The Principality of Monaco is one of the most impressive places on the planet and immediately captivates with its beautiful climate and magnificent natural landscapes, its proximity to the Alps and the azure waters of the Mediterranean. The luxurious city-state covers an area of only 2.02 km2, but is home to representatives of more than 139 different nationalities. These are mostly wealthy people who move to Monaco due to its favorable tax regime and comfortable, and most importantly, safe conditions for opening and running a business.
All this makes obtaining a residence permit in Monaco exclusive, prestigious and desirable. However, the local authorities are selective in their approach to the selection of candidates, as the number of those wishing to issue a residence permit in Monaco and having serious financial resources is increasing every year. In this material we will describe the benefits and the process of obtaining a residence permit in this natural and fiscal paradise.
Principle of obtaining a residence card in Monaco
Anyone aged 16 years or over may apply for a residence card, due to their wish to reside in the Principality for more than 3 months per year.
In order to obtain an entry permit, which under the terms of the 1963 agreement between France and Monaco, he/she must apply for a long-stay visa D at the French Consulate. It is the possession of a visa in this category that is a prerequisite for the subsequent application for a residence card in the Principality. The visa is processed at the French Embassy in your country of residence.
Please note that one of the conditions for remaining a Monegasque resident is to stay in the Principality for more than 90 days each year. As for the tax certificate, you must stay in Monaco for more than 183 days per year in order to receive it.
The first residence application is accompanied by a temporary residence card valid for one year. This card is renewed annually for the following 2 years. Three years after the first request, a card valid for 3 years is issued. After 12 years of residence, you can apply for a residence card valid for 10 years, which is the equivalent of a residence card in Monaco.
In theory, after 10 years of residence in the Principality, you can apply for Monaco nationality. Obtaining Monaco nationality involves renouncing all previous nationalities.
Below is a detailed list of documents required to obtain a French National Visa D and a Monegasque residence card.
All original documents and copies must be provided
Completed OFII* form (can be downloaded from the Consulate website).
- 2 long-term visa application forms, duly completed and signed.
- 3 recent and compliant photographs (see information on the website), two of which must be affixed to the forms.
- Photocopy of passport (no more than 10 years old and valid for at least 1 year and 3 months, must have at least 3 blank pages), photocopy of photo page with personal data and all pages with visas and border crossing stamps.
- General passport + photocopy of all pages with stamps and entered data.
- Certificates of civil status: birth certificate, marriage certificate, divorce certificate, children's birth certificates, death certificate of spouse, children.
- Document confirming socio-professional status (certificate of employment, pension certificate, diplomas).
- Proof of residency in Monaco (rental contract in the applicant's name and proof of payment of all fees or proof of ownership of property in Monaco).
- Documentation proving financial resources: a bank account statement in your country and/or Monaco.
- For a minor: Proof of enrolment or pre-enrolment at an educational institution in Monaco (mandatory for children 6 years and over); Notarized permission to leave the country and to stay in Monaco permanently from the other parent who is not requesting a long-stay visa (if applicable).
- Insurance (health + liability insurance) for 3 months;
- Proof of residence : if you are the owner of the residence, you have to provide proof of ownership. If you are an owner through an intermediary company: a document confirming the ownership shares you own or a certificate confirming your position and responsibilities in the company. If you are a tenant: a formal rental agreement registered with the tax office or a lease obligation. Also an electricity subscription contract or a recent invoice for electricity.
Documents proving the purpose of your stay in Monaco: an employment contract approved by the Monegasque Employment Service; or a request for authorization to set up a business or a company.
Important! All documents in a foreign language must be translated exclusively by a notary translator and have an Apostille.
The entire list of documents must be prepared in 4 copies. One set of originals and three sets of copies. A set of originals will be returned to you after verification.
Resident Card of Monaco
All original documents must be presented as well as copies of them.
Financial resources: A bank statement from a bank in Monaco proving that you have the necessary funds to stay in Monaco or other documents proving that you have the necessary funds to stay in Monaco. For minors, a letter of acceptance of expenses from a person who has a parental power of attorney.
Proof of residence: if you are the owner, you have to provide proof of ownership. If you are the owner through an intermediary company: proof of ownership or a certificate confirming your position and responsibilities in the company. If you are a tenant: a formal rental agreement registered with the tax office or a lease obligation. Also, an electricity subscription agreement or a recent invoice for electricity;
Documents proving the purpose of your stay in Monaco: If you are an employee, an employment contract certified by the Monegasque Employment Service; or a request for authorization to set up a business or a company.
Types of Monaco residence permit:
Monaco residence permit for financially independent persons
The best option, which is suitable for the majority of wealthy individuals. The main conditions for obtaining such a residence permit are:
- Renting or owning a property in Monaco.
- Deposit of at least 500,000 euros in a bank account in Monaco.
- Staying in the country for more than 183 days per year.
A significant advantage is that this residence permit in Monaco applies to the applicant, spouse and children under the age of 18.
Business immigration to Monaco
The basis for granting a residence permit in this case will be the opening of a business in Monaco. This requires the approval of the local authorities. In fact, this is the most difficult task, as the economy of the Principality is almost no need to open new companies. It is necessary to present a unique project, which can interest the local authorities.
Conditions:
- Provide a business project and obtain a permit for it.
- Authorized capital from €15,000 for a Limited Liability Company (SARL) and from €150,000 for an Anonymous Monegasque Company (SAM).
- Renting or owning office space in Monaco.
Residence permit for work in Monaco
This residence permit is granted on the basis of an employment contract with a Monegasque company and expires at the end of the aforementioned contract.
