Monaco Residence Permit for a Russian Show Business Star

M. is a star in the Russian entertainment industry. He is married and has two children.

In June 2020, he approached us with a request to obtain a Monaco residence permit as a financially independent individual (FNI). By that time, he had already selected a property on the Mediterranean coast but had not yet committed to the purchase.

It was essential for M. that the process be managed by a specialist from Russia whom he could fully trust.

Initially, his goal was to provide his family with comfort and luxury — a lifestyle M. could easily afford, while enjoying life without hiding from paparazzi cameras. However, this goal evolved into something greater: a Monaco residence permit would provide freedom to travel within the Schengen Area, the right to reside in the Principality year-round, and a pathway to citizenship after 10 years.

After signing the cooperation agreement and assessing the candidate’s chances, GARANT.in lawyers began working on the case. They verified that the property M. had selected in Monaco was free of financial encumbrances and confirmed the legality of the owner’s right to sell it. M. paid a deposit under a preliminary agreement.

While documents were being prepared in Russia, and a bank account and tax ID were being opened in Monaco, the apartment owner’s representative unexpectedly informed us that the owner had decided not to sell the property and returned the deposit.

Next Steps

The client had about a month and a half to find an alternative, as he was required to return to Russia due to a film studio contract. M. did not want to make such a critical family decision from afar, so we acted swiftly.

Through a real estate agency with which we have a long-standing partnership, we identified a new property that met the client’s requirements. Within a month, thanks to the coordinated efforts of a realtor and a lawyer, we completed the sale contract.

By that time, the client’s document package was fully prepared, and a sufficient sum had been transferred to a Monaco bank account to support his family.

A D visa request was submitted to the Monaco Embassy in Poland, as the Embassy in Moscow had suspended visa issuance due to the pandemic.

In July, M., accompanied by a lawyer, filed an application for the residence permit as a financially independent individual and returned to Russia.

A lawyer, acting under the client’s power of attorney, handled the registration of the new property owner, transferred utility contracts, and paid all associated fees and taxes. M.’s personal presence was not required.

A month later, the company office received a positive response to the client’s application. His biometric appointment was scheduled for September. By then, M.’s contract with the film studio had ended, and the visa issue was resolved. The entire applicant’s family, with special permission, traveled to Monaco.

After a successful interview, M., his spouse, and their children were granted residence permits.

Results

The case took four months. A one-year renewable residence permit was issued to the primary applicant and his spouse, while their two minor children received permits valid for five years.