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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.
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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.

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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?

obtaining a Monaco residency permit offers numerous benefits that make it an attractive option for individuals seeking a luxurious lifestyle in one of the world’s most prestigious locations. With its favorable tax environment, high quality of life, and strategic location, Monaco presents an appealing opportunity for those looking to enhance their global mobility and secure their future in this exclusive principality. If you meet the eligibility requirements and are ready to embark on this exciting journey, applying for a Monaco residency permit could be your next step toward an extraordinary life on the French Riviera.

Is there an age limit for applying for Monaco permanent residency?

Applicants must be over 18 years old to apply for the Monaco residency program.

Are specific educational qualifications or work experiences required for residency applicants?

No educational qualifications or work experience are required to apply for Monaco residency.

Must applicants demonstrate a certain net worth or asset level to qualify for residency?

Demonstrating a minimum net worth or asset is not required for Monaco residency application.

What is the application process for Monaco permanent residency?

EU/EEE/Swiss nationals can apply directly for Monaco residency, while non-EU nationals need a French long-stay visa first, followed by a police interview in Monaco.

Which countries can Monaco permanent residents enter without a visa?

Monaco residency card holders can travel visa-free across the Schengen Area for up to 90 days every six months.

Can the applicant's family obtain residency through the same application?

To qualify for Monaco residency, 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 it possible to include the applicant's parents in the residency application?

Only the spouse or partner and children over 18 of Monaco residency applicants can obtain residency cards.

Can dependent children who are full-time students be included in the residency application?

Dependent children over 18 who are full-time students may qualify as dependents under certain conditions.

Are there language proficiency requirements for residency in Monaco?

There are no language requirements for obtaining residency in Monaco.

What is the validity period of the Monaco residence card?

The temporary Monaco residence card is valid for one year and can be renewed twice, leading to eligibility for an ordinary residence card valid for three years and subsequently a privileged card valid for ten years.

Are residents allowed to work in Monaco?

Employment in Monaco is possible under national priority policies and requires a work permit.

Do residents gain access to Monaco's educational, health, and social benefits?

Monaco residents enjoy the same education and health benefits as citizens, provided they contribute to the public health system.

Is citizenship an option for permanent residents? What are the requirements?

Monaco citizenship is not granted by birth or residence; it can be acquired through marriage after 10 years or by a discretionary decision of the Prince of Monaco.

Do Monaco citizenship applicants and their families need to renounce their original citizenship?

Upon obtaining Monaco citizenship, the main applicant and their family must 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?

Yes, an interview with Monaco authorities is part of the application process.

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?

Yes, immediate family members can typically be included in the application.

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