Requirements to get the Monaco permanent residency (and its benefits)

Although it may seem obvious, we would first like to remind you that Monaco is not part of the European Union. This means that an individual, even if he or she is a European citizen, cannot freely move his or her residence to the Principality; he or she must first obtain a residence permit from the local authorities.

Throughout this article we will specify the requirements for obtaining such a permit, but we can already say that there are some easy conditions (having a home in Monaco, no criminal record) and one that is much more demanding: demonstrating enough financial capacity to live comfortably in one of the most expensive countries in the world.

Simply put, we could distinguish three ways of proving such “economic sufficiency”:

Being hired by a local employer
Being reunited by a spouse who is already resident and has financial capacity
Making a considerable deposit or investment in a local bank

In this guide we will explain all the details on how to obtain a residence permit, emphasizing the third way, as it is the most relevant for our readers and clients.

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European vs. non-European candidates

Nationals of the EU and the European Economic Area only need to have a valid identity card or passport before starting any procedure and fill in the forms of the Monegasque government, as long as a series of requirements are met.

Nationals of other countries will have to contact their consulate or the French embassy in their country of residence before starting any other procedure. They must apply to the French embassy for a type-D visa allowing them to reside in Monaco before they can start the formalities for residence in Monaco.

Requirements for living in Monaco

The evidence and documentation required to obtain residency in Monaco depend on the situation of each individual.

However, in all cases, to obtain residency in Monaco you will need:

A home in Monaco:
- Purchase of a house or flat. The home should be suitable for all family members (meaning that several bedrooms may be required if you are moving with your family).
- Being the manager of a company that owns a flat.
- Renting a house or a flat.
- Living with a husband or wife who has a flat at his or her disposal.
Financial sufficiency (good standing certificate):
- Salary.
- Sufficient income as a freelancer.
- Sufficient savings (the sum must be guaranteed as sufficient by a Monegasque bank).
- Proof of maintenance by husband, wife, or close relative.
Criminal record or background check from the countries of origin and residence for the last 5 years before the change of residence to Monaco.

Main obstacles

Rent: renting a small flat costs between €4,000 and €5,000 per month.
Bank certificate: a Monegasque bank must determine financial sufficiency to live in Monaco. In practice, there is no homogeneous criterion. However, in our experience, the minimum required is between €500,000 and €1,000,000 of assets.
Three months minimum stay (see our guide “Monaco residency minimum stay“): the Monaco authorities require that you have been residing in Monaco for at least three months per year to renew your residency. They are very strict and proof must be provided employing electricity, gas, and credit card consumption in the country.

How to obtain a residency, step by step

Step 1: find a local partner

Contact us at [email protected] or through the contact form and one of our tax and residency experts will quickly clarify if your profile is suitable.

Step 2: preparation of documents

During this step, all supporting documents are collected, such as birth, marriage, and divorce certificates, as well as the police authorization to be submitted with the application.

In addition, proof of housing and financial self-sufficiency is prepared (our team can assist you in finding unique “off-market” properties and investment options). Once all application forms are completed the first step of introduction is closed. This step takes approximately two to three weeks.

Please note that for non-EU citizens this step is longer due to the need to obtain an initial French residence permit. In this step, our team will review the dossier with the applicant and then submit the basic application forms. In this step, the applicant will also prepare for the official meeting in Monaco which will follow in the next step.

Step 3: official meeting in Monaco

Approximately five to seven weeks after applying, the applicant is invited to an official interview in Monaco. At this interview, the applicant will be asked about his or her education, work experience, children (if any), parents, and other family members.

At this meeting, all supporting documents collected in the first step are submitted to the Monaco government.

Step 4: compliance checks

At this stage, the Monaco authorities will perform all due diligence checks on the suitability of the candidate . This step takes approximately eight weeks to complete. Once this step is completed and all documents are approved, the applicant receives his or her residence card (“Carte de Sejour”).

As of today, please note that there are certain limitations regarding nationals from Iran, Russia, and Belarus.

Step 5 (optional): citizenship application

If during the previous period you have met the minimum requirements for stay and ties to the country, your residency will be renewed periodically depending on its duration, as there are one-year, three-year and ten-year residencies.

After ten (10) years of permanent residence, you may apply for Monaco citizenship if desire so.

Benefits of living in Monaco

It is difficult to condense into a few paragraphs all the benefits of life in Monaco: the mild climate, the beautiful landscape, the unbeatable location, the omnipresent glamour, the iconic lifestyle, the leisure offer, the total and absolute absence of crime…

But as you are undoubtedly already aware of the high quality of life that the Principality can offer to those who can afford it, let’s focus on the tax aspect.

In Monaco, taxes are not paid in the following cases:

Income tax
Capital gains
Dividends
Interests
Donations
Inheritances to spouse or children

It is, in short, a paradise for taxpayers without being considered a tax haven by practically anyone at this point.

Remember, however, that French nationals are an exception: they are considered residents of France for tax purposes, even if they live most of the year in Monaco or meet Monaco’s tax residency requirements.

Thinking about the Monegasque residence?

At MonacoAdvisers we have been helping entrepreneurs, high-net-worth individuals, sportsmen (and women), and people from the world of cryptocurrencies to transfer their tax residency to Monaco for years.

Our presence and contacts in Monaco make us an ideal travel partner for this arduous task. So if you have questions about Monaco and would like us to help you with the process, please write to us at [email protected] or through the contact form.

If you want to keep learning about Monaco, we recommend you download for free and read our updated report “The definitive guide to living and paying taxes in Monaco”, available below.