monaco.
Monaco Residency Permit Investment Options
Real Estate
Rent (and keep a rental on a yearly basis) or purchase a property in Monaco (a suitable property for the main applicant and dependent).
Bank Deposit
Deposit and maintain at least EUR 500,000 into a bank duly registered in Monaco (min. deposit or asset under management to be checked on a case-by-case basis depending on the selected bank).
Monaco Residency Permit Process
Processing time 9-12 Months
Due Diligence And Application
- Provide supporting documentation and a clean criminal record.
- Proof of sufficient resources to reside in Monaco without having any professional activities.
Approval And Investment
- For non-EU/EEA nationals, secure a long-stay visa from France.
- Pass an individual interview.
- Spend a reasonable amount of time in Monaco.
Residency
Issuance of the residecy permit.
Contact us
With over 30 years of immigration experience, each of Harvey Law Group’s lawyers carefully studies each client’s needs, resources and determines the immigration solution that best aligns with our client’s vision and values.
Frequently Asked Questions
What are the requirements for obtaining permanent residency in Monaco?
To qualify for Permanent Residency in Monaco, investors must deposit at least EUR 500,000 in a Monaco-registered bank, purchase or rent property in Monaco, and provide a clean criminal record.
Is Monaco residency by investment program worth it?
Is there an age limit for applying for Monaco permanent residency?
Are specific educational qualifications or work experiences required for residency applicants?
Must applicants demonstrate a certain net worth or asset level to qualify for residency?
What is the application process for Monaco permanent residency?
Which countries can Monaco permanent residents enter without a visa?
Can the applicant's family obtain residency through the same application?
Is it possible to include the applicant's parents in the residency application?
Can dependent children who are full-time students be included in the residency application?
Are there language proficiency requirements for residency in Monaco?
What is the validity period of the Monaco residence card?
Are residents allowed to work in Monaco?
Do residents gain access to Monaco's educational, health, and social benefits?
Is citizenship an option for permanent residents? What are the requirements?
Do Monaco citizenship applicants and their families need to renounce their original citizenship?
How long does it take to obtain residency Permit in Monaco?
It typically takes 6-7 months for EU citizens and 8-9 months for non-EU citizens.
Is a personal interview required for Monaco Residency Permit?
What are the Monaco tax benefits for foreigners?
Monaco stands out as a premier destination for wealth management, boasting an incredibly favorable tax environment for foreigners:
- No Taxes on Investment Income: Enjoy tax-free returns on investment income, capital gains, dividends, and directors’ fees.
- Absence of Wealth and Property Taxes: Monaco does not impose wealth tax or property tax, allowing your assets to grow without additional burdens.
- Inheritance Tax Specifics: Inheritance tax is applicable only to assets located within Monaco, irrespective of the deceased’s domicile, residence, or nationality.
Can I include my family members in my residency application in Monaco?
What is the cost of living in Monaco?
According to Numbeo, the cost of living in Monaco is significantly high, with an average monthly expense of around €1,789 for a single person, excluding rent. Rent prices are particularly steep, with a one-bedroom apartment in the city center costing approximately €5,938 per month. Overall, Monaco’s cost of living is 3.88 times more expensive than the global average, making it one of the most luxurious and costly places to reside.
source : Numbeo