The Principality of Monaco is regularly considered by individuals and families contemplating relocation because it is safe, private and has a benign personal taxation regime.
While it is possible to buy or rent a property in Monaco without obtaining resident status, and spend short periods of time there, many will wish to cement their relationship with the country by becoming fully-fledged residents. This article briefly explains what is involved.
Monaco certainly does have a lot of offer – safety, privacy and a benign personal taxation regime being among some of the most cited. Add mild winters, warm summers, an international cuisine, excellent travel links and its location between the French and Italian Rivieras, surrounded by mountains and beaches. Moreover it has an economic ecosystem which actively encourages and facilitates entrepreneurism, as part of which there is ready access to the stable government when needed.
The requirements and timescales to obtain Monaco Residency depend upon the nationality of the applicant.
Application Process for EEA and Swiss Nationals
The application is made directly to the Residency Department of the Monaco Police Department. Applicants complete an application form and are interviewed by a police Inspector. They must provide certain information and documents, including:
- Proof of suitable accommodation in Monaco (e.g. a lease or an ownership deed)
- Evidence of self-sufficiency – one of the following:
- employment contract if coming to Monaco as an employee; or
- evidence of application if the applicant is setting up a company in Monaco; or
- in all other cases, an attestation issued by a Monaco bank confirming that the applicant has sufficient funds to live in Monaco , in support of which a minimum balance of 500,000 euros must currently be maintained with the bank
- Indication of origin of wealth and location of any real estate owned
- Originals of birth, marriage and divorce certificates if applicable
- Original of clean criminal record check from the place of last residence
This process from application to obtaining the resident card usually takes in the region of eight to 10 weeks.
Additional Requirement for a Visa for non-EEA/non-Swiss nationals
Non-EEA/non-Swiss Nationals must first apply for a French long stay visa (Type D) through the French Embassy of their country of residence. Once this has been issued, they may then proceed to apply for Monaco residency via the same process as for EEA and Swiss nationals explained above. The process of obtaining the visa usually takes around four months from the date of application.
Types of Residency Card
Different types of residency cards are issued depending on how long the person concerned has been residing in Monaco.
- The first card issued is a Temporary Card, which lasts for one year
- After three Temporary Cards, an Ordinary Card can be applied for, which has a three-year duration. This is at the discretion of the authorities, who may issue a further Temporary Card in some instances
- After Three Ordinary Cards, a Privileged Card may be obtained which lasts for 10 years
Hence it takes at least 12 years of Monaco residency to obtain a Privileged Card, which is then renewed every subsequent 10 years.
No action should be taken on the basis of this note, nor should it be construed as amounting to tax, legal or VAT advice. Suitable, specific and professional advice should always be obtained in respect on any particular issue.