Monaco Residency

Residency in Monaco brings numerous advantages:

• Favourable tax system for Monaco Citizens
• Live in Secure environment
• Outstanding area with Nice International airport 30 minutes by car/10 minutes by helicopter
• Mediterranean Climate
• International environment
• Company friendly
• English commonly spoken
• The Cote d'Azur and Italy on the doorstep

Ways to make an application for Monaco Residency

To get Monaco Residency there are specific requirements for each applicant to fulfil. The requirements for making an application for residency in Monaco are as follows:

1. Establish a bank account in Monaco
2. Each applicant (or couple) will need to deposit sufficient funds for the bank to then release the required bank attestation (letter) to verify that the account holder(s) has adequate funds to support themselves whilst living in Monaco.( unless the applicant for residency has a legitimate work agreement released by a regional Monaco company). The banks have varying requirements for this varying from EUR 100,000-EUR 1 million per candidate (adult).

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Lease or purchase a property in Monaco

If leasing the lease has to be for a minimum of 12 months and have enough bedrooms to accommodate the variety of individuals using. For example, in order for this to get Monaco residency, a couple must rent a one bedroom house a minimum of and for a family of four a minimum if two bedrooms. This lease is normally automatically at the end of each lease period.

Security check

Each candidate needs to supply a police certificate stating that each adult candidate does not hold a criminal record in the origin country where they have resided throughout the previous 5 years. In Monaco an grownup is any one over the age of sixteen years of age for this purpose. This certificate should not be more than three months old at the time of application for the residency.

In addition, the following files have to be submitted for each candidate when getting Monaco residency.

1. Valid passport
2. Birth certificate
3. Marriage certificate(s)
4. Any previous divorce certificate (or death certificate if the candidate has a partner who is deceased.)
5. The Police certificate as above
6. The registered lease for the Monaco house
7. The new electrical power contract for the Monaco house
8. The official Monaco residency application completed and duly signed
9. Health report for applicants of 70 years and over

To finish the Monaco residency procedure, an official residency interview will be arranged during which all the needed documents are submitted. Following this the Monaco residency application will certainly be processed and authorized. This will take roughly eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must initially make an application for a unique Visa from the French Embassy in their country of residence which once authorized and provided (up to sixteen weeks) will certainly then allow the applicant to complete the Monaco procedures within three-four weeks, when the residency card will certainly be provided also called the Carte de Sejour).

The requirements for applying for Monaco residency are reasonably uncomplicated and as long as the candidate can offer all of the required documents, then there is no general reason why the candidate should not be granted Monaco Residency and receive theirs Monaco citizen's card.

The first Monaco residency card will certainly be issued for a duration of twelve months after which this card need to be restored. The card is called a Monaco carte de resident temporaire and is restored each year for the first 3 years. In then fourth year of continuous Monaco residency the holder then will be provided with a three year card, known as the Monaco Carte de resident ordinaire. These cards stand for three years and must be renewed at expiration. In year ten, the holder of a Monaco residency might make an application for a carte Privilege which is granted at the discretion of the Monaco authorities. This is not immediately given and if not given the applicant will certainly remain to receive the 3 year Monaco resident's card.

The cost of applying for residency in Monaco actually lies in the expense of renting an apartment contributed to the general cost of living in Monaco. Unlike other countries providing residency programs, making an application for residency in Monaco does not require the candidate to "invest" a specified amount of cash in Monaco nor is it obligatory to buy a property as a leasing is sufficient.

It is a very favourable place to become a resident and enjoy the many advantages which becoming a citizen of Monaco gives.