Residency in Monaco brings a number of advantages:
- Favourable tax system for Monaco Locals
- Live in Secure environment
- Outstanding area with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- Global environment
- Business friendly
- English widely spoken
- The Cote d'Azur and Italy on the doorstep
The best ways to make an application for Monaco Residency
To get Monaco Residency there are particular requirements for each candidate to satisfy. The requirements for obtaining residency in Monaco are as follows:
- Establish a savings account in Monaco
- Each candidate (or couple) will have to deposit adequate funds for the bank to then provide the required bank attestation (letter) to verify that the account holder(s) has sufficient funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a legitimate work agreement issued by a local Monaco business). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per applicant (adult).
Relocation Monaco are an approved Relocation Services provider by the Monaco Chamber of Commerce and Economic Development. Relocation Monaco are based in Monaco, their website has lot of information reaarding Residency in Monaco as well as general Monaco banking and property advice.
Rent or buy a property in Monaco
If leasing the lease has to be for a minimum of Twelve Month and have adequate bed rooms to accommodate the number of persons applying. For instance, in order for this to qualify for Monaco residency, a couple needs to lease a one bed room house at least and for a household of four a minimum if two bed rooms. This lease is usually automatically at the end of each lease period.
Each applicant has to offer a police certificate specifying that each adult applicant does not hold a criminal record in the country where they have actually resided throughout the previous five years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate ought to not be more than three months old at the time of application for the residency.
In addition, the following documents should be submitted for each candidate when applying for Monaco residency.
- Legitimate passport
- Birth certificate
- Marriage certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a spouse who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment
- The new electrical energy contract for the Monaco apartment
- The official Monaco residency application forms completed and properly signed
- Health report for applicants of 70 years and over
To complete the Monaco residency procedure, an official residency interview will be organized throughout which all the required documents are sent. Following this the Monaco residency application will certainly be processed and authorized. This will take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they need to first make an application for a unique Visa from the French Embassy in their country of residence which as soon as accepted and issued ( approximately sixteen weeks) will certainly then allow the candidate to finish the Monaco formalities within three-four weeks, when the residency card will certainly be provided also referred to as the Carte de Sejour).
The requirements for making an application for Monaco residency are reasonably straightforward and as long as the candidate can offer all the needed documents, then there is no general reason why the applicant ought to not be granted Monaco Residency and receive theirs Monaco citizen's card.
The first Monaco residency card will be provided for a period of twelve months after which this card must be restored. The card is called a Monaco carte de resident temporaire and is restored each year for the first three years. In then fourth year of constant Monaco residency the holder then will be provided with a 3 year card, known as the Monaco Carte de resident ordinaire. These cards stand for 3 years and should be renewed at expiration. In year ten, the holder of a Monaco residency may apply for a carte Privilege which is given at the discretion of the Monaco authorities. This is not instantly provided and if not provided the candidate will certainly remain to get the 3 year Monaco local's card.
The expense of obtaining residency in Monaco really depends on the expenditure of leasing an apartment or condo added to the basic cost of living in Monaco. Unlike other nations providing residency programs, applying for residency in Monaco does not require the applicant to "invest" a defined amount of money in Monaco nor is it obligatory to buy a building as a leasing suffices.
It is a very favourable location to become a resident and enjoy the many advantages which becoming a citizen of Monaco affords.