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The Process of Retiring to Monaco

With beautiful views, gorgeous weather, low crime rates, and opulent living accommodations, it is possible to understand why somebody might want to relocate to Monaco. Nevertheless, it is really not as easy as preparing everything up and relocating to the principality. There are specific aspects to consider, together with forms that need to be completed. Let us take a look at what you need to do if you're planning on relocating to Monaco for retirement.
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Open a banking account

Just before emigrating, or quickly after your appearance, you need to open a banking account with a Monaco area financial institution and you might have to make a preliminary deposit of between €300,000 to €1 million. Once your bank account has been open for 7 to ten days, the financial institution will certainly issue you with a message (a bank attestation) which should be presented to the Surete Publique (Immigration Office) verifying that you've got sufficient money to support yourself while living in Monaco. When you plan to work in Monaco, you should also provide a copy of your employment contract. Clearly, this is unlikely to become a problem should you be intending to retire.

Signing a lease

When looking for residency, you have to provide evidence of a Twelve month rent. Trying to find an apartment to rent or purchase can be achieved with the help of an property agent, just like you would if you've been looking elsewhere. Nevertheless, it is essential to bear in mind that three months' rent must be paid in advance, along with another three months' rent as well as a security deposit.

Applying to the Surete Publique

This should be done in person. Along with your bank attestation plus a duplicate of your signed 12 month rent, you will have to possess the following papers to be able to continue:

  • Certified copy of your Birth Certificate
  • Valid Passport
  • Matrimony or Separation certificates if applicable
  • An announcement detailing your academic and professional history, together with clarification of how all of your belongings have been acquired. It is actually required that this be submitted in French.
  • Certificate from your last country of residence validating you have didn't have criminal record during the last five years. A statement attesting to this can be obtained from the police force in your past home country.
  • Valid health insurance that covers Monaco.
  • The electrical energy contract for your rental apartment or purchased property.
  • Fully finished residency application forms readily available via the Surete Publique. Remember these forms are obtainable in French.

The interview process

Right after it is verified that you've got all of the necessary documentation, an interview will be appointed with one of the officials in the Surete Publique. The application is going to be processed right after the appointment has taken place. If you're accepted, a letter from the Surete Publique will be delivered to the address on your application with instructions regarding how to acquire your Carte de Sejour (residency card). The whole process typically takes around three months to finish.

The first card is legitimate for one year. After twelve months is up, it should then be renewed every 3 years. If you are living in the country for a minimum of Twelve years, the Surete Publique might consider you qualified for a ten year card. Otherwise, you are able to carry on and renew your three year card as and when it's needed.

The Carte de Sejour gives you the legal right to remain in Monaco for over 3 months, and the specifications state that you must spend at least 3 months of each year in Monaco. In order to be considered for the ten year card, you must stay in the country for a minimum of six months out of the 12 months.

Although it may be a complicated procedure, when finished, going to this beautiful country is certain to be a wise decision.