Becoming a resident in Monaco

How to become resident in Monaco and Becoming a Monegasque Resident ?

The Principality of Monaco has many lovers around the world. This is partly explained by its worldwide reputation, in particular thanks to its very glamorous princely family, its Casino de Monte-Carlo or even for its international sporting events. Among these people, all would dream of settling in the Principality for its living environment, its Mediterranean climate or even its advantageous taxation.

For more information on tax in Monaco, check our article on this subject : Taxes: advantages of residing in Monaco

But what are the conditions for living in Monaco and obtaining the Monegasque resident card (also called residence permit)?

 

What are the conditions for European nationals?

For a citizen of a member country of the European Economic Area wishing to set up residence in Monaco, a valid identity card or passport is sufficient. No visa is required for people in this category. Additionally, three steps must be completed by providing documents that must be translated into French.

Documents to provide as proof of accommodation

The first step to become a resident or an owner in Monaco concerns the justification of a suitable place of residence in Monaco, by providing a copy of the lease, a certificate of accommodation or a recent electricity bill. In addition, the size of the dwelling should correspond to the needs of the household in terms of area. For example, a couple can stay in a studio or a two-room apartment, while a family with two children will have to have at least a three-room apartment. On the other hand, a couple with very high incomes will normally reside in a two-room apartment instead of a studio.
Guarantees of sufficient financial resources

Secondly, the future resident must guarantee sufficient financial resources to live in Monaco and support themselves. To do this, he may present an employment contract, documents attesting to the possession or management of a company, the assumption of responsibility by a third party or justify having acceptable savings.

Proofs of character and identity

The Principality guarantees its residents optimal security, placing Monaco among the safest countries in the world. For this reason, the third step concerns the identity and morality of the applicant. A criminal record, birth certificate or other proof of good character may be requested.

Once the documents have been collected, a request must be made to the Public Security, via a form.

When the application is completed, the applicant will be called by the Residents Section for an interview. If the file is complete, the application is approved and the residence permit issued.

 

What are the conditions for non-EU nationals?

In the case of an applicant who is a national of a country that does not belong to the European Economic Area, they must apply for an establishment visa for Monaco. This process is carried out with the French authorities: French Embassy or French consulate in the country of residence. The formalities may differ depending on the applicant's nationality or country of origin.

Once the visa has been issued, the steps to benefit from a residence permit are identical to those required for European nationals. Thus, the supporting documents concerning the residence, the finances and the identity of the applicant will be necessary.

 

The advantages of Monegasque residency

A stable and prosperous political and economic climate

The Principality of Monaco seduces for its healthy economy, its full employment but also for its political stability. The Prince's Government is working to make Monaco an ever more attractive model of economic development. Indeed, residents of the Principality benefit from uninterrupted growth favorable to new residents as well as to companies. The many banks present on Monegasque territory attest to the prosperous economic situation of the Monegasque State. In just 2km there are 29 banking establishments, 19 of which are located in the Monte-Carlo district.

On the other hand, the growth of the country is very focused on ecology and sustainable development. The actions of the Prince's Government are carried out in such a way as to respect the environment at all levels.

Among other things, urban planning, mobility, water management, green spaces, energy and waste meet the requirements of sustainable development.

 

Advantageous taxation

The Principality of Monaco is known around the world for its advantageous taxation. Indeed, the State does not levy any tax on the income, capital gains or wealth of natural persons. In addition, there is no property tax or housing tax for people established in the Principality.

However, there are exceptions, in particular for people of French nationality who depend on the bilateral Franco-Monegasque Convention of 1963. French people who can prove five years of residence in Monaco before the date of October 13, 1962 are exempt from tax. For people who are not in this case, they will be subject to income tax under the same conditions as if they had their tax domicile in France.

On the other hand, inheritance rights are more flexible than in neighboring countries for people with property located on Monegasque territory. Indeed, inheritances in direct parent-child filiation or between spouses are not taxed.

As far as Monegasque companies are concerned, they also benefit from advantageous taxation. Apart from VAT, no tax is levied on the profits of companies carrying out an industrial or commercial activity in the Principality. However, companies generating more than 25% of their turnover outside Monegasque borders are subject to income tax (ISB).

For more information on tax in Monaco, see our article on this subject: Tax in Monaco: the advantages of taxation for expatriates and Monegasques.

 

An incomparable quality of life

Apart from favorable taxation and a flourishing economy, the state of Monaco has many other advantages to offer its residents. Monaco is renowned for its schools and its excellent academic level, a significant factor for families wishing to settle in the Principality.

On the other hand, the country has excellent health services as well as professionals recognized worldwide in their field of expertise. Monegasque social security is also an advantage for residents who are covered by the Caisses Sociales de Monaco.

As far as security is concerned, the Principality is an example with a very low crime rate. According to the figures, the Public Security of Monaco has 519 police officers, or one police officer for every hundred inhabitants. Also, the entire territory is covered by a 24-hour video surveillance system.

If you are looking for real estate in Monaco, we invite you to consult the home page of our Monaco real estate agency.

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