Monaco Residency 2021 The Ultimate Guide by Experts | GCS

On the French Riviera stands Monaco, a sovereign city-state loved for its excellent weather, luxury lifestyle, and delicious cuisine. But that’s just one part of the picture: with its favorable business environment, optimal financial services, and profitable tax regime, Monaco is attracting high-profile expats from all over the world. Indeed, becoming Monaco residents have a host of benefits.

If you are also interested in acquiring Monaco residency, this guide is for you. You will receive detailed information on:

  • Tax benefits
  • Residency process
  • Residency requirements
  • Step-by-step guide
  • Timeline
  • How to obtain Monaco citizenship

How can I get Monaco residency?

If you want to stay more than three months in Monaco, you will need to apply for a Monaco residency card. You are able to become a resident in Monaco if you are:

  • Self-employed, or the manager or director of a company in Monaco
  • Setting up a business in Monaco
  • Employed in Monaco
  • Retired
  • Have self-sufficient funds
  • Being supported by someone

In addition to providing documentation that proves your statuss, you’ll also have to show proof of accommodation in Monaco, evidence of self-sufficient funds, and proof of good character. Non-EU citizens have to bear in mind that it takes around four to six months to acquire Monaco residency.

Benefits of Monaco residency

Profitable tax regime Profitable tax regime
Freedom of movement in Europe Freedom of movement in Europe
International airport International airport
Luxury lifestyle Luxury lifestyle
Safe and stable country Safe and stable country
Receive a Monaco passport after ten years Receive a Monaco passport after ten years

Tax benefits

One of the main benefits of becoming a Monaco resident is to enjoy the country’s favorable tax system. Indeed, many foreign residents acquire tax residency in Monaco due to its zero-income tax policy. Monaco residents (unless they are French citizens) are not subject to personal income tax, investment income, capital gains tax, dividends, or directors’ fees. 

Moreover, there is no wealth tax, no local tax, and no property tax in Monaco. In addition, direct family members are not subject to gift, or inheritance tax.

Finally, only firms carrying out commercial or industrial activities and generating more than 25 % of their turnover outside Monaco are subject to corporate tax.

Monaco residency process

In order to obtain Monaco residency, you will have to go through different stages. Note that EU nationals won’t have to apply for a long-stay visa.

Apply for a long-stay visa

If you are a non-EEA citizen, you will need to start your residency process by applying for a long-stay visa through the French Consulate or Embassy of your country of permanent residency, or if already in Monaco to the French Embassy. If you are a non-EU national who has been living in France for already a year you will only need to apply for a transfer of residency from the French Embassy in Monaco.

Apply for Monaco residence permits

Once your long-stay visa has been granted, you will need to apply for Monaco residency by gathering the required documentation listed below and by attending an interview with the Residents Section of the Monaco government. Once you have attended your official residency interview, your application will then be processed by government officials, and you can expect to receive your residency permit in sixteen to twenty weeks. 

Here are the different resident permits you are expected to receive:

  • The Carte de sejour temporaire is the first temporary residency permit that you will receive. It is valid for a year and renewable for three consecutive years
  • The Carte de sejour ordinaire is a permanent residence permit that you will receive after your carte de sejour temporaire. It is valid for a three-year period and renewable for another three-year period as many times as you like. 

Residency requirements

To become a Monaco resident you’ll need to:

Show evidence of accommodation: 

  • If you or your company owns property: a notarised property deed
  • If you have a rental: a tenancy agreement registered with the Department of Tax Services

Show evidence of sufficient financial resources: 

  • If you are employed: an employment contract providing evidence of your salary
  • If you are self-employed or the manager or director of a Monaco company: proof of professional income
  • Evidence that you are supported by a spouse or a partner
  • If you are a self-sufficient applicant: a bank letter confirming that you have sufficient funds in a bank account to live in Monaco (this should come from a Monaco bank)

Required documentation

Along with the documentation mentioned above, you’ll also need to provide:

  • A valid passport (including a long-stay visa if applicable)
  • A birth certificate
  • Health insurance
  • An extract from the criminal record or the equivalent (Certificato penale, criminal records, etc.) issued by the authorities of the two last countries in which you have resided in the past five years, before your arrival in Monaco
  • Marriage certificate (if applicable)
  • For children: A passport or identity card for each child; proof of custody of minors (if applicable); proof of adoption (if applicable); proof of schooling for children educated outside Monaco

Step-by-step guide to Monaco residency

Apply for a long-stay visa
Gather documentation for the permit
Make an appointment
Attend your interview
Receive your temporary residence permit
Renew your temporary residence
Receive your permanent residency permit

1. Apply for a long-stay visa at the French Embassy or French Consulate of your country of residence.

2. Gather all the required documentation for the Monaco permit

3. Make an appointment with the Residency, Certifications and Lost-and-Found Section

4. Attend your interview with the Monaco authorities

5. Receive your temporary residence permit for one year

6. Renew your temporary residence permit for three years

7. Receive your permanent residency permit

Application timeline

Month 1
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(For non-EU citizens) Apply for a long-stay visa

Month 2
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Apply for the Monaco permit 

Month 6 - 7
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Receive your Monaco temporary permit

Year 1
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Renew your temporary permit annually for three years

Year 4
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Apply and receive your Monaco permanent residency

Acquire Monaco citizenship

Once you have lived for more than ten consecutive years in Monaco, you are able to apply for Monaco citizenship by naturalization.

However, it is important to keep in mind that Monaco does not allow dual citizenship. You will have to renounce your current citizenship if you’d like to have a Monaco passport.

Frequently Asked Questions

How can I get Monaco residency?

In order to obtain Monaco residency, you’ll need to show evidence of accommodation in Monaco, proof of sufficient savings to live in Monaco, and proof of good character.

How long does the Monaco residency procedure take?

If you are a non-EEA national, government procedures will take between four to six months for you to receive your residency permit.

What are Monaco residency benefits?

Monaco residency benefits are multiple, but becoming a tax resident is one of the biggest advantages. Residents (unless they are French citizens) are not subject to investment income, capital gains, dividends, or directors’ fees. Moreover, there is no wealth tax, property tax, or local tax in Monaco. In addition, direct family members are not subject to gift, or inheritance tax.

Can I purchase Monaco real estate?

You do not need to own real estate if you wish to become a resident in Monaco. It is enough to be renting a property. However, if you wish to acquire a house or apartment in Monaco, this could be a very good investment. Monaco has a stable real estate market, which makes it very advantageous to be owning real estate.

Can I get Monaco citizenship?

If you have been a Monaco resident for ten consecutive years, you are able to apply for Monaco citizenship by naturalization. The Monaco passport gives you the ability to have Monaco citizenship for life along with visa-free travel to over 160 countries worldwide. Bear in mind that Monaco does not accept dual citizenship, so you’ll have to renounce your current citizenship in order to become a Monaco citizen.

Is Monaco safe?

Monaco is one of the safest countries in the world.

What are Europe’s alternative residency programs?

If you’re interested in acquiring European residency, have a look at the Portugal Golden Visa and the Spain Golden Visa. These residency programs also give you the opportunity to become EU passport holders without having to renounce your current citizenship.