Monaco offers residency by investment. While Monaco is not part of the EU or the Schengen zone, residents enjoy visa-free travel within Schengen thanks to bilateral agreements.
– After 10 years of residing in the country, one may apply for citizenship.
– An additional criterion for this is that you physically reside for at least 6 months within a year in the country.
– One must have resided continuously in the country for at least 10 years as an adult over the age of 21 before qualifying.
An official letter is also needed to be submitted to the prince to renounce any sovereign nationality, and the applicant is not permitted to perform national service abroad.
– Monaco’s residency-by-investment program grants permanent residency to successful applicants and their families, meaning you will have full rights to live, work, travel, and run your business in Monaco.
– You must demonstrate that you have sufficient funds to sustain yourself and your family and to ensure adequate accommodation. Proof of a clean criminal record is also required. A personal interview is part of the application process.
– The Monaco permanent residency card (“Carte de Privilege“) allows applicants to live in Monaco indefinitely. Permanent residency is granted based on demonstrating proof of accommodation and proof of financial self-sufficiency.
– In order to maintain the validity of your privileged residence card, you must reside in Monaco for at least 183 days each year.
Monaco Residency by Investment
The minimum investment required is at least EUR 1 Million of which
EUR 500,000 is needed to be deposited in a Monaco Bank, in addition to purchasing of sale deed of property worth EUR 500,000.
The property prices start from EUR 500,000 and upwards as the real estate has been in high demand. Accommodations are very expensive as renting a small flat could cost a minimum of EUR 3,000 and above.
In addition to that, you have to spend at least 6 months in a year. The residence permit takes about 1 month for EU nationals and about 3 months for non-EU nationals. A personal interview is a must to obtain a Monaco residency.
1. All applicants for Monaco residency must show proof of accommodation. The accommodation must be appropriate for the size of the applicant’s family.
Proof of accommodation can take the following forms:
Real Estate Purchase
– The applicant invests in property in Monaco. There is no minimum transaction value but be advised that Monaco real estate is some of the most expensive per square meter in all of Europe due to the city-state’s small size.
– The proof of real estate ownership, to be submitted at the time of filing the residency/citizenship application, includes a copy of the deed/purchase contract.
Real Estate Rental
– The applicant leases an apartment for a minimum duration of one year. The size of the apartment must be sufficient for the size of the applicant’s family. For example, an applicant with a family of four persons should rent an apartment with at least 2 bedrooms to meet the proof of accommodation test.
– There is no minimum monthly rental cost that must be met. The proof of an apartment rental, to be submitted at the time of filing the residency/citizenship application, includes a copy of the rental contract.
Corporate Real Estate Ownership
The applicant is a director or unit holder of a company that owns a house or apartment in Monaco. The proof of corporate real estate ownership, to be submitted at the time of filing the residency/citizenship application, includes a copy of the deed/purchase contract.
Living with a Close Relative
The applicant is staying with a close relative, a spouse, or a partner with whom the applicant is living as a couple. The proof to be submitted at the time of filing the residency/citizenship application includes a document signed by the owner of the property and a copy of the home owner’s deed/purchase contract or rental contract.
2. Every applicant must demonstrate financial self-sufficiency. The intent here is to show the Monaco government that applicants can support themselves and their families while living in Monaco.
Proof of financial self-sufficiency can take the following forms:
Bank Account Deposit
– The applicant opens a bank account in his/her name at one of Monaco’s many banks and deposits at least EUR 500,000. The actual amount depends on the bank selected; some banks have higher minimum requirements.
– Monaco imposes no restrictions on foreigners opening bank accounts or owning real estate in the principality. The proof of deposit, to be submitted at the time of filing the residency/citizenship application, is an official letter issued by the Monaco bank.
The applicant demonstrates paid employment with a Monaco company. The proof of deposit, to be submitted at the time of filing the residency/citizenship application, is a copy of the employment contract and a letter issued by the Monaco government authorizing the company to offer employment to the applicant.
– The applicant forms a new company in Monaco, providing at least ten new jobs to Monaco citizens or residents.
– Authorization to form a new company is to be obtained from the government. The proof of a new company to be formed, to be submitted at the time of filing the residency/citizenship application, is a copy of the government’s authorization letter.
Support from a Close Relative
The applicant is financially supported by a close relative, a spouse, or a partner with whom the applicant is living as a couple.
The requirements and qualifications required to obtain Monaco residency or citizenship are listed above in the “About Monaco Citizenship and Residency” section.
If applicable, applicants must apply for a long-stay visa at their nearest French consulate. After that, the applicants must gather the following documents as part of the application:
Upon gathering the required documents, applicants must contact the Monaco Immigration Police to schedule an interview. Application processing differs according to an applicant’s country of citizenship, with the processing time for non-EU citizens expected to be between 16 to 20 weeks.
The 3 Stages of the Monaco Residency:
1. The first residency card is the “Carte de resident temporaire” (temporary residence card) and it has a validity of one year, renewable annually for up to 3 years. Of those twelve months, you are only required to live in Monaco for three months to maintain the validity of your residency.
After twelve months, you must renew your temporary residency card for another year-long period. This stage lasts three years (two renewals total) before you can enter the second stage of residency.
2. After the third year of residency, you can upgrade to the carte de sejour ordinaire (ordinary residence card) when you apply to renew your residency. This card is good for three years and has the same three-months-a-year residency requirement to maintain its validity.
3. After the 9th year of residency you may apply for a permanent residency, “Carte de Privilege”, which is granted at the discretion of the Monaco authorities.
After three temporary residence cards and two ordinary residence cards (nine years of residence in Monaco), an application for a carte de sejour privilegie (privileged residence card) can be submitted. The privileged residence card is valid for 10 years.
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Privacy World can also help you incorporate your company into Monaco. We can also assist you in getting settled in the country and coordinate with you on several things. This can help in making your experience easier and hassle-free.
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No. Monaco strictly forbids dual citizenship and any person obtaining second citizenship automatically loses the original citizenship. This is also applicable under the naturalization route, as the person seeking Monegasque citizenship must also renounce the original citizenship.
Yes. The main applicant may also add dependents to a residency or citizenship application, including his/her spouse or partner in a long and durable relationship, children, and parents under certain conditions.
Monaco residents may apply for citizenship (Monaco passport) after ten years of permanent residency status.
Yes. A personal interview is a must to obtain a Monaco residency.
Yes. To maintain the temporary residence card, applicants are required to live in Monaco for three months per year. To maintain the ordinary residence card, applicants must also reside in Monaco for three months per year. To maintain the privileged residence card, applicants must reside in Monaco for at least 183 days per year.
Currently, every citizen of the world is eligible to apply.
The temporary residence card is initially valid for 12 months and can be renewed for another two 12-month periods. After the third year of residence in Monaco, applicants can then apply for an ordinary residence card, permitting them to reside in Monaco for three years. This card can be renewed for subsequent three-year periods. After the 9th year of residency, you may apply for a permanent residency, “Carte de Privilege”. The privileged residence card is valid for 10 years.
Monaco does not require you to be present or reside in Monaco after the approval of your citizenship application.
When you acquire citizenship under Monaco citizenship, you and your family enjoy full citizenship for life, which can be passed on to future generations by descent.
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.
No, there are no requirements for the language test.