Basic guide to moving to Monaco from the UK

Are you a UK-based individual who has watched the tide turn on the traditional “non-dom” tax regime and decided it might be time to look for an alternative? Perhaps you are seeking the prestige and tax benefits that the Principality of Monaco offers.

We have been receiving numerous requests from British High-Net-Worth Individuals (HNWIs) wanting to relocate to Monaco, and many have already settled happily in this glamorous haven on the French Riviera.

In this article, we will discuss the unique benefits of relocating to Monaco from the UK, and outline the key steps and legal considerations for obtaining residency in the Principality.

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Ways to Get Residence in Monaco

Typically, there are three main routes to obtain residency in Monaco:

Residence through employment.
Residence by setting up a business in Monaco.
Residence by proving financial sufficiency (sometimes wrongly referred to as the “Monaco Golden Visa” route).

Given the current economic climate in the UK—especially the growing uncertainty surrounding the non-dom regime—many affluent British nationals are focusing on the third option. But what exactly does “proving financial sufficiency” mean in Monaco?

Unlike other jurisdictions that might stipulate a direct investment into local real estate or businesses, Monaco’s screening process is largely bank-driven. If you can make a minimum deposit (or investment) into a Monegasque bank—starting from around €500,000—this bank can provide a letter of recommendation. This document is essential to your residency application, as it signals to the Monegasque authorities that you have the financial means to live in Monaco without becoming a burden on the state.

Do bear in mind, however, that Monaco’s cost of living—particularly for accommodation—is among the highest in the world. Therefore, while €500,000 may be the minimum deposit in some banks, you will likely need a far higher net worth to comfortably reside and maintain a lifestyle in the Principality.

Types of Residence Permits

Irrespective of the specific pathway you choose—employment, business setup, or financial sufficiency—there are three tiers of residence permits in Monaco:

Temporary Residence Card (“carte de séjour temporaire”): Valid for 12 months, renewable twice. This is the permit new residents typically receive first.
Ordinary Residence Card (“carte de séjour ordinaire”): Valid for 3 years, renewable indefinitely. You become eligible for this once you have held the temporary card for the initial term plus two renewals.
Privileged Residence Card (“carte de séjour privilégié”): Valid for 10 years, and available to those who have legally resided in Monaco for at least 10 years.

To maintain a temporary or ordinary residence card, you must spend a minimum of three months per year in Monaco. Otherwise, the card may be revoked. In contrast, holders of the privileged residence card must reside in the Principality for at least 183 days each year to keep their status.

All these residence permits entitle you to live, work, and establish a business in Monaco—opening up a realm of opportunities in a highly affluent and secure environment.

Steps to Get a Residence Permit in Monaco

For British nationals, now treated as non-EU citizens following Brexit, the Monaco residence application process can be somewhat intricate. We highly recommend engaging an experienced tax and immigration advisor for tailored assistance.

If you are considering relocating to Monaco from the UK, feel free to contact us at [email protected] or through our contact form. We can offer bespoke advice for your personal circumstances.

1. Securing a Long-Stay Visa

Because the UK is no longer part of the EU, UK nationals need to apply for a French long-stay visa (Type D) if they plan to live in Monaco. This is because Monaco relies on French immigration channels. You should apply for this visa at the French Embassy or Consulate in the UK before your move.

In the event that you have already been residing in France for over a year, you might be able to transfer your French residency to Monaco directly, bypassing the long-stay visa requirement. However, this process can be quite technical, and professional guidance is recommended.

2. Providing Proof of Accommodation in Monaco

Applicants must show that they have secured appropriate accommodation within the Principality. Acceptable evidence of housing includes:

A deed to a property in Monaco (in the applicant’s name).
Documentation showing the applicant is a director or shareholder of a company that owns a Monaco property.
A lease agreement of at least one year for a property in Monaco.
Proof of living with a close relative who already resides in Monaco.

The Monaco authorities typically conduct checks to ensure the property is genuinely suitable for the applicant’s needs. Factors such as electricity contracts and the size of the property may be scrutinized.

