Residency in Monaco brings several benefits:
- Favourable tax system for Monaco Citizens
- Reside in Safe environment
- Outstanding area with Nice International airport Thirty Minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Company friendly
- English widely spoken
- The Cote d'Azur and Italy on the doorstep
How to make an application for Monaco Residency
- Establish a savings account in Monaco
- Each candidate (or couple) will need to deposit sufficient funds for the bank to then issue the required bank attestation (letter) to verify that the account holder(s) has enough funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a valid work agreement released by a regional Monaco business). The banks have differing requirements for this varying from EUR 100,000-EUR 1 million per applicant ( grownup).
Lease or purchase a home in Monaco
If leasing the lease needs to be for a minimum of YEAR and have enough bedrooms to accommodate the variety of persons applying. For example, in order for this to qualify for Monaco residency, a couple needs to rent a one bedroom house a minimum of and for a household of 4 a minimum if two bedrooms. This lease is normally automatically at the end of each lease period.
Each candidate needs to offer a police certificate specifying that each adult candidate does not hold a criminal record in the country where they have actually lived during the previous 5 years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate must not be more than 3 months old at the time of application for the residency.
In addition, the following documents must be sent for each candidate when applying for Monaco residency.
- Valid passport
- Birth certificate
- Marriage certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a spouse who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment or condo
- The new electrical power contract for the Monaco apartment
- The official Monaco residency application forms finished and appropriately signed
- Health report for applicants of 70 years and over
To finish the Monaco residency process, an main residency interview will be organized throughout which all the required documents are sent. Following this the Monaco residency application will certainly be processed and authorized. This will take roughly 8 weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must first obtain a unique Visa from the French Embassy in their country of residence which when accepted and released (up to sixteen weeks) will then permit the applicant to complete the Monaco procedures within three-four weeks, when the residency card will be released also called the Carte de Sejour).
The requirements for obtaining Monaco residency are reasonably simple and as long as the applicant can provide all the required documents, then there is no general reason why the candidate should not be granted Monaco Residency and receive theirs Monaco resident's card.
The very first Monaco residency card will certainly be issued for a duration of twelve months after which this card have to be restored. The card is called a Monaco carte de resident temporaire and is restored each year for the first three years. In then fourth year of constant Monaco residency the holder then will be provided with a 3 year card, referred to as the Monaco Carte de resident ordinaire. These cards stand for 3 years and need to be renewed at expiry. In year 10, the holder of a Monaco residency might get a carte Privilege which is granted at the discretion of the Monaco authorities. This is not automatically granted and if not granted the candidate will continue to receive the three year Monaco local's card.
The cost of obtaining residency in Monaco actually lies in the expenditure of renting an apartment contributed to the basic cost of living in Monaco. Unlike other countries offering residency programs, obtaining residency in Monaco does not need the applicant to "invest" a defined amount of cash in Monaco nor is it compulsory to purchase a property as a rental suffices.
It is a very favourable location to become a citizen and delight in the many advantages which becoming a citizen of Monaco allows.