Residency in Monaco brings a number of advantages:
- Favourable tax system for Monaco Citizens
- Stay in Secure environment
- Outstanding area with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- Worldwide environment
- Business friendly
- English widely spoken
- The Cote d'Azur and Italy on the doorstep
How to make an application for Monaco Residency
- Establish a bank account in Monaco
- Each candidate (or couple) will certainly have to deposit sufficient funds for the bank to then provide the needed bank attestation (letter) to confirm that the account holder(s) has enough funds to support themselves whilst living in Monaco.( unless the candidate for residency has a legitimate work contract released by a regional Monaco business). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per candidate (adult).
- Valid passport
- Birth certificate
- Marriage certificate(s)
- Any previous divorce certificate (or death certificate if the candidate has a partner who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment
- The new electrical power contract for the Monaco apartment
- The official Monaco residency application finished and properly signed
- Health report for candidates of 70 years and over
Lease or buy a property in Monaco
If leasing the lease needs to be for a minimum of 12 months and have sufficient bedrooms to accommodate the number of persons applying. For example, in order for this to get Monaco residency, a couple ought to lease a one bed room house a minimum of and for a family of 4 a minimum if 2 bed rooms. This lease is typically automatically at the end of each lease period.
In addition, the following files should be submitted for each candidate when getting Monaco residency.
To finish the Monaco residency process, an main residency interview will be organized during which all the required documents are submitted. Following this the Monaco residency application will be processed and licensed. This will certainly take approximately 8 weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must initially make an application for a unique Visa from the French Embassy in their country of residence which as soon as authorized and issued ( approximately sixteen weeks) will then allow the applicant to complete the Monaco formalities within three-four weeks, when the residency card will be provided also known as the Carte de Sejour).
The requirements for applying for Monaco residency are reasonably straightforward and as long as the candidate can provide all the needed documents, then there is no general reason why the applicant need to not be granted Monaco Residency and receive theirs Monaco local's card.
The very first Monaco residency card will be issued for a period of twelve months after which this card must 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 continuous Monaco residency the holder then will be issued with a 3 year card, called the Monaco Carte de resident ordinaire. These cards stand for 3 years and have to be renewed at expiration. In year 10, the holder of a Monaco residency may make an application for a carte Privilege which is given at the discretion of the Monaco authorities. This is not instantly provided and if not granted the applicant will continue to get the 3 year Monaco resident's card.
The expense of making an application for residency in Monaco truly lies in the expenditure of renting an house contributed to the basic expense of living in Monaco. Unlike other countries providing residency programs, applying for residency in Monaco does not require the candidate to "invest" a defined amount of money in Monaco nor is it compulsory to acquire a home as a rental suffices.
It is a extremely favourable location to become a citizen and delight in the many benefits which becoming a citizen of Monaco allows.