If you wish to obtain permanent residency in Monaco, what you need is a Monaco Residence Permit.
Monaco is regarded as one of the most amazing places of residence for anyone looking to live in a secure European location. Located on the French Riviera, Monaco offers a plethora of things to foreign nationals, such as an enjoyable climate, high-class leisure facilities, and an advantageous tax system.
Residents of Monaco reap the benefits of no personal income tax. As a result, it makes the principality of Monaco a great choice for High-Net-Worth Individuals (HNWI) who are willing to relocate to Monaco as their central residence place.
About Monaco Residence Permit
The residency enables the applicant to reside in Monaco as long as they desire. They can apply for citizenship after spending ten years in permanent residency status. Living in Monaco offers countless undeniable advantages. Monaco seems to be gaining immense popularity as a destination not only to do business but also as a perfect place to seek retirement.
The Monaco Residence Permit is a simple and highly effective program that allows affluent individuals to relocate to Monaco with their entire families on a long-term basis. However, it is not intended as a path to attaining citizenship. But it surely does constitute a real option for those who really wish to settle down on the prominent rock. This program allows applicants to reside and work in Monaco, which is a tax-free territory. It grants access to the whole Schengen area (26 European nations) without a visa.
To be considered eligible for the Monaco Residence Permit, you (as an investor) are required to deposit no less than €500,000 into a prestigious local bank. Or they can rent out or purchase a property in Monaco as a residence place. No need for donation and there is no compulsory property investment. Moreover, there are no requirements for education, work experience, or language.
Some Compelling Reasons to Live in Monaco
Here is a list of some reasons that will compel you to choose Monaco as your place of residence:
- A robust lawful system and outstanding infrastructure
- 2 hours away from all the main capitals in Europe
- Independent and sovereign state
- Move freely within the Schengen Area
- Competitive real estate market
- English is extensively spoken
- No obligation to live permanently in Monaco
- Stunning mountains with four ski resorts within 2-hour drive
- Reliable and steady leadership in the heart of Europe since 1297
- Possibility to apply for PR (Permanent Residency) after 9 years
Application Requirements for Monaco Residence Permit
In order to meet the requirements for the residency program, an applicant is required to be 16 years old and have a clean criminal track record. Also, the main applicant is likely to add dependents to a residency or citizenship application, such as their spouse or partner (in a long and stable relationship), parents, and children under certain conditions.
The applicant may file for Monaco citizenship after 10 years of permanent residency status.
All applicants for residency in Monaco ought to show proof of accommodation. This accommodation should be appropriate for the applicant’s family size.
Real Estate Purchase
The applicant makes an investment in property in Monaco. Although no minimum transaction value is required, be advised that real estate in Monaco is some of the costliest per square meter in Europe due to the small size of the city as well as the states. The proof of real estate ownership is to be submitted at the time of filing the application for residency or citizenship. It includes a copy of the deed/purchase contract.
Real Estate Rental
The applicant rents out an apartment for a minimum of 1 year. Bear in mind that the apartment size should be sufficient for the size of the applicant’s family. For instance, an applicant with a family of four persons must lease an apartment with no less than 2 bedrooms to meet the accommodation proof test. However, there is no minimum rental cost per month that should be met. The proof of apartment rental is to be submitted at the time of filing the application for residency or citizenship. It includes a copy of the rental contract.
Corporate Real Estate Ownership
The applicant is a director or unit holder of an organization, which owns a house or apartment in Monaco. The proof of corporate real estate ownership is to be submitted at the time of filing the residency or citizenship application. It includes a copy of the deed/purchase contract.
Living with a Close Relative
The applicant stays with a close relative, a spouse, or a partner with whom the applicant is living as a couple. The proof is to be submitted at the time of filing the residency or citizenship application. It includes a document that is signed by the property owner and a copy of the homeowner’s deed/purchase contract or rental contract.
Documents Required for Monaco Residence Permit
The following are the documents you require for obtaining a Monaco Residence Permit:
- Original and photocopy of passport
- Original or certified copy of the birth certificate (if applicable)
- The marriage certificate’s original or certified copy (if applicable)
- Police clearance certificate
- Proof of health insurance
- Proof of business background
- Original bank reference letter (must not be older than 6 months)
- Proof of rental housing or ownership
- Proof of residential address
Costs Involved in Applying for Monaco Residency
The cost of applying for Monaco residency is the expense of leasing an apartment, other than the general cost of living in Monaco. Unlike other nations that offer residency programs, there is no need for an individual applying for residency in Monaco to invest a specified amount of money in Monaco neither it is mandatory to buy a property as a rental seems sufficient.
Validity of the Monaco Residence Card
The first residence card is known as a ”temporary residence card.” With a validity of one year, this card can be renewed twice.
After three years of a temporary residence card, you can apply for an “ordinary residence card.”
After nine years of an ordinary residence card, you can apply for the “privileged card.” It is valid for 10 years and can be renewed without limit.