Permanent residency allows the applicant to live in Monaco as long as desired. After ten years in permanent residency status it is possible to apply for Citizenship.
To receive the permanent residency card ("Carte de Sejour") all applicants have to show proof of accommodation. Proof of accommodation may entail acquiring local real estate OR being the director of a company that holds corporate real estate in Monaco OR providing a letter and proof of property ownership/rental from a close relative with whom the applicant plans to live in Monaco.
In addition, all applicants must demonstrate financial self-sufficiency to live in Monaco. Financial self-sufficiency may be demonstrated by depositing at least EUR 500,000.00 into a local bank account in the applicant's name OR showing the applicant is employed by a Monaco company OR forming a new company in Monaco that creates at least ten new jobs OR providing a letter of support from a close relative with whom the applicant plans to live in Monaco.
Monaco imposes no restrictions on foreigners opening bank accounts or owning real estate in the principality. Application processing can take between two to five months.
With its warm and stable climate and convenient geographical position Monaco is considered an attractive place for residence. With over 300 days of sunshine a year Monaco qualifies as one of the sunniest European locations. France borders the country on three sides while the other side borders the Mediterranean Sea. Monaco's most populous Quartier is Monte Carlo.
Monaco is also known as a playground for the rich and famous due to its tax laws. In 2014, it was noted that about 30% of the population are millionaires. The state has no income tax and low business taxes.
Monaco's mild climate, scenery, and gambling facilities have contributed to the principality's status as a tourist destination and recreation center for the rich. In more recent years, Monaco has become a major banking center and has sought to diversify its economy into services and small, high-value-added, non-polluting industries.
Monaco is also the host of the annual street circuit motor race "Monaco Grand Prix".
Advantages of Monaco Residency
Living in Monaco
Permanent Residency grants EU Nationals and Non-EU Nationals the right to permanently reside in Monaco. Once granted, the Monaco Residency Card ("Carte de Sejour") covers the whole family: eligible dependents include the spouse or partner in a long and durable relationship, children, and parents under certain conditions.
The Monaco citizenship offers visa-free travel to more than 160 countries in the world, including the USA, Canada, select countries in the Middle East, Africa, and Asia, as well as most countries in North, Central and South America.
Fast Track Application Processing
Fast track application procedure - all applications are reviewed by the Monaco government within approximately two to five months from the date of filing.
Favorable Tax Structure
Monaco levies no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax on individuals. Corporate tax and inheritance tax are minimal in comparison to other countries.
The absence of a personal income tax in the principality has attracted a considerable number of wealthy residents from European countries who derive the majority of their income from activity outside Monaco.
Unlike other citizenship by investment programs, Monaco does not require any donations, i.e. non-refundable contributions to the government.
High Standard of Living
Monaco presents a very high standard of living due to its access to reputable private schools, trustworthy private medical facilities, and having among the lowest crime rates within Europe.
Application Timeline & Payments
Step 1 - Contact Us. Please use our contact form to receive a detailed cost estimate for you and your family. There is no fee for this initial consultation.
Step 2 - Document Preparation. During this step all supporting documents are collected, such as birth certificates, marriage and divorce certificates, as well as police clearance that must be submitted with the application. Further, the proof of accommodation and financial self-sufficiency are prepared. (Our team can advise you on unique/specific real estate searches or present investment options.) All application forms are completed. This step takes approximately two to three weeks.
Step 3 - Introductory Meeting. At this step the legal team will together with the applicant review the entire application package and file the basic application forms. In this step the applicant will also be prepared for the official meeting in Monaco to follow in Step 4.
Step 4 - Official Interview in Monaco. Approximately three to five weeks after submitting the application the applicant is invited to an official interview in Monaco. In this interview the applicant will be asked about their education, work experience, children (if any), their parents, and other family members. At this meeting all supporting documents, collected at Step 1, are handed to the Monaco government.
Step 5 - Compliance Checks and Approval. At this stage the Monaco authorities will conduct all due diligence checks. This step takes approximately six to eight weeks to complete. After the conclusion of this step and upon approval of all documents the applicant receives his/her residency card ("Carte de Sejour").
Step 6 - Citizenship Application. Following ten (10) years of permanent residency, the applicant may file for Monaco citizenship if so desired.