Becoming a Resident of Monaco: Complete Guide for a Successful Settlement
Monaco, with its sunny climate, ubiquitous luxury, and advantageous tax regime, attracts many international residents each year. Becoming a resident of Monaco may seem like a complex process, but with a good understanding of the steps and requirements, settling in this exclusive principality becomes much more accessible. In this article, we will provide you with a complete guide on how to become a resident of Monaco, addressing the criteria, procedures, and benefits of Monegasque residency.
Who Can Become a Resident of Monaco?
Any foreign person aged 16 or over wishing to live in Monaco for at least 3 months per year must apply for a residence card from the Public Safety Directorate (the Monegasque police).
– European and European Economic Area (EEA) nationals: You must have a valid identity document, such as a national identity card or passport. No visa is required for your residency application.
– Non-European nationals and nationals from non-EEA countries: You must first obtain a long-term visa or residence permit.
– If you have been in France for more than a year, you can apply for a residence transfer at the French Embassy in Monaco.
– For all other cases, it is necessary to contact the French administration before undertaking any procedures in Monaco, specifically the nearest French embassy or consulate to your current place of residence, and request a “Monaco establishment visa,” which will be essential for your residency application in Monaco. It is advisable to contact the French consulate in your country of residence for all necessary information. The required formalities may vary depending on your nationality and country of residence.
Criteria for Becoming a Resident of Monaco
Proof of Residence
To become a resident of Monaco, meaning obtaining the residence card and a certificate of residence, it is necessary to demonstrate a real physical residence in the principality. This involves spending at least six months of the year in Monaco. For this, you can buy a property, rent an apartment, or be accommodated for free. The Monegasque authorities may then request proof of residence such as utility bills, bank statements, an accommodation certificate, etc.
To obtain the Monegasque residence card, the accommodation must meet certain criteria in accordance with the applicant’s conditions:
– The accommodation must provide adequate living conditions for all family members residing there. For example, a couple can justify accommodation in an apartment with one bedroom. A family with children must live in an apartment with at least 2 bedrooms.
– The accommodation must also be in line with the household’s financial capabilities. A couple with very high income must preferably live in an apartment with at least 2 rooms, while another couple with modest income can live in a smaller apartment.
– A person with high income cannot obtain residency in Monaco by renting only a maid’s room. However, they can use this property to allow one of their employees to obtain residency.
The Monegasque real estate market is competitive, and prices are high, but a local real estate agency can help you find the property that meets your needs and budget. With its large, experienced, and multilingual team, our agency is here to assist you in this process.
Financial Capacity
The Monegasque authorities require proof of financial capacity to ensure that you can support yourself and your family in the Principality.
Several options are possible for this:
– Proof of employment with a work contract and pay slips.
– Proof of professional income from an independent business activity or a company established in Monaco.
– Proof of sufficient savings with the opening of an account with a Monegasque bank. Regulations require the bank to verify the applicant’s financial situation before opening a bank account. Banking formalities include verifying the applicant’s identity and profile, knowing their financial situation, and understanding the reasons why they wish to open an account in the Principality. The minimum amount required by banks to open an account is 500,000 euros per person, although some banks, particularly private ones, require a higher minimum deposit, starting at one million euros. After opening the account, the bank will provide a recommendation letter certifying that the applicant has sufficient funds to support themselves in the absence of fixed income from activities or investments in Monaco.
– Proof of support by a third party (parent, spouse, partner). You will then need to provide the letter of support as well as the financial resources proof of this third party.
Criminal Record
Proving good moral character is required to become a resident of Monaco. A clean criminal record extract is necessary to prove that you have no criminal history. This document must be recent and issued by the authorities of the country or countries where you have resided in the last five years.
Steps to Becoming a Resident of Monaco
Step 1: Find Accommodation
As mentioned earlier, the first step is to find accommodation in Monaco. Whether you choose to buy or rent, it is essential to sign a lease or property deed before starting the residency process. Miells-Christie’s agency can offer a turnkey service to facilitate this step.
Step 2: Open a Bank Account
Opening a bank account in Monaco is a crucial step. You will need to prove your financial capacity by depositing a substantial amount in this account. Each bank has its own requirements, so it is recommended to contact several institutions to find the one that best meets your needs.
