Description
How to Become a Resident of Monaco: A Step-by-Step Guide by Residency-Monaco
For more than 150 years, Monaco’s reputation has remained steadfast: prestigious, thriving, and imbued with an unparalleled quality of life. The Principality’s image of safety, tranquility, economic prosperity, and favorable tax policies continues to attract individuals from across the globe.
Given these advantages, many are interested in taking up residence in Monaco and obtaining an official resident card. However, it is a common misconception that simply renting or purchasing a property automatically grants residency. While having suitable accommodation is a prerequisite, there are additional criteria that must be met to secure official resident status in Monaco.
Application Requirements and Process
Anyone over the age of 16 who intends to live in Monaco for more than three months per year must apply for a resident card through the Residents’ Section of the Public Security Department. This involves submitting several documents (such as proof of civil status and a completed application form) and fulfilling certain prerequisites, outlined below:
1) Proof of Accommodation
Any foreign national seeking residency must first demonstrate that they have appropriate housing in Monaco. This may consist of:
• Owning a property.
• Leasing a property with a contract of at least one year.
• Living free of charge with a host (documentation required).
The property must offer adequate living conditions for all occupants. For example, a single-bedroom apartment may suffice for a couple, while a family of four would require an apartment with at least two bedrooms. Moreover, the standard of accommodation must match the family’s financial resources. Thus, in practice, a couple with modest income may rent a studio, whereas a couple with significant financial means would be expected to secure at least a one-bedroom apartment.
In general, a maid’s room is not deemed suitable for establishing one’s primary residence, except for domestic staff housed there by an employer, or in certain exceptional circumstances for individuals on very limited incomes who have no alternative but to reside in Monaco.
2) Proof of Sufficient Financial Resources
Applicants must demonstrate they have the financial means to support themselves in Monaco. The type of documentation required depends on their specific situation:
• Employment: Providing a valid employment contract and payslips.
• Self-Employment / Company Ownership: Submitting proof of running a business activity or a company registered in Monaco.
• Bank Account: Opening an account with a Monegasque bank and securing a letter of reference indicating the applicant’s financial adequacy, if there are no fixed earnings from employment or investments in Monaco. Typically, a minimum deposit of 500,000 euros per individual is required to open an account, though certain banks—particularly private ones—may insist on a higher amount.
• External Financial Support: Providing a letter from a third party (e.g., a parent, spouse, or partner) confirming they will offer financial support, along with evidence of the third party’s resources.
Banks in Monaco must comply with regulatory requirements, which include verifying the applicant’s identity and financial background before opening an account.
3) Certificate of Good Character
To finalize the application, applicants must submit a recent extract from their criminal record, or an equivalent document, issued by the authorities of the country (or countries) where they have lived for the previous five years.
Additional Documentation and Formalities
• Proof of Identity: All applicants must present a valid identity card or passport.
– Citizens of the European Economic Area, Switzerland, and Andorra may use either a valid identity card or passport.
– Nationals of other countries must first obtain a visa or long-term residence permit.
– Applicants who have already lived in France for more than a year need a transfer of residency issued by the French Embassy in Monaco.
– Otherwise, applicants must secure an establishment visa for Monaco from the relevant French consulate in the country where they have last legally resided. Visa requirements can vary based on nationality and country of origin.
• Application Form: An official form, available in French, must be completed. It can be obtained from the Residents’ Section of the Public Security Department or downloaded from Monaco’s Prince’s Government website under the Public Service section.
Interview and Approval
The final step is an in-person appointment with the Residents’ Section for an interview. During this meeting, the submitted documents are verified, and applicants may be asked further questions about their reasons for relocating to Monaco. If everything is in order, the resident card is typically issued within six weeks.
Types of Residence Cards
• Temporary Residence Card: Valid for one year. It is renewed annually for the first three years of residency.
• Ordinary Residence Card: Issued after the initial three-year period, valid for three years, and renewable once.
• Privileged (Long-Term) Residence Card: After ten years of continuous residency in Monaco, applicants can pursue this card, valid for ten years and renewable indefinitely. If a long-term residency request is denied, applicants may continue to renew the ordinary residence card every three years.
Special Residency Card for Monegasque Partners
A special residency card can also be issued to any foreign national in a relationship with a Monegasque citizen, provided they have lived in Monaco for at least one year. This card is valid for five years.
Potential Refusal or Withdrawal
Even if all conditions are met, the authorities in Monaco reserve the right to deny the issuance of a residence card or to revoke it at any time in the event of non-compliance or other substantial concerns.
Securing Tax Residency and Further Steps
Once approved, official residents are obliged to reside in Monaco for at least six months and one day per year to obtain a residence certificate. This documentation is essential for confirming a resident’s taxation status in Monaco. Additionally, residents must ensure they complete the appropriate formalities for relinquishing residency in their former country.
Navigating these administrative requirements can be challenging, particularly for foreign nationals. Residency-Monaco is available to guide applicants through the process of finding an apartment and obtaining residency, working in collaboration with our professional partners to ensure a smooth transition into the Principality.
