Residency in Monaco brings a number of advantages:
- Favourable tax system for Monaco Citizens
- Live in Safe environment
- Excellent area with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Business friendly
- English commonly spoken
- The Cote d'Azur and Italy on the doorstep
The best ways to apply for Monaco Residency
To get Monaco Residency there are particular requirements for each candidate to fulfil. The requirements for applying for residency in Monaco are as follows:
- Establish a savings account in Monaco
- Each applicant (or couple) will have to deposit sufficient funds for the bank to then release the needed bank attestation (letter) to validate that the account holder(s) has sufficient funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a legitimate work agreement provided by a local Monaco company). The banks have differing requirements for this ranging from EUR 100,000-EUR 1 million per candidate (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.
Rent or buy a property in Monaco
If renting the lease has to be for a minimum of Twelve Month and have adequate bedrooms to accommodate the number of individuals applying. For example, in order for this to qualify for Monaco residency, a couple must lease a one bed room home at least and for a family of four a minimum if two bedrooms. This lease is typically automatically at the end of each lease period.
Each applicant needs to offer a police certificate stating that each adult candidate does not hold a criminal record in the country where they have resided during the previous 5 years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate must not be more than three months old at the time of application for the residency.
In addition, the following files have to be submitted for each applicant when getting 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
- The official Monaco residency application completed and appropriately signed
- Health report for candidates of 70 years and over
To finish the Monaco residency process, an official residency interview will be arranged throughout which all the needed documents are submitted. Following this the Monaco residency application will be processed and licensed. This will take roughly 8 weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they should first get a unique Visa from the French Embassy in their country of residence which as soon as approved and issued (up to sixteen weeks) will then permit the applicant to complete the Monaco formalities within three-four weeks, when the residency card will certainly be released also known as the Carte de Sejour).
The requirements for obtaining 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 applicant should not be given Monaco Residency and get theirs Monaco local's card.
The very first Monaco residency card will be released for a period 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 4th year of continuous Monaco residency the holder then will be provided with a three year card, known as the Monaco Carte de resident ordinaire. These cards stand for three years and have to be restored at expiration. In year ten, the holder of a Monaco residency might get a carte Privilege which is given at the discretion of the Monaco authorities. This is not immediately granted and if not given the candidate will certainly remain to get the three year Monaco local's card.
The cost of getting residency in Monaco actually lies in the expenditure of renting an home contributed to the general cost of living in Monaco. Unlike other countries offering residency programs, getting residency in Monaco does not need the candidate to "invest" a specified sum of money in Monaco nor is it mandatory to acquire a property as a rental is sufficient.
It is a extremely favourable location to become a local and delight in the many benefits which becoming a resident of Monaco allows.