Monaco Residency by Investment program is mainly based on a treaty between France and Monaco, which is known as Sovereign Ordinance no. 3153. The Ordinance necessitates for anyone who plans to stay in Monaco longer than 3 months to apply for Residence Permit by resorting to Monegasque local authorities.
It should be noted that Monaco doesn’t recognize dual citizenship. If you want to become a Monaco citizenship, you must provide a letter to the Monaco prince that you wish to renounce your previous citizenship.
There are 2 main options to acquire Monaco Residency, and these conditions must happen alltogether:
Option (1) Proof of Accommodation
The applicants for Monaco residency must show proof of accommodation.
Real Estate Purchase : The proof of real estate ownership, to be submitted at the time of filing the residency/citizenship application, includes a copy of the deed/purchase contract.
Real Estate Lease : The applicant shall lease a property for a minimum of one year in Monaco and the property must be sufficient for the size of applicant’s family.
Corporate Real Estate Ownership : Proof that the applicant is the director or unit holder of a company which owns a house or apartment in Monaco.
Living with the close relative : The applicant stay with her close relative, spouse or partner indicates that the applicant will live in Monaco.
Option (2) Proof of Sufficient Money
Bank Account Deposit : The applicant opens a bank account in his/her name at one of Monaco's many banks and deposits at least EUR 500.000 , however some banks require a minimum deposit of one million euros to establish a relationship.
Support from a Close Relative : The applicant is financially supported by a close relative, a spouse, or a partner with whom the applicant is living as a couple.
Employment Contract : The applicant must prove that has an employment contract and a salary. The applicant submit a copy of these in application.
Company Establishment : The applicant sets up a new company in Monaco, supports for at least ten new jobs to Monaco citizens or residents. Authorization to set up a new company is must be approved from the government.
RESIDENCE PERMIT PROCESS AT A GLANCE
- Preparation of necessary documents.
- Submission of all necessary documents to the Monaco government.
- Official Interview in Monaco to be questioned about applicant’s job, education, family etc. by the government.
- Compliance Checks and Approval.
- Obtaining the residency card
- If requested, application of Citizenship can be made on condition that 10-years-permanent residency is done.
HOW LONG DOES IT TAKE TO OBTAIN THE RESIDENCE PERMIT?
Generally, the process of residency application results in between 2 and 5 months from submission of the application to issuance of the passport, on condition that there is no problem about the application. Application of citizenship can be made after 10 years of residency, if requested.
BENEFITS OF MONACO RESIDENCY BY INVESTMENT PROGRAMME & PASSPORT AT A GLANCE
- Straightforward application procedure which is finalized shortly 2-5 months
- Free Education from age 6 to 16 is provided.
- Solid investment options with regular income and at the same time you can obtain one of the most sought citizenships in the World
- Close location to the French and Italian Rivieras and EU major capitals
- No obligation to learn the history or language of the country
- No physical residence requirement
- Tax haven
- Citizenship might be granted to family members including children, spouse and parents.
- Visa Free Travel to 174 countries including US, UK, Canada, Europe.
- A tourism center with it’s casinos and pleasant climate.
- Multicultural society
- Approximately one in three people is a millionaire
- Lots of superior education,sports and cultural facilities
- Secure, Peaceful and Marvelous environment to settle with family
- Preferable 2nd home to spend summer, easy to travel inside EU.
- High Quality Educational Facilities
- Stable, decent and growing real estate market and economy
- No interview requirement
- No restrictions for foreigners to open bank accounts or purchase real estate.
- Member of several international organizations including UN, UNCTAD, UNESCO, UNIDO, Union Latina, UNWTO, UPU, WHO, WIPO, WMO.
- Advantageous travel options French and Italian Rivieras, Cannes, Nice and EU major capitals
- Monaco is a tax haven because there is no income or capital gains tax for non-French residents.
- Strong, Independent Legal System and Courts
- No donations or non-refundable contributions requirement.
- Retirement opportunity in a country with a warm climate and safe.
- Prospective visa free travel to a 174 countries.
FREQUENTLY ASKED QUESTIONS (“FAQ”) IN RELATION TO MONACO RESIDENCY BY INVESTMENT PROGRAMME?
Why choose Monaco?
Monaco is a tax haven because there is no income tax, additionally the business taxes are low. Besides that the country provides lots of superior education, sports and cultural facilities including F1 Race. Also the country is a tourism center with its casinos and pleasant climate.
Do I have to travel to Monaco during Residence Permit procedures?
Yes, because there will be an official Interview in Monaco to be questioned about applicant’s job, education, family etc. by the government.
What are the visa-free travel opportunities for citizens of Monaco?
Owners of Monaco’s passport benefit from visa-free travel opportunities to 174 countries including US, UK, Canada, Europe.
Is Monaco a tax haven for investors who evaluate Residency by Investment Programmes?
Absolutely. Monaco is a prominent tax haven within Europe, which does not even collect income tax or implement any other direct taxation at all other than VAT and 1% property tax in case of renting a property. It would be no mistake to call Monaco tax haven of the tax havens.
Is there a chance for two or more different applicants to obtain Monaco Residency based on a single real estate?
Monaco requests a proof of residence from the applicants in order to grant Residency. Considering the other fact that Monaco also demands real residence in the country over 183 days, using single property might weaken the application file of any investor. In this case such an option does not sound viable for several investors.
Is there any official legislation regulating Monaco Residency Programme?
Definitely. This Programme is mainly based on a treaty between France and Monaco, which is known as Sovereign Ordinance no. 3153. The Ordinance necessitates for anyone who plans to stay in Monaco longer than 3 months to apply for Residence Permit by resorting to Monegasque local authorities.
Do you offer properties for Monaco Residency Programme application?
Yes. We offer approved projects suitable to proceed for Monaco Residency Program.
Is Monaco Citizenship acquired/valid for life?
Yes, once the citizenship is acquired, it becomes a permanent citizenship for life for you and the citizenship could also be passed to your future generations.
Can we change our names after obtaining Monegasque citizenship?
Yes, but the applicant may only apply for the change of name after the citizenship is acquired.
How many family members can apply for residency along with the Main Applicant?
Spouse and dependent children can apply with the main applicant.
Is there any language requirement to apply for Monegasque Citizenship?
Yes, the applicant shall be fluent in French.
Once Monaco Citizenship is acquired, in the case that the applicant will not stay in Monaco, what will be main applicant’s tax liabilities in Monaco?
First of all, in order to be a tax resident, a citizen shall reside in Monaco more than 6 months. However, even if a citizen becomes a tax resident, Monaco does not charge its citizens through their personal incomes even if this income occur within the country. Hence, a Monegasque citizen resides out of country will not be liable for any taxation within Monaco. But, regarding their company taxations, if the company income occurs outside of Monaco then the tax rate varies 0 % to 33,3 % due to company’s turnover amount.