How to Obtain Residency in Monaco? Conditions and Benefits

Despite its small size, the Principality of Monaco is considered one of the wealthiest countries in the world. Its incredible nature, favorable tax policy, active real estate market, and complete confidentiality about residents attract new residents.

Advantages of obtaining residency in Monaco

• Safety. The crime rate is minimal.
• Mild climate, proximity to the Mediterranean Sea, mild winters – excellent conditions.
• Freedom to travel to European countries.
• Monaco residents can enter the Schengen area freely and stay there for up to 90 days.
• Quality healthcare and education, developed infrastructure.
• Favorable tax climate. No tax obligations on profit, inheritance, capital gains, and other types of income.
• Growing real estate market. The primary segment is constantly replenished with new apartments, offices, and villas. It is advantageous to invest in properties without paying taxes.

Residency in Monaco – types of residency

Monaco offers several types of residency cards with different terms:

• Permis de Séjour – temporary residency status valid for 1 year. After expiration, the permit can be renewed up to 3 times.
• Carte de Résident Ordinaire – this card is issued after the Permis de Séjour has been extended 3 times. The status is valid for 3 years, with the possibility of 2 renewals.
• Carte de Résident Privilège – a residency card that can be obtained 6 years after obtaining the Carte de Résident Ordinaire. It allows official residence in the principality for 10 years. Renewal is allowed every 10 years indefinitely.

After 10 years from obtaining the Carte de Résident Privilège, you can apply for citizenship, but this requires meeting certain requirements. Out of almost 40,000 Monaco residents, only 8,000 have citizenship.

Residency in Monaco – conditions for obtaining status

There are several active ways to obtain residency in Monaco, let's consider the conditions of each:

Buying real estate

Purchasing real estate is the most popular option for obtaining residency. Property in the principality steadily appreciates and is not subject to tax – an excellent investment opportunity:

• You need to buy property worth at least 500,000 euros.
• After purchase, the applicant's spouse and children can also obtain residency.

Registering a business in Monaco

It is important not just to open your own business in the principality, but to run a business that will benefit the country's economy. Approval from the authorities is required.

Requirements for a business project:

• Minimum capital of 150,000 euros.
• The main office is located in Monaco.
• Taxation – 1% of the registered capital at registration.
• At least 4 employees.

If it is an international project where more than 25% of income comes from foreign sources, the corporate tax rate will increase to 33%.

Employment under a contract with a Monaco company

If you have an official contract with a local company, you can expect residency status. A crucial condition is that the firm is registered in Monaco or has an official representation. Residency status will be valid for the duration of the employment contract.

Enrollment in a Monaco university

By enrolling in the International University of Monaco, you can not only receive a quality education but also a student residency permit. You need to provide an enrollment contract, rent accommodation, and demonstrate the student's financial support – at least 2,000 euros per month.

Upon completion of studies, the residency status is automatically canceled. To extend it, you can find employment in the principality and apply for a new residency based on an employment contract.

Applicant requirements for obtaining residency in Monaco

Regardless of the chosen method to obtain residency status, it is necessary to:

Show proof of housing in the principality:

• Buy property worth at least 500,000 euros.
• Rent long-term accommodation.
• Own corporate real estate and provide supporting documents.
• Reside with relatives or a spouse who owns property in Monaco.

Demonstrate financial stability:

• Open a deposit account in a local bank with a balance of at least 500,000 euros.
• Provide an employment contract with a local company.
• Show income from abroad amounting to at least 3,000 euros/month per adult and 1,500 euros/month per child under 18.
• Stay in the country for a minimum of 183 days annually. Failure to comply with this condition will result in the cancellation of residency status.
• Undergo a reliability check. Confirm that all income is obtained legally, your documents and certificates are genuine, and you have no criminal record.

If you plan to obtain residency in Monaco but are unsure which method to choose, consult with the migration specialists of GARANT. IN. Together, we will find the optimal solution and develop an effective strategy.