Exotic garden above Monaco
How easy is it to get residency and move to Monaco? Anyone who is at least 16 years of age and wishes to reside in Monaco for more than 3 months in a year, or set up home in Monaco, must apply for a residence permit with the Monegasque authorities.
The resident permit ("carte de séjour") issued by the Principality allows its holders to travel within the Schengen area legally (here).
Investors who have resided in Monaco for a minimum of 10 continuous years can make a request for naturalization directly to the Prince. Dual citizenship is not allowed in Monaco.
The Monegasque passport is valid for 5 years and gives visa-free travel to over 175 countries.
Type of Monaco residence permit | Validity |
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a) Temporary permit | Valid for 1 year (may be renewed 3 times) |
b) Ordinary permit | Valid for 3 years (may be renewed 3 times) |
c) Privilege permit | Valid for 10 years |
Application for permit | Yes |
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Collection of permit | No |
Yearly presence (non-sequential) | |
Temporary and ordinary permit | 3 months per year |
Privilege permit | 6 months per year |
Under the Monaco residence program, Monegasque citizenship is possible after 10 years of continuous stay by applying directly to the Prince of Monaco (here) which is a relatively long waiting period in comparison to other investor visa programs:
Selection criteria for naturalization in Monaco which are generally applied include:
In addition, the French authorities are consulted on all applications which have received a favourable response from H.S.H. the Sovereign Prince.
> Dual citizenship is not permitted in Monaco, that is, all prior nationalities and passports must be renounced.
Income, dividends, capital gain | 0% (since 1869 except for French citizens) |
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Income, capital gains | 25% (only applies if over 25% of turnover is generated outside Monaco) |
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Transfer tax | 4.5% among transparent parties | 7.5% among non-transparent parties (such as foreign companies, trusts, etc.) |
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Notary fee | 1.5% (buyer) |
Property agent fee | 5.0% (+20% VAT: seller) |
3.0% (+20% VAT: buyer) | |
Rental tax | 1.0% (tenant) |
Mortgage tax | 0.65% |
> For properties that are either new or under construction, VAT in the amount of 20% applies instead of the transfer tax.
Heir | Monaco Property Tax ("Situs Tax") |
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Parents, children | 0% |
Brothers, sisters | 8% |
Uncles, aunts, etc. | 10% |
Other relatives | 13% |
Unrelated persons | 16% |
1) "Sufficient financial resources"
a) Expatriates and executives applying for a residence permit for highly skilled workers in Monaco must have an employment contract from an employer in Monaco.
OR
b) In order to obtain the golden investor visa and a permanent residence permit in Monaco, wealthy entrepreneurs and business people must open a personal bank account in Monaco (here) and deposit at least €500,000. In reality, however, many private banks in Monaco apply a threshold of €1m for account opening.
2) "Accommodation in Monaco"
a) Applicants for the carte de séjour in Monaco must own a house or apartment in Monaco.
OR
b) Applicants for the Monaco residence permit may rent a house or apartment in Monaco.
OR
c) Stay with a close relative in a house or apartment in Monaco.
3) "Good character"
Due diligence and handling fee | €10,000 (includes personal bank account opening in Monaco) |
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What is the procedure and how long does it take to apply for the Monaco residence permit:
1-bedroom apartment | €4,000 - 6,000 per month |
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2-bedroom apartment | €6,000 - 10,000 per month |
3-bedroom apartment | €8,000 - 15,000 per month |
Studio | €1 - 2m |
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1-bedroom flat | €2 - 5m |
2-bedroom flat | €4 - 10m |
3-bedroom flat | €10 - 20m |
4-bedroom flat | €20 - 40m |
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Switzerland
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