Advantages of Monaco Residency Permit
- Independent and sovereign state
- Member of the UN and the Council of Europe
- Secure and stable leadership in the heart of Europe since 1297
- Favorable tax system
- Strong legal system and infrastructures
- Competitive real estate market with no capital gain tax
- No obligation to reside permanently in Monaco
- Renewal residency permit
- Freedom of movement within the Schengen Area
- Possibility to apply for Permanent Residency after 9 years
- Rent or purchase a property in Monaco
- Deposit and maintain at least EUR 500,000 into a bank duly registered in Monaco
Requirements for Monaco Residency Permit
- 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
Process (9-12 weeks)
- Pre-vetting and due diligence checks
- Drafting of the residency permit application and gathering of supporting documents
- Personal interview with a police officer from the Monaco Public Security (Sureté Publique Monégasque)
- Issuance of the residency permit
WHAT ARE THE REQUIREMENTS ?
The investor must deposit at least EUR 500,000 into a bank duly registered in Monaco.
The investor must purchase or rent a property in Monaco.
The investor must provide a clean criminal record.
IS THERE AN AGE LIMIT TO APPLY?
The main applicant must be above the age of 18.
ARE THERE ANY EDUCATION DEGREE OR WORK EXPERIENCE REQUIREMENTS?
MUST THE APPLCANT DEMONSTRATE A MINIMUM NET WORTH OR ASSET?
WHAT IS THE PROCEDURE ?
The procedure varies according to the nationality of the main applicant:
If the main applicant is an EU/EEE/Swiss national, he/she can apply directly for a residency permit in Monaco.
If the main applicant is not an EU/EEE/Swiss national, he/she must firstly apply for a French long stay visa before the French consulate of his/her country of residence. After the issuance of the French long stay visa, the applicant will be able to access the territory of Monaco.
Following his/her arrival in Monaco, the applicant must undergo an interview with a police officer from the Monaco Public Security Bureau.
The residency permit will be issued 6 to 8 weeks following the interview.
WHAT COUNTRIES CAN THE APPLICANT ACCESS WITHOUT A VISA?
The holder of a residency card can access the Schengen Area (26 European States) for up to 3 months per any 6 months period.
CAN THE APPLICANT’S FAMILY BE INCLUDED IN THE PROGRAM?
Yes. However, the residence card will not be delivered to a minor under the age of 16. A minor under the age of 16 can apply for a “Travel document for minors” (document de circulation pour mineur étranger).
CAN THE PARENTS OF THE APPLICANT BE INCLUDED?
- No. Only the spouse/partner and the children above the age of 18 can obtain a residency card.
CAN A DEPENDENT CHILD WHO IS A FULL TIME STUDENT BE INCLUDED?
- Yes, dependent children over the age of 18 (without age limit) may be declared dependent by the holder of the resident card under certain conditions.
IS THERE ANY LANGUAGE REQUIREMENT?
WHAT IS THE VALIDITY OF THE RESIDENCE CARD?
The first residence card is called “temporary residence card” and is valid for 1 year and renewable twice.
After 3 years of temporary residence card (1+1+1), the holder can apply for an “ordinary residence card” which is valid for 3 years and renewable twice.
After 9 years of ordinary residence card (3+3+3), the holder can apply for the “privileged card” which is valid for 10 years and renewable without limit.
CAN THE APPLICANT WORK IN MONACO?
Yes, under conditions (national priority policy for employment access, work permit required).
CAN THE APPLICANT BENEFIT FROM THE EDUCATION, HEALTH SYSTEM AND OTHER SOCIAL BENEFITS?
- Yes, a Monegasque resident enjoys the same benefits as a Monegasque citizen for education and has access to public health coverage if he/she pays social contributions to the Monegasque public health system.
IS IT POSSIBLE TO APPLY FOR CITIZENSHIP? WHAT ARE THE REQUIREMENTS?
The main principles governing the acquisition of citizenship in Monaco are:
- The almost total absence of acquisition methods based on the Jus Soli (citizenship by birth or residence).
- The role of filiation (paternal filiation, adoptive filiation) in the transmission of Monegasque citizenship.
- The recent harmonization of the Nationality Law of Monaco with internationally recognized principles (citizenship by maternal filiation or by marriage).
- The policy of family reunification through naturalization.
Consequently, neither residence nor birth in Monaco gives the right to acquire the Monegasque citizenship. The only exception is the case of a child born in Monaco to unknown parents who becomes Monegasque by the sole fact of being born in Monaco.
The citizenship of Monaco can be acquired by marriage with a Monegasque citizen after 10 years of marriage (a bill increasing this period to 20 years is currently being examined by the National Council), or by a discretionary decision of the Prince of Monaco.
MUST THE MAIN APPLICANT AND HIS/HER FAMILY RENOUNCE THEIR BIRTH CITIZENSHIP AFTER OBTAINING THE CITIZENSHIP OF MONACO?
Read also: France Start-up visa
The present document is intended for guidance and general information only and does not constitute or purport to provide you with legal advice. Such information is subject to changes without notice. Each case is unique and depends on the facts and circumstances of the individual and due consideration should be taken if applying the general information to your personal situation. For an evaluation of your personal circumstances one of our legal team would be happy to assist.