15 December 2015

Monaco Residency

Residency in Monaco brings a number of benefits:

  • Favourable tax system for Monaco Citizens
  • Live in Safe environment
  • Exceptional area with Nice International airport 30 minutes by car/10 minutes by helicopter
  • Mediterranean Climate
  • International environment
  • Business friendly
  • English widely spoken
  • The Cote d'Azur and Italy on the doorstep

How to apply for Monaco Residency

To get Monaco Residency there are particular requirements for each applicant to fulfil. The requirements for applying for residency in Monaco are as follows:

  1. Establish a bank account in Monaco
  2. Each candidate (or couple) will need to deposit sufficient funds for the bank to then issue the needed bank attestation (letter) to verify that the account holder(s) has adequate funds to support themselves whilst living in Monaco.( unless the applicant for residency has a valid work contract issued by a regional Monaco company). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per candidate ( grownup).

Moving to Monaco or any other country can seem like a daunting task - as a fully independent and highly dedicated relocation provider Relocation Monaco can provide you with a seamless service if you are thinking of relocating to Monaco. Taki a look at their website for more information regarding 'residency in monaco' as well as much more information relating to movining to Monaco.

Lease or purchase a home in Monaco

If leasing the lease should be for a minimum of 12 months and have enough bed rooms to accommodate the number of persons using. For instance, in order for this to get approved for Monaco residency, a couple needs to lease a one bedroom home at least and for a family of 4 a minimum if 2 bed rooms. This lease is normally automatically at the end of each lease period.

Security check

Each applicant must offer a police certificate specifying that each adult candidate does not hold a criminal record in the country where they have actually 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 3 months old at the time of application for the residency.

In addition, the following documents should be sent for each candidate when making an application for Monaco residency.

  1. Legitimate passport
  2. Birth certificate
  3. Marriage certificate(s)
  4. Any previous divorce certificate (or death certificate if the candidate has a partner who is deceased.)
  5. The Police certificate as above
  6. The registered lease for the Monaco apartment or condo
  7. The brand-new electrical energy contract for the Monaco house
  8. The official Monaco residency application finished and properly signed
  9. Health report for applicants of 70 years and over

To finish the Monaco residency process, an official residency interview will be organized throughout which all the needed documents are submitted. Following this the Monaco residency application will be processed and licensed. This will take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they need to initially obtain a special Visa from the French Embassy in their country of residence which as soon as accepted and released ( as much as sixteen weeks) will then allow the candidate to finish the Monaco procedures within three-four weeks, when the residency card will certainly be provided also known as the Carte de Sejour).

The requirements for making an application for 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 candidate should not be given Monaco Residency and receive theirs Monaco local's card.

The first Monaco residency card will be provided for a period of twelve months after which this card have to be restored. The card is called a Monaco carte de resident temporaire and is renewed each year for the first 3 years. In then fourth year of constant Monaco residency the holder then will certainly be issued with a three year card, referred to as the Monaco Carte de resident ordinaire. These cards stand for 3 years and should be restored at expiration. In year 10, the holder of a Monaco residency might apply for a carte Privilege which is provided at the discretion of the Monaco authorities. This is not instantly granted and if not granted the candidate will certainly remain to get the 3 year Monaco resident's card.

The cost of getting residency in Monaco actually depends on the expenditure of leasing an apartment added to the basic cost of living in Monaco. Unlike other nations offering residency programs, getting residency in Monaco does not require the applicant to "invest" a defined amount of cash in Monaco nor is it mandatory to acquire a home as a leasing suffices.

It is a extremely favourable location to become a citizen and enjoy the many advantages which becoming a citizen of Monaco gives.


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