Obtaining a residence permit in Monaco

Life in Monaco

Everyday life in Monaco today is ideal for those who strive for a first-class lifestyle in everything, which is why stars of the first magnitude so often move here for permanent residence. Considering that about 40,000 people live on the territory of the principality (of which only 10,000 people are people born here), the opportunity to meet a world-famous person is great like nowhere else. Moreover, Monaco ranks second in the ranking of the smallest countries in the world - the area of the principality is only 2 square kilometers. Almost through one you can meet a millionaire, and a little less often - a billionaire. After all, it is an ideal place for those who are used to living in a grand style. In addition, the rich and famous move here because of the high safety standards.

In addition to the possibility of free residence in the territory of Monaco, a person who has a local residence permit has the right to freely visit the states of the Schengen zone, bypassing the visa application process. The business environment is very favorable here: there is no capital gains tax or personal income tax. If we are talking about a legal entity, then the profit rate is 33.3%. Also, if the company's turnover outside the country does not exceed 25% of its total turnover, it is exempt from income tax. In addition, Monaco residents can open bank accounts all over the world. Residence permit in Monaco is an opportunity to integrate into European society and become part of the local “club” of rich people.

Long-term visa processing

Any foreign citizen over the age of 16 who wants to live in Monaco for more than three months a year must apply to the Monegasque authorities for a residence card. But in order to obtain the right to enter Monaco, you need to issue a long-term visa D, which, according to the agreement, is issued by the French Embassy. The visa application, originals and copies of documents and their official translation into French are submitted in the country where the visa applicant has lived for the last 6 months.

Obtaining a residence permit for buying or renting real estate

The main criteria for obtaining a long-term visa, and subsequently a residence permit, is a confirmed financial independence. You will need a document of official income in other countries (with the exception of Monaco) in the amount of at least € 3,000 per adult and € 1,500 per child per month, as well as medical insurance for each person. It is necessary to provide papers stating that the property owns housing worth from 500,000 euros and at least the same amount in an account with a bank of Monaco).

There is also the option of long-term rental housing (at least one year), but the agreement on this must also be drawn up in the name of a foreigner. The requirements for the area of an apartment or house are rather arbitrary, but the living space should be proportional to the number of family members: one room for one applicant. If all the documents are available and prepared in the correct way, then after they are submitted at the French consulate, within two to three weeks, a D visa will be ready, issued for three months, with which you will need to come to Monaco.

While already on the territory of the principality, within a week, a foreigner must contact the Office for Foreigners (Service Etrangers) of the Central Police Station (Direction de la Sret Publique) to apply for a residence permit. Under the terms of the Monaco program, it is necessary to provide documents from which it follows that the applicant has not had a criminal history within the last five years. Such a certificate must be issued no later than 90 days before the date of filing for a residence permit.

As part of the procedure for obtaining a residence permit in Monaco, the investor must pay additional costs, which include obtaining a residence permit in the amount of 180 euros for the first year, and from the second - 266 euros, consular fee (100 euros), medical insurance (from 300 euros ). In addition to the standard documents that were already prepared at the stage of obtaining a visa, you will also need to provide a copy of a receipt for payment for electricity or rental housing in Monaco. Then you will need to go through an interview with the department of the Public Security Directorate.

In case of a positive decision by the authorities of Monaco, a residence permit (Permis de sejour) is issued after two months. It must be renewed annually, and after three years it will be possible to exchange it for the Carte de resident ordinaire, which gives the right to stay in Monaco for three years with the subsequent possibility of renewal.

Residence permit by marriage

It is possible to apply for a residence permit in case of marriage with a citizen of Monaco (carte de sjour de conjoint mongasque). In this case, you must provide the appropriate document and live in the territory of the principality for more than a year. If these conditions are met, the residence permit is issued for five years.

Worker residence permit

In this case, upon submission, it is necessary to provide a work contract with confirmation of employment with an indication of the salary.

Business residence permit

To obtain a residence permit in Monaco with the help of his own business, a non-resident needs to interest the government of the country with a unique, completely new product (existing economic spheres exclude the need to open new companies, branches, representative offices). In this case, the minimum amount of the authorized capital must be 150,000 euros. It is also necessary to have a real office in Monaco with a staff of at least 4 people. During the registration of the company, a tax of 1% of the amount of the authorized capital was paid.

Registration of permanent residence

After a foreigner has lived in the territory of the principality for ten years with a residence permit, he has the right to obtain a privileged permanent residence (Carte de resident privilegie), which is automatically renewed every 10 years.

Monaco citizenship

It is possible to obtain a Monaco passport only after long-term naturalization - after 10 years of actual residence with proof of successful integration into society. This includes the ownership of real estate, the presence of an account with a large amount on it, proof of life on the territory of the principality for 183 days a year or more, medical insurance, membership in local clubs, knowledge of the French language.

The spouse of the holder of a local passport can become a citizen of the principality, after confirmation of cohabitation for five years. Also, citizenship of Monaco can be obtained from the prince, who gives it to 10 people every year for special merit. If you receive a passport, the principality will have to give up others, since dual citizenship is not recognized here.

Thank you for your help in preparing the material:

Sergey Kagzvantsyan, Director of David & Partners

Alexey Azarov, director of AzarovS