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

If you want to reside in Monaco, all you have to do is apply to the Monegasque authorities for a residence permit.

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.

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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 euros 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 usually 1,000,000 euros 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.

Is it possible to reside in Monaco if you are a non-European citizen?

Nationals of other countries 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.

Therefore, non-EU nationals will have to contact their consulate or the French embassy in their country of residence before starting any other procedure.

How to obtain a residency, step by step

Step 1

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, candidate suitability, and due diligence. At this stage, the Monaco authorities will perform all due diligence checks. 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

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

How to take the first step?

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 are interested in changing your tax residence and are not quite sure which is your ideal destination, we recommend you download for free and read our updated report “The definitive guide to living and paying taxes in Monaco”, available below.