Residency in Monaco brings several benefits:
- Favourable tax system for Monaco Residents
- Reside in Protected environment
- Outstanding area with Nice International airport Thirty Minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Company friendly
- English commonly spoken
- The Cote d'Azur and Italy on the doorstep
Ways to apply for Monaco Residency
To acquire Monaco Residency there are specific requirements for each applicant to satisfy. The requirements for making an application for residency in Monaco are as follows:
- Establish a bank account in Monaco
- Each applicant (or couple) will need to deposit adequate funds for the bank to then provide the required bank attestation (letter) to verify that the account holder(s) has enough funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a valid work agreement provided by a local Monaco company). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per applicant (adult).
www.relocation-monaco can assist you with you with a residency application, and your property and banking needs in Monaco. Their website has lot of general information regarding Monaco as wll as more specific information on subjects such as 'Monaco Residency Rules'. You will not to have worry if you do not speak French, all Relocation Monaco consultants are bi-lingual with English as the Mother tongue, with fluent French speaking capabilities to work on your behalf where required. This will give you confidence to move forward with a move to Monaco.
Rent or purchase a home in MonacoIf leasing the lease needs to be for a minimum of Twelve Month and have enough bedrooms to accommodate the variety of individuals using. For example, in order for this to get approved for Monaco residency, a couple must rent a one bed room house at least and for a family of four a minimum if two bedrooms. This lease is usually automatically at the end of each lease period.
Each candidate has to offer a police certificate stating that each adult candidate does not hold a criminal record in the country where they have lived throughout the previous five years. In Monaco an grownup 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 files need to be submitted for each candidate when obtaining Monaco residency.
- Legitimate passport
- Birth certificate
- Marriage certificate(s)
- Any previous divorce certificate (or death certificate if the candidate has a partner who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment or condo
- The brand-new electricity contract for the Monaco apartment or condo
- The official Monaco residency application completed and properly signed
- Health report for candidates of 70 years and over
To finish the Monaco residency process, an official residency interview will be arranged throughout which all the needed documents are sent. Following this the Monaco residency application will be processed and licensed. This will certainly take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must initially make an application for a unique Visa from the French Embassy in their country of residence which when accepted and issued ( as much as sixteen weeks) will certainly then allow the applicant to finish the Monaco formalities within three-four weeks, when the residency card will be provided also called the Carte de Sejour).
The requirements for making an application for Monaco residency are reasonably straightforward and as long as the candidate can provide all of the required documents, then there is no general reason that the candidate need to not be given Monaco Residency and receive theirs Monaco citizen's card.
The first Monaco residency card will be issued for a duration of twelve months after which this card should be restored. The card is called a Monaco carte de resident temporaire and is renewed each year for the first three years. In then 4th year of continuous Monaco residency the holder then will be provided with a three year card, known as the Monaco Carte de resident ordinaire. These cards are valid for three years and must be restored at expiry. In year 10, the holder of a Monaco residency may make an application for a carte Privilege which is given at the discretion of the Monaco authorities. This is not automatically granted and if not given the candidate will certainly continue to get the 3 year Monaco citizen's card.
The expense of making an application for residency in Monaco actually lies in the cost of renting an apartment or condo added to the basic expense of living in Monaco. Unlike other countries providing residency programs, making an application for residency in Monaco does not require the candidate to "invest" a specified amount of cash in Monaco nor is it mandatory to acquire a property as a rental suffices.
It is a really favourable place to become a local and take pleasure in the many benefits which becoming a local of Monaco affords.