Requirements to Become a Monaco Resident are Simple
Many people want to become a Monaco resident. It can seem like an impossible dream. But it’s not as difficult as you might think. Monaco is open to all. If you’re sick of the cold weather and high taxes where you live you could change that and become a Monaco resident within a few weeks.
Monaco is the only remaining pure tax haven in Europe. Other tax havens have come and gone. Andorra introduced income tax a few years back. The Channel Islands (except Sark) have income tax. Other countries like Portugal offer tax efficient deals. But Monaco remains as the only country in Europe that has no income tax whatsoever.
Monaco is located in the South of France near the city of Nice, not far from the Italian border. Monaco has an excellent year round climate. It rarely gets too cold in the winter or too hot in the summer.
It has a population of 37,000 residents. Only around 5,000 of those are native Monegasque citizens. The rest are foreigners resident in Monaco. Italians make up the largest group of Monaco residents, followed by the British. But you’ll find people from all over the world enjoying life in the sunny tax haven.
Monaco has no income tax or capital gains tax. There is no inheritance tax between spouses and direct descendants.
Historically Monaco funded its government from the revenues of the Monte Carlo casino. Nowadays, however the Monaco budget is met by Value Added Tax which is charged on all purchases made in Monaco.
What You Need to Become a Monaco Resident
Long Stay Visa for France
If you’re not an EU citizen you’ll need a long stay visa for France. This is easy to obtain from a French consulate.
Property in Monaco
The next thing you need is to find a property in Monaco. There’s no need to buy an apartment. In fact most people in Monaco rent. There are a few big landlords who own most of the apartments in Monaco. It’s possible to buy an apartment but prices are high. The market is somewhat distorted due the large amount of apartments owned by large property companies.
The property must be of a sufficient size for your needs. You won’t be able to apply for Monaco residency for a family of four with a studio apartment.
Bank Account in Monaco
Once you’ve found your apartment in Monaco you’ll need a bank account. A crucial part of the process to become a Monaco resident is to provide an ‘Attestation’ from your Monaco bank. This is letter from your bank that confirms that you have sufficient funds to live in Monaco without working. There’s a lot of misinformation on the internet about the amount of money you need to deposit in Monaco to get a bank attestation.
No money is blocked on your account for this. You can make a deposit, get the attestation and remove it all the next day. You can also use the money to make investments. The amount you’ll need to deposit depends on the bank. Some banks will give you an attestation with as little as €100,000 in your account. Others will ask for up to €500,000.
Bank accounts in Monaco are easy to open if you go in person.
Interview with the Monaco Police
Now that you have your apartment in Monaco and your bank account opened you can make your appointment with the Surete Publique. This is the division of the Monaco police that deals with immigration. You book an appointment with them. You can normally get one within a couple of weeks. You need to bring the following documents to your appointment:
- A fully completed official set of residency application forms which are provided by the immigration department.
- Proof of purchase of your Monaco home or the lease on your rental property which must be for a minimum of 12 months.
- You’ll also need the electricity contract for your Monaco home.
- You’ll need the letter from your bank, confirming you have the means to live in Monaco without working.
- Also, you need a valid passport and birth certificate for each applicant.
- You’ll need certificates of marriage or divorce if relevant.
- A criminal record check from the police in your country of origin
- You’ll also need to provide a mini CV showing your educational and business or professional experience as well as how your wealth has been acquired, for example from the sale of a business.
All documents must be in French. The interview is also conducted in French. It’ll take no more than 10 minutes. You can take a translator with you if you don’t speak French. You’ll be photographed for your residence card. There won’t be any difficult questions. You’ll be asked about your profession, your family and why you want to live in Monaco. And that’s it. Around 2 weeks later you’ll be able to pick up your Monaco residence permit.
The initial permit is valid for 1 year. You have to renew it every year for the first three years of being a Monaco resident. Thereafter you’ll get a resident permit for three years. After you’ve been a Monaco resident for 10 years you’ll get a resident permit for 10 years.
After you become a Monaco resident you’re expected to spend at least 3 months there every year. The Monaco authorities will ask to see your electricity bill when you go to renew your residence permit to make sure you’ve been in Monaco.
How to Become a Monaco Citizen
A Monaco passport is an excellent travel document. However, no matter how long you stay in Monaco you’re unlikely to get a coveted Monaco passport. You can apply for one after being a Monaco resident for 15 years. Every application for Monaco citizenship must be personally approved by Prince Albert. In reality you’ll only get a Monaco citizenship if you marry a Monegasque, make a huge investment in Monaco or make large charitable donations. Everything is possible but Monaco citizenship is one of the most difficult citizenships to obtain.
You can become a Monaco resident rather easily. In fact it’s easier to become a resident of Monaco than it is in many other countries. If you follow the procedures above you it’s possible to be living in Monaco as a resident in less than 3 months.
How much money do you need to be a resident in Monaco?
A bank deposit is required for the bank attestation. This can vary from €100,000 to €500,000 and depends on the bank.
Is it hard to become a resident of Monaco?
Not really. There are only 4 things you need to do as I’ve detailed above.
What nationality are you if you live in Monaco?
If you have Monaco citizenship you’re known as a Monegasque.
Can you buy Monaco citizenship?
No, it’s not possible to buy Monaco citizenship. Monaco citizenship by investment may be possible for very large investments. Think €100m or more.
How can I get Monaco residency?
You need to follow the steps outlined above and apply via the Surete Publique in Monaco.
How to apply for Monaco residency?
We regularly help clients get Monaco residency. You can apply yourself via the Surete Publique in Monaco.
What are the requirements for residency in Monaco?
You must have a property available for your use in Monaco, have a long stay visa for France, make a bank deposit and go for an interview with the Monaco police. That’s it.
What are the costs involved in applying for residency In Monaco?
We offer this service to our clients. See here for details