Residency in Monaco brings numerous advantages:
- Favourable tax system for Monaco Locals
- Live in Secure environment
- Excellent place with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- Global environment
- Company friendly
- English commonly spoken
- The Cote d’Azur and Italy on the doorstep
How to make an application for Monaco Residency
To get Monaco Residency there are specific requirements for each applicant to satisfy. The requirements for making an application for residency in Monaco are as follows:
- Establish a bank account in Monaco
- Each candidate (or couple) will have to deposit sufficient funds for the bank to then provide the required bank attestation (letter) to verify that the account holder(s) has adequate funds to support themselves whilst residing in Monaco.( unless the candidate for residency has a legitimate work agreement provided by a local Monaco company). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per applicant (adult).
Relocation Monaco are an approved Relocation Services provider by the Monaco Chamber of Commerce and Economic Development. Relocation Monaco are based in Monaco, their website has lot of information reaarding Monaco Residency as well as general Monaco banking and property advice.
Lease or buy a property in Monaco
If renting the lease should be for a minimum of YEAR and have sufficient bed rooms to accommodate the variety of individuals applying. For instance, in order for this to get approved for Monaco residency, a couple ought to rent a one bedroom apartment at least and for a family of 4 a minimum if two bed rooms. This lease is typically automatically at the end of each lease period.
Each candidate needs to provide a police certificate specifying that each adult applicant does not hold a criminal record in the origin country where they have actually resided throughout the previous five years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate should not be more than three months old at the time of application for the residency.
In addition, the following files need to be submitted for each applicant when applying for Monaco residency.
- Valid passport
- Birth certificate
- Marital relationship certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a spouse who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment
- The brand-new electricity contract for the Monaco apartment or condo
- The official Monaco residency application completed and duly signed
- Health report for candidates of 70 years and over
To complete the Monaco residency procedure, an main residency interview will be organized throughout which all the needed documents are submitted. Following this the Monaco residency application will be processed and licensed. This will take approximately eight weeks for EU passport holders and sixteen – twenty weeks for non EU passport holders as they have to initially get a unique Visa from the French Embassy in their country of residence which when authorized and provided ( approximately sixteen weeks) will certainly then permit the applicant to complete the Monaco procedures within three-four weeks, when the residency card will certainly be issued also known as the Carte de Sejour).
The requirements for getting Monaco residency are reasonably simple and as long as the applicant can offer all the required documents, then there is no general reason why the candidate ought to not be provided Monaco Residency and get theirs Monaco local’s card.
The very first Monaco residency card will certainly be released for a duration of twelve months after which this card need to be restored. The card is called a Monaco carte de resident temporaire and is renewed each year for the first three years. In then fourth year of constant Monaco residency the holder then will certainly be provided with a three year card, known as the Monaco Carte de resident ordinaire. These cards are valid for 3 years and must be restored at expiration. In year 10, the holder of a Monaco residency may obtain a carte Privilege which is provided at the discretion of the Monaco authorities. This is not immediately given and if not granted the applicant will certainly continue to get the three year Monaco citizen’s card.
The cost of making an application for residency in Monaco truly lies in the cost of leasing an apartment or condo added to the general cost of living in Monaco. Unlike other nations offering residency programs, making an application for residency in Monaco does not require the candidate to “invest” a specified sum of money in Monaco nor is it required to buy a home as a rental is sufficient.
It is a very favourable location to become a resident and enjoy the many advantages which becoming a citizen of Monaco gives.