Monaco Residency

The Monaco Residency by Investment Program is intricately linked to the agreement between France and Monaco, embodied in the Sovereign Ordinance no. 3153. This ordinance mandates that individuals intending to reside in Monaco for more than three months seek a Residence Permit through the local Monegasque authorities.

A pivotal aspect of this program is Monaco's stance on dual citizenship; it is not recognized. Aspiring citizens of Monaco must express their intention to renounce their current citizenship in a formal letter to the prince of Monaco.

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Investment Avenues for Acquiring Monaco Residency:

Two primary pathways are available for those seeking Monaco residency, necessitating the fulfillment of the following criteria:

Option 1 - Proof of Accommodation:

Property Ownership: Applicants must own a property in Monaco, with the application including a copy of the property deed or purchase contract.

Leasing Property: A property lease in Monaco for at least one year is required, suitable for the applicant’s family size.

Corporate Property Ownership: Ownership of a Monaco-incorporated company that possesses property within Monaco.

Residing with Relatives: Demonstrating cohabitation in Monaco with a close relative, spouse, or partner.

Option 2 - Financial Proof:

Bank Deposit: Opening a bank account in Monaco and depositing a minimum of EUR 500,000, with some banks necessitating a minimum of one million euros.

Relative Support: Financial backing from a close relative, spouse, or partner.

Employment: Proof of employment and salary within Monaco, accompanied by relevant documentation.

Company Establishment: Founding a company in Monaco that creates at least ten jobs for citizens or residents, pending government approval.

Residence Permit Application Overview:

• Document preparation and submission to Monaco authorities.
• An official interview in Monaco addressing the applicant’s professional, educational background, and family details.
• Compliance verification and approval.
• Issuance of the residency card.
• After ten years of permanent residency, citizenship application may be pursued upon request.

Timeline for Residency Permit Acquisition:

The residency application process typically spans between 2 to 5 months from submission to passport issuance, assuming the application faces no issues. Citizenship applications are eligible after a decade of residency.

Benefits and Highlights of Monaco Residency and Citizenship:

• The application process concludes swiftly, usually within 2-5 months.
• Free education for children aged 6 to 16.
• Investment in Monaco offers lucrative returns alongside one of the most coveted citizenships globally.
• Proximity to the French and Italian Rivieras and key EU capitals.
• No language or history knowledge requirement.
• Absence of a physical residency mandate.
• Tax benefits as Monaco is a recognized tax haven.
• Citizenship extends to family members, including children, spouses, and parents, offering visa-free access to 174 countries.

Why Monaco?

• Monaco is celebrated for its casinos, climate, and as a tourism hub.
• It hosts a multicultural and affluent community, with one in three residents being a millionaire.
• The principality offers exceptional educational, sporting, and cultural facilities in a secure and serene environment.
• It provides a stable and growing economy and real estate market, with no direct taxation, making it an ultimate tax haven.

Frequently Asked Questions about Monaco Residency by Investment:

Choosing Monaco: The principality is a tax haven, offering low business taxes and a wealth of superior facilities and attractions.

Travel Requirements: An official interview in Monaco is a necessary step in the residency permit process.

Visa-Free Travel: Monaco passport holders enjoy visa-free access to 174 countries.

Tax Haven Status: Monaco stands out as a tax haven, exempting residents from income tax and most other direct taxes.

Property Sharing for Residency: Monaco mandates proof of adequate residence for residency approval, discouraging shared property arrangements for multiple applicants.

Legislation: The program is governed by Sovereign Ordinance no. 3153, outlining the need for a Residence Permit for stays exceeding three months.

Property Offerings: Approved property projects are available for those applying for the Monaco Residency Program.

Citizenship Permanency: Acquired citizenship is permanent and inheritable.

Name Changes: Post-citizenship acquisition, name changes are permissible.

Family Inclusion: The main applicant's spouse and dependent children are eligible for residency applications.

Language Requirements: Proficiency in French is a prerequisite for citizenship.

Tax Liabilities: Monegasque citizens residing outside the principality are not subject to Monaco taxes on personal income.