Step 3: Prepare the Necessary Documents
Prepare all the required documents, including:
– A copy of the lease or property deed.
– A birth certificate.
– A copy of your passport.
– A recent criminal record extract.
– Proof of financial capacity (bank statements, income certificates, etc.).
Step 4: Submit a Residency Application
Once you have gathered all the necessary documents, you can submit your residency application to the Public Safety Directorate of Monaco. An appointment will be scheduled for an interview where your documents will be reviewed, and you will need to prove your intention to reside in Monaco.
Step 5: Obtain the Residence Permit
If your application is accepted, the residence card, officially called Carte de séjour, will be issued to you, initially for one year, renewable annually for a total of three years, then twice for three years. After ten years of continuous and effective residence, you can obtain a privileged resident card. Each renewal is subject to providing proof of effective residence.
Types of Residence Permits
Temporary Residence Card
New residents receive a temporary residence card, valid for one year. This card is renewable annually during the first three years, provided the residency criteria are met and real presence in Monaco is demonstrated.
Carte de Séjour Ordinaire
Après trois années de résidence continue à Monaco, vous pouvez demander une carte de résident ordinaire, valable trois ans. Cette carte offre plus de stabilité et elle est renouvelable une fois.
Ordinary Residence Card
After three years of continuous residence in Monaco, you can apply for an ordinary residence card, valid for three years. This card offers more stability and is renewable once.
Privileged Residence Card
After ten years of continuous residence, residents can apply for a privileged residence card, valid for ten years. This card offers great stability and is renewable every ten years indefinitely.
“Spouse of Monegasque” Card
It is granted to any foreign spouse of a Monegasque national who has been residing in Monaco for 1 year. It is valid for 5 years.
Why Become a Resident of Monaco?
Tax Regime
One of Monaco’s main attractions is its advantageous tax regime. The Principality does not levy income tax, property tax, or housing tax. Thus, Monaco is a popular destination for wealthy individuals seeking to optimize their tax situation. However, it is important to note that this exemption does not apply to French nationals due to a bilateral agreement between France and Monaco.
Quality of Life
Monaco offers an exceptional quality of life. With a pleasant Mediterranean climate, high-quality health and education services, a very high level of security, and a wealth of cultural and sports activities, the Principality is an ideal place to live for families and individuals seeking luxury and comfort.
Security and Stability
The Principality of Monaco is renowned for its political and economic stability. Security is a priority in Monaco, and crime rates are extremely low. With an omnipresent police force and advanced video surveillance systems, Monaco ensures optimal security for its residents. This stability attracts many investors and families seeking a safe and stable environment.
Education and Health
Monaco offers high-quality educational and medical infrastructures. International schools and local institutions offer world-renowned academic programs. The healthcare system is modern, with hospitals and clinics providing top-notch care. The new Princess Grace Hospital Center, currently under construction, will be its crown jewel.
Cultural and Sports Activities
The Principality is rich in cultural and sports events. From the famous Monaco Grand Prix to the ballets of the Monte-Carlo Opera, there is always something to see and do. Residents can enjoy yacht clubs, tennis courts, private beaches, and much more.
Shopping and Gastronomy
Monaco is also a paradise for shopping and gastronomy enthusiasts. Luxury boutiques, Michelin-starred restaurants, and local markets offer a variety of options to satisfy all tastes.
Acquiring Monegasque Nationality Without Family Ties
To obtain Monegasque nationality without family ties, it is possible to submit a naturalization application to the Sovereign Prince, under certain conditions:
– Reside permanently in Monaco for at least 10 years after reaching majority;
– Be exempt from military obligations in your country of origin;
– Renounce your previous nationality.
The decision to naturalize is at the discretion of the Sovereign Prince, who also assesses the applicant’s morality and personality.
It is also possible to obtain Monegasque nationality after 20 years of marriage to a Monegasque citizen, provided the applicant has not already acquired Monegasque nationality in a previous marriage.
For further assistance or to find the perfect home in Monaco, do not hesitate to contact our real estate agency. We are here to support you at every step of your process to become a resident of this prestigious principality.
