Vladimir M., 42 years old, is the owner of one of Moscow's banks. He also holds ownership in several businesses across various industries.
In October 2018, he approached us with a request to obtain a residence permit in Monaco for tax optimization purposes. The client was aware that the Principality of Monaco is known for its liberal tax policies. The country has virtually no direct taxation: there are no property or income taxes, nor taxes on real estate or capital gains.
These benefits are available only to investors who acquire resident status in Monaco, meaning they are willing to reside in the country for at least 183 days per year. Vladimir found this option acceptable, as his business allowed him the flexibility to spend long periods outside of Russia.
Stages of Obtaining a Monaco Residence Permit
In October and November, we collected the client's dossier, processed, and verified all necessary documents. Additionally, we:
- drafted motivation, cover, and legal letters explaining the client's desire to become a resident of Monaco;
- remotely registered a tax identification number (TIN) for Vladimir in Monaco;
- arranged virtual real estate rental for him;
- demonstrated the required funds in his accounts in banks in Russia (and China as well).
At the end of November, we submitted his application to the Monaco Embassy for a visa to enter the country.
In December, an immigration visa was issued. After celebrating New Year in Moscow, Vladimir traveled to Monaco in early January, where, accompanied by a lawyer, he submitted an application for a residence permit card.
A positive response arrived in early April. (This was a good result, as Monaco authorities sometimes take 6-8 months to reply). To receive the Permis de séjour card, Vladimir traveled back to Monaco. According to the program's requirements, applicants must appear in person for their residence permit. Before issuance, they undergo biometric data collection and an additional interview.
The residence permit card is valid for one year with the option of renewal.
The case was successfully completed. Vladimir received a Monaco residence permit as a financially independent individual.