For more than 150 years, Monaco’s reputation has remained steadfast: prestigious, thriving, and imbued with an unparalleled quality of life. The Principality’s image of safety, tranquility, economic prosperity, and favorable tax policies continues to attract individuals from across the globe.
Given these advantages, many are interested in taking up residence in Monaco and obtaining an official resident card. However, it is a common misconception that simply renting or purchasing a property automatically grants residency. While having suitable accommodation is a prerequisite, there are additional criteria that must be met to secure official resident status in Monaco.
Application Requirements and Process
Anyone over the age of 16 who intends to live in Monaco for more than three months per year must apply for a resident card through the Residents’ Section of the Public Security Department. This involves submitting several documents (such as proof of civil status and a completed application form) and fulfilling certain prerequisites, outlined below:
1) Proof of Accommodation
Any foreign national seeking residency must first demonstrate that they have appropriate housing in Monaco. This may consist of:
• Owning a property.
• Leasing a property with a contract of at least one year.
• Living free of charge with a host (documentation required).
The property must offer adequate living conditions for all occupants. For example, a single-bedroom apartment may suffice for a couple, while a family of four would require an apartment with at least two bedrooms. Moreover, the standard of accommodation must match the family’s financial resources. Thus, in practice, a couple with modest income may rent a studio, whereas a couple with significant financial means would be expected to secure at least a one-bedroom apartment.
In general, a maid’s room is not deemed suitable for establishing one’s primary residence, except for domestic staff housed there by an employer, or in certain exceptional circumstances for individuals on very limited incomes who have no alternative but to reside in Monaco.
2) Proof of Sufficient Financial Resources
Applicants must demonstrate they have the financial means to support themselves in Monaco. The type of documentation required depends on their specific situation:
• Employment: Providing a valid employment contract and payslips.
• Self-Employment / Company Ownership: Submitting proof of running a business activity or a company registered in Monaco.
• Bank Account: Opening an account with a Monegasque bank and securing a letter of reference indicating the applicant’s financial adequacy, if there are no fixed earnings from employment or investments in Monaco. Typically, a minimum deposit of 500,000 euros per individual is required to open an account, though certain banks—particularly private ones—may insist on a higher amount.
• External Financial Support: Providing a letter from a third party (e.g., a parent, spouse, or partner) confirming they will offer financial support, along with evidence of the third party’s resources.
Banks in Monaco must comply with regulatory requirements, which include verifying the applicant’s identity and financial background before opening an account.
3) Certificate of Good Character
To finalize the application, applicants must submit a recent extract from their criminal record, or an equivalent document, issued by the authorities of the country (or countries) where they have lived for the previous five years.
Additional Documentation and Formalities
• Proof of Identity: All applicants must present a valid identity card or passport.
– Citizens of the European Economic Area, Switzerland, and Andorra may use either a valid identity card or passport.
– Nationals of other countries must first obtain a visa or long-term residence permit.
– Applicants who have already lived in France for more than a year need a transfer of residency issued by the French Embassy in Monaco.
– Otherwise, applicants must secure an establishment visa for Monaco from the relevant French consulate in the country where they have last legally resided. Visa requirements can vary based on nationality and country of origin.
• Application Form: An official form, available in French, must be completed. It can be obtained from the Residents’ Section of the Public Security Department or downloaded from Monaco’s Prince’s Government website under the Public Service section.
Interview and Approval
The final step is an in-person appointment with the Residents’ Section for an interview. During this meeting, the submitted documents are verified, and applicants may be asked further questions about their reasons for relocating to Monaco. If everything is in order, the resident card is typically issued within six weeks.
Types of Residence Cards
• Temporary Residence Card: Valid for one year. It is renewed annually for the first three years of residency.
• Ordinary Residence Card: Issued after the initial three-year period, valid for three years, and renewable once.
• Privileged (Long-Term) Residence Card: After ten years of continuous residency in Monaco, applicants can pursue this card, valid for ten years and renewable indefinitely. If a long-term residency request is denied, applicants may continue to renew the ordinary residence card every three years.
Special Residency Card for Monegasque Partners
A special residency card can also be issued to any foreign national in a relationship with a Monegasque citizen, provided they have lived in Monaco for at least one year. This card is valid for five years.
Potential Refusal or Withdrawal
Even if all conditions are met, the authorities in Monaco reserve the right to deny the issuance of a residence card or to revoke it at any time in the event of non-compliance or other substantial concerns.
Securing Tax Residency and Further Steps
Once approved, official residents are obliged to reside in Monaco for at least six months and one day per year to obtain a residence certificate. This documentation is essential for confirming a resident’s taxation status in Monaco. Additionally, residents must ensure they complete the appropriate formalities for relinquishing residency in their former country.
Navigating these administrative requirements can be challenging, particularly for foreign nationals. Residency-Monaco is available to guide applicants through the process of finding an apartment and obtaining residency, working in collaboration with our professional partners to ensure a smooth transition into the Principality.
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