Monaco Residence Program
Monaco (aka Monte Carlo) is a vibrant multicultural center for wealthy residents and good mix of international cultures. Monaco is very well known for its casinos and famous for the sports events F1 Monaco Grand Prix, Monte carlo rally including Golf and Tennis tournaments. Monaco is just 30mins drive from Nice, France. Over the years, Monaco has attracted number of wealthy millionaires from Europe and around the globe, because no income, weath or capital gains tax is levied making it a `true tax haven`. Monaco is not a member of European Union and EU directives and measures do not apply in Monaco but gets benefits through France.
EU citizens do not require visa to enter Monaco, however if the stay is more than 3 months, they will need to apply for residence permit `carte de sejour`. For non-EU persons or those coming from abroad, a french visa is needed to enter Monaco.
Legal Residency in Monaco
It is often well said that Monaco is only for `millionaires`.
The minimum investment required is atleast EUR 1 million of which EUR 500,000 is needed to be deposited in a Monaco Bank, in addition to purchasing of sale deed of property worth EUR 500'000. The property prices start from EUR 500'000 and upwards as the real estate has been in high demand. Accomodations are very expensive as a renting a small flat could cost a minimum of EUR 3'000 and above.
In addition to that you have to spend atleast 6 months in a year. The residence permit takes about 1 month for EU nationals and about 3 months for non-EU nationals.
The main eligibility criteria to obtain residence permit are
- Proof of sufficient bank balance accompanied by bank reference.
- Proof for accommodation (rental lease contract or sale deed)
- Clean criminal police record record.
- Work or business incorporation documents.
A personal interview is a must to obtain Monaco residency.
Monaco has no income tax, no wealth tax, no local tax, no capital gains tax and very minimal inheritance taxes. VAT is about 30% in Monaco. The country has no double taxation agreement with other countries, which gives living in Monaco high degree of confidentiality and freedom.
Citizenship can be obtained after 10 years of legal stay in Monaco. Dual nationality is prohibited under nationality law. For more information about the Monaco residency requirements, please visit the official Monaco Government Website.
Our team of financial experts and lawyers provide all assistance in immigration, residence, real estate, accomodation, company incorporation, tax planning, insurance in Monaco. For more information on applicable fee and additional costs, please contact us or complete the below application.
If you are interested in applying, please complete this short online application. One of our representatives will be in contact with you.
We offer clear written contract agreements clearly mentioning the applicable charges including the refund policy, in the unlikely event that the application is unsuccessful.