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Residence Permit Residencies Plan of Monaco (Europe)
Residence Permit
- Have accommodation in Monaco, being the owner of a house or apartment or being the director or unit holder of a company which owns a house or apartment or renting a house or apartment (lease contract minimum of 12 months).
- Have sufficient financial resources, this requirement is fulfilled making a deposit in a Monegasque bank. Most banks do require initial deposits from €500,000 to €1,000,000 to open an account.
You may include your dependents in the application, provided that the property has sufficient bedrooms to accommodate the number of persons applying.
The first residency card is the “Carte de resident temporaire” and it has a validity of one year, renewable annually up to 3 years.
There are no particular length of residency requirements, but you may be required to prove that you spend some time per year in the country, by means such as an electricity bill.
After three years, you will receive the “Carte de Resident Ordinaire”, which has a validity of three years and must be renewed every three years.
After the 10th year of residency you may apply for a permanent residency, “Carte de Privilege”, which is granted at the discretion of the Monaco authorities. You may be required to speak at least two out of English, French and Italian and have spent 6 months per year within the country. If your application is not approved, you will continue receiving the three-year resident's card.
If you wish to become a Monegasque citizen, you may apply for naturalization after the 10th year of residency. You will have to send your request on stamped paper addresses directly to the Prince, who will decide whether grant the citizenship or not. Take into account that currently there are just 6,000 Monegasque citizens.
Requirements
- A reference letter from a Monegasque bank confirming that you have sufficient funds to live in Monaco.
- If you own a property, notarized property deed.
- If you own a property through an intermediary company, the company’s articles of association, proof of share held or a certificate confirming your role in the company.
- If you rent a property, tenancy agreement registered with the Department of Tax Services.
- Certificate of no criminal record in the last place of residence for the preceding 5 years.
- Electricity contract for the rental/purchased property.
- Health Insurance covering Monaco (only one hospital in Monaco).
- Education/professional background.
- Proof of wealth.
Restricted Nationalities
No nationality is officially restricted
dual citizenship
Dual citizenship is not recognized in Monaco. To become a citizen of Monaco, you must renounce your previous nationality.
Documents Required
- Original and photocopy of passport
- Original or Certified copy of Birth Certificate (if applicable)
- Original or Certified copy of Marriage Certificate (if applicable)
- Original Police Clearance Certificate
- Original Bank Reference Letter (Not older than 6 month)
- Evidence of Business Background
- Evidence of Health Insurance
- Proof of ownership or rental housing
- Evidence of Residential Address
- dual citizenship No
- Family members included Yes
- land ownership Yes
- Physical residence required No
- Personal visit required Yes
- Language skills required No
- Interview required Yes
- Investment Single €500,000
- Investment Family 4 €500,000
- Minimum annual income -
- Time to citizenship 120
- Time to permanent residency 120
- Visa-free countries 160
- Financing available No
Monaco
The Principality of Monaco is a tiny independent city-state located in Western Europe, between the Mediterranean Sea and the low foothills of the Alps, on the French Riviera. It borders land with France and it is near the French-Italian border. Monaco is the second smallest state worldwide, after Vatican City. The Principality is inhabited by about 38,000 people. Its official language is French, although Monegasqueand Italian are spoken by a great part of its population. Due to the fact that around 125 nationalities make up its population, a large variety of languages are spoken. Monaco is not a member of the European Union, but is closely linked to it through its customs union with France. Its official currency is the Euro.
- National Flag of:Monaco
- Currency:EUR
- Area Code:377
- Capital:Monaco
- Continent:Europe
- Native Languages:French, English, Italian
- Population:32,965
BENIFITS
With your new passport from Monaco you'll be able to access 160 countries visa free
citizenship benefits The right to live and work in Monaco at all times Visa-free access to the United States Visa-free or Visa on arrival to 160 countries including United States Schengen Area United Kingdom Get one of the most valuable passport worldwide Passport with optimal reputation permanent residency benefits The right to live and work in Monaco without any time limit temporary residency benefits Peaceful democratic and politically stable country Low tax jurisdiction Extremely safe modern and livable country High quality of life Low crime rate country Travel visa-free across the European Union No personal direct taxesFEES
| ITEM | AMOUNT |
|---|---|
| certificate issuance fee | €10 |
| certificate issuance fee | €10 |
| certificate issuance fee | €10 |
| certificate issuance fee | €10 |
| certificate issuance fee | €10 |
TAXES
Monaco does not levy personal direct taxes. Tax residents in Monaco are free from taxes on their income, regardless of source. To be a tax resident, you may have to stay at least half year in the country.
Note that French citizens living in Monaco will be subject to personal income tax at French standard rates.
There is no wealth tax. There is an inheritance and gift tax on assets located in Monaco, although inheritances and gifts to beneficiaries that are in the direct line of lineal descent are tax exempt.
Inheritances and donations whose beneficiaries are not in the donator’s direct line of lineal descent are subject to a tax rate of 16%. Siblings are taxed on a preferential rate of 8%.
Regarding corporate taxation, corporate tax rate of Monaco ranges from 0 to 33.33% on profits accrued outside Monaco.
Profits derived from Monaco are tax exempt. If more than 25% of the company’s turnover is generated outside of Monaco, it is levied a flat rate of 33.33%. Dividends and capital gains are not subject to taxation.
| TAX ITEM | DESCRIPTION |
|---|---|
| Property tax | No |
| Transfer tax | No |
| Inheritance tax | Yes |
| Net worth tax | No |
| CFC law | No |
| Tax residency days | 183 |
| Personal income tax rate | 0% |
| Capital Gains tax rate | 0% |
| Investment income tax rate | 0% |
| Territorial taxation | Yes |
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