3. Demonstrating Sufficient Financial Resources

Since many from the UK are now exploring Monaco as an alternative to the waning non-dom perks, you must still prove you can support yourself while living in Monaco. Examples include:

An employment contract in Monaco, supported by evidence of salary.
Being self-employed, with registration at the relevant Monegasque body.
Acting as director of a Monaco-based company, with the appropriate documentation from Monaco’s company registry.
Entrepreneurial plans, backed by a statement from the Department of Economic Expansion confirming feasibility.
Being financially supported by a spouse or partner.
Retiree status, supported by relevant pension certificates.
A bank letter from a local Monaco bank, confirming a sufficient deposit or investment to fund your lifestyle in the Principality. (The exact deposit required is at the bank’s discretion, but often starts around €500,000.)

4. Submitting Additional Information

Applicants must provide a copy of their criminal records covering the last five years (from the countries where they have resided) to demonstrate good character. Additionally, the following items are typically required:

A valid passport copy.
A medical/health certificate.
A birth certificate.
Any other documents that may be pertinent to your personal situation.

5. Paying the Relevant Fees

The fees for Monaco residence permits are as follows:

Temporary (12 months): €80
Ordinary (3 years): €100
Privileged (10 years): €160

Please note these charges do not include translation costs, medical checks, or additional services required during your application process.

6. Filing Your Application and Attending the Interview

Usually, a local lawyer or accredited advisor will file your application. Afterwards, you will be asked to attend an interview with the Residents Section of the Directorate of Public Security. This can often be conducted online, but you will still need to present the original required documents at the time of the interview. Topics can include your family background, education, work history, and overall qualifications.

Once the interview is completed, your application will be processed. For UK (non-EU) nationals, the timeline to receive a residence card in Monaco generally ranges from 16 to 20 weeks.

New report

The report “The definitive guide to living in Monaco” is now available, with detailed information on Monaco’s tax framework, residence and society.

Click here to download it for free.

Will You Pay Taxes in Monaco?

Monaco is famous for having no personal income tax. Indeed, the Principality does not impose direct taxes on income, capital gains, or wealth for its residents. This policy dates back to 1869, when Monaco abolished personal income tax.

The inheritance and gift tax regime is similarly appealing. If assets pass between direct line relatives (spouse, parent, or child), no inheritance or gift taxes generally apply.

Monaco doesn’t levy a property tax in the conventional sense, but there is a 1% rental tax, along with a real estate transfer tax when properties are sold. Overall, it remains one of the most tax-efficient jurisdictions worldwide.

And What About UK Taxes?

The main question for many British nationals is how living in Monaco will affect their UK tax obligations, particularly in light of changes to the non-dom regime. While specific implications vary, here are some general considerations:

The UK applies taxes on a statutory residence basis. If you remain a UK resident under HMRC’s statutory tests, you may continue to owe UK taxes on worldwide income. Professional advice will allow you to determine whether you have definitively ceased UK tax residence.
There is no double tax treaty between the UK and Monaco, largely because Monaco does not levy personal income taxes. This means typical tax reliefs under a treaty may not apply.
Even if you are no longer UK resident, certain income types—like UK source dividends or property rentals—may still be subject to UK tax. Careful planning is essential to avoid unintended liabilities.
If you previously benefited from the non-dom tax regime, note that recent and forthcoming reforms could increase your tax burden for residing in the UK. This factor is driving many HNWIs to explore relocation to Monaco.

In short, establishing full-time residency in Monaco does not automatically sever all ties to HMRC. We strongly recommend seeking professional guidance on how to structure your affairs to minimize ongoing UK tax exposure.

Could a British National Obtain Monaco Citizenship?

Main article: Get Monaco Citizenship

Yes, in principle, a British citizen can eventually apply for Monegasque citizenship. However, it is a stringent process. Here are the key conditions:

You must have resided in Monaco for at least 10 continuous years before you can apply.
Monaco does not allow dual citizenship. Hence, you would have to relinquish your British citizenship.

For most, securing long-term residency in Monaco without pursuing full citizenship is sufficient. If, however, you do wish to become a citizen, the process demands a serious commitment to living in the Principality and to renouncing other nationalities.

Interested in Moving to Monaco from the UK?

With the uncertainty surrounding the non-dom regime and the UK’s evolving tax landscape, it’s no surprise that British HNWIs are increasingly moving to Monaco.

MonacoAdvisers has extensive experience guiding UK nationals through this transition. From handling UK tax matters and the exit process, to assisting with Monaco’s residence permit application and local tax registrations, we provide a seamless service. Our local presence and contacts in both Monaco and the UK make us an ideal partner for your move.

If you have any questions or wish to receive individualized advice on relocating from the UK to Monaco, get in touch here or email us at [email protected].

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