Monaco
Residency Permit
Monaco, located on the French Riviera, is known for its thriving business and financial center. It offers a safe European location with high-class leisure facilities and a favorable tax system. Monaco residents benefit from no personal income tax, making it an attractive choice for high-net-worth individuals seeking Monaco Residency.
Population
Around 39,000 inhabitants
Languages
French, Monégasque, Italian, English
Economy
High-income economy with a focus on tourism, finance, and luxury goods
Currency
Euro (EUR)
Visa-Free Travel
174 countries.
Advantage
- Independent and Sovereign State: Monaco is an independent and sovereign state.
- Membership in International Organizations: Monaco is a member of the United Nations (UN) and the Council of Europe.
- Stable Leadership: The country has enjoyed secure and stable leadership since 1297.
- Favorable Tax System
- Strong Legal System and Infrastructure
- Competitive Real Estate Market: Monaco has a competitive real estate market with no capital gains tax.
- Residency Flexibility: There is no obligation to permanently reside in Monaco, and residency permits are easily renewable if the applicant spends more than 6 months of the year in Monaco.
- Freedom of Movement: Monaco Residency allows for freedom of movement within the Schengen Area.
- Possibility for Permanent Residency: Applicants can apply for Monaco Residency after 9 years of residency.
Requirements
- Supporting Documentation and Clean Criminal Record:
Applicants must provide supporting documentation and evidence of a clean criminal record. - Financial Resources: They need to demonstrate sufficient financial resources to reside in Monaco without engaging in any professional activities.
- Long-Stay Visa: Non-EU/EEA nationals must secure a long-stay visa from France.
- Individual Interview: Applicants must pass an individual interview, presumably as part of the residency application process.
- Residency Time Requirement: Applicants must spend a reasonable amount of time in Monaco, although the specific duration is not specified. This requirement likely ensures that individuals seeking residency are actively present in the country.
Investment Option
Option 1:
Property Rental or Purchase: Applicants must rent or purchase a suitable property in Monaco for themselves and their dependents. The property must be maintained on a yearly basis.
Option 2:
Financial Deposit: Applicants need to deposit and maintain at least EUR 500,000 into a bank that is duly registered in Monaco. The minimum deposit or asset under management may vary depending on the selected bank and is subject to case-by-case evaluation.
Process
- Pre-vetting and Due Diligence Checks: Applicants undergo pre-vetting and due diligence checks to ensure they meet the eligibility criteria and have a clean background.
- Residency Permit Application Drafting: Once pre-vetting is completed, the applicant proceeds with the drafting of the residency permit application. This involves gathering all necessary supporting documents.
- Personal Interview: Applicants are required to attend a personal interview with a police officer from the Monaco Public Security (Sureté Publique Monégasque). This interview may involve further scrutiny of the applicant’s background and intentions.
- Monaco Residency Permit Issuance: Upon successful completion of the interview and verification process, the residency permit is issued to the applicant, allowing them to reside in Monaco.
