How is life in Monaco like?
Monaco is world famous and well-known as one of the most desirable places for the affluent to live. Sportspeople, actors, businessmen, musicians, and entrepreneurs make their home there.
The reasons are straightforward. Monaco is an ideal place to live for those who are looking for a luxurious lifestyle in a safe and thriving environment.
Further, its tiny size, combined with its stunning coastal location, gives it an exclusive, intimate feel. Monaco also offers a range of amenities, including world-class restaurants, high-end shopping, beautiful beaches, and a vibrant nightlife. Many wealthy Indians will find the lifestyle in Monaco very enjoyable and suitable.
Monaco Residency Permit Keypoints
- Monaco is a desirable place to live for those looking for a luxurious lifestyle in a safe and thriving environment, and many wealthy Indians will find the lifestyle there very enjoyable and suitable.
- Residency in Monaco offers access to the 26 countries of the Schengen zone, a wide range of cultural and historical attractions, a strong economy, low taxes, no capital gains taxes, and excellent infrastructure.
- Applying for a residency permit in Monaco is quite direct, with straightforward requirements, including renting or purchasing a property in Monaco, maintaining a balance of at least EUR 500,000 in a bank registered in Monaco, and providing evidence of a clean criminal record and sufficient financial assets or income.
- Processing of the application usually takes around 9 to 12 weeks, including pre-vetting and due diligence checks, drafting the application, gathering supporting documentation, and a personal interview with a member of the police force.
- The residency permit is renewable and can cover a spouse and dependent children, with the option to apply for permanent residency after 9 years. There are no language, educational, career/work experience, or age limit requirements.
What are the benefits of living in Monaco?
As an Indian national with residency in Monaco you will have free access to the 26 countries of the Schengen zone, which is essentially most of the EU.
In addition, the country is home to a wide range of cultural and historical attractions, with a stunning natural landscape that offers plenty of opportunities for outdoor activities.
The state also has an excellent public transport system, low taxes, and a strong economy. Many Indian nationals and investors of high net-worth will see the tax system as highly attractive. The real estate market is very competitive and there are no capital gains taxes. Plus, there is a strong legal system and excellent infrastructure.
Beyond that, Monaco is very safe and has a very low crime rate. All of these factors make Monaco a desirable place to live for many Indian nationals and is an attractive destination for those seeking luxury and convenience. It is not hard to see why there is a steady stream of applicants from India for a Monaco Residency Permit.
Is applying for a Residency Permit for Monaco difficult?
Applying for Monegasque residency permit (View the program) is quite direct, and the requirements are straightforward. As this is a residency by investment program, the candidate must rent or purchase a property in Monaco. They must also have at least EUR 500,000 in an account at a bank registered in Monaco and maintain that balance.
Beyond the investment, the applicant will also be required to demonstrate that they have a clean criminal record and provide evidence that they have sufficient financial assets or income to support residing in Monaco.
For people who are not nationals of the European Economic Area (essentially the EU plus Iceland, Liechtenstein and Norway) or Switzerland, the applicant will need to secure a long-stay visa from France.
There is also an individual interview, and they must spend a reasonable amount of time in the country, although there is no obligation to reside permanently.
How long does the processing take?
The processing is usually very rapid at around 9 to 12 weeks. The processing of the application includes a pre-vetting and due diligence checks, the drafting of the application for the residency permit, gathering supporting documentation, and submitting the package.
As previously mentioned,, a personal interview with a member of the Sureté Publique Monégasque (the Police Force of Monaco) is also required. After the interview, the government will issue the residency permit to successful applicants.
How long can residency in Monaco last?
The Monaco residency permit (View the program) is renewable as long as you are in compliance with the regulations and have not broken any laws. After 9 years, you can apply to make your residency permanent. The permit can cover a spouse and dependent children, but not the applicant’s parents.
There are no language, educational or career/work experience requirements and the age limit is anyone over the age of 18.
Where can I get professional advice?
It is highly recommended to submit your residency-by-investment application with only duly authorized law firms.
Harvey Law Corporation (HLG) has been practising Immigration Law for over 30 years and has a number of offices around the world including in India.
To schedule a free consultation with our Mumbai office, please contact at [email protected]
or schedule a consultation at our office which is located at the Parinee Crescenzo, Bandra Kurla Complex, Mumbai.