The principality of Monaco is one of the most impressive places in the world. It immediately conquers your heart with its beautiful climate and magnificent natural landscapes, proximity to the Alps, and azure waters of the Mediterranean Sea. The luxurious city-state takes up only 2.02 square kilometers but people of 139 different nationalities live there. Most of them are wealthy individuals who relocate to Monaco due to beneficial fiscal conditions and an opportunity to do business in a safe manner.
Obtaining legal residence in Monaco is an exclusive privilege and it is highly prestigious to be a Monegasque. At the same time, the local authorities are careful when it comes to granting legal residence to foreigners because the number of people seeking this status is increasing. Below we discuss the ways of obtaining legal residence in Monaco, a natural and a fiscal paradise.
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The procedure of applying for legal residence in Monaco
Any person above 16 years of age can apply for a residence permit if he or she desires to live in Monaco for more than 3 months per year.
In accordance with an agreement with France of 1963, a foreigner has to apply for a long-term (D type) visa to France to be able to enter Monaco. The application has to be filed to the French consulate in the applicant’s home country. This is mandatory if you are planning to apply for a residence permit in the principality.
Please note that you have to physically reside in Monaco for more than 90 days per year to maintain your legal resident status. To become a fiscal resident of the principality, you have to live there for more than 183 days per year.
The first residence permit that you acquire is going to be valid for 1 year. Then you will have to extend it for 1 more year twice. After three years, you will get a 3-year residence permit. After living in Monaco for 12 years, you are eligible to apply for a 10-year residence permit. This is considered a permanent residence permit in Monaco.
Theoretically, after your permanent residence permit expires (you will have spent 22 years in Monaco by that time), you can apply for citizenship of Monaco. If you do, you will have to renounce all your present citizenships.
Below we list the documents that you have to submit in order to obtain a D type visa to France and apply for a residence card in Monaco. You have to submit document originals and their copies.
- A completed OFII form (downloadable from the official website of the consulate).
- 2 application forms for a long-term visa properly filled out and signed.
- 3 photographs taken recently; 2 of them should be glued to the forms.
- Your passport has to be valid for at least 15 more months (if applicable); it has to have at least 3 blank pages; the page with the photograph and personal name as well as all the pages with visa stamps have to be copied.
- Civil status records: your birth certificate, marriage certificate, divorce certificate, your children’s birth certificates, your spouse’s death certificate, etc.
- Documents confirming your social and professional status (certificate of employment, pension certificate, diplomas).
- Documents confirming that you have a place to stay in Monaco (rental lease agreement with your personal name on it or a property ownership certificate).
- Documents confirming your solvency: a bank statement from your home country or from Monaco.
- For underage children: a letter that confirms enrollment in an educational institution in Monaco (obligatory for children above 6); a notarized letter of consent from the second parent if he or she is not going to apply for legal residence in Monaco.
- A 3-month medical insurance policy and a liability insurance policy.
- Confirmation of your residential address in Monaco: if you are the property owner, supply the ownership certificate; if you own the property via a company, supply confirmation of owning the company; if you are renting property, supply the rent agreement officially registered with the tax authorities in Monaco. You should also supply recent utility bills.
- Documents revealing your purpose of living in Monaco such as a job contract with a Monegasque firm or a request for company formation in Monaco.
- Financial resources: you have to supply a bank statement from a Monegasque bank or from another financial institution that clearly shows that you are solvent and you have enough money for living in Monaco. An underage person has to have a written guarantee from an adult person who undertakes to cover his/ her expenses.
All documents in a foreign language have to be translated by a sworn translator exclusively, notarized, and apostilled.
You will have to supply 4 application document packages in total: 1 package of document originals and 3 packages of document copies. The document originals will be returned to you when your application is processed.
Legal grounds for residence in Monaco
You can apply for legal residence in Monaco on several grounds.
Legal residence in Monaco for financially independent individuals
This is the optimal way of acquiring legal residence in the principality if you can afford it. You have to meet the following conditions:
- Own real property in Monaco;
- Have a bank deposit in Monaco of at least 500,000 euros;
- Permanently reside in Monaco.
It is important to note that the main applicant’s spouse and underage children will also qualify for residence permits in the principality.
Business immigration to Monaco
Opening a company in Monaco can serve as legal grounds for applying for residence. However, your business proposal has to be approved by the authorities. Obtaining an approval is a difficult task because Monaco hardly needs any new companies. You have to propose a unique business project to make the Monegasque authorities interested.
Conditions:
- Propose a business project and obtain an approval;
- Deposit the charter capital (15,000 euros for a limited company and 150,000 euros for a corporation);
- Rent or buy office space in Monaco.
Legal residence in Monaco for job contract holders
If you are employed by a Monegasque company, you can qualify for legal residence in the country. Your residence permit is going to be valid as long as your job contract is valid.
Legal residence in Monaco for students
If you are a student of The International University of Monaco (the only higher education institution in the principality), you qualify for a residence permit. The language of instruction is English in the University and students are taught management and finance. In addition, you have to have residential accommodations and be able to prove that you can sustain yourself while in Monaco. Needless to say, your residence permit will expire when your classes are over.
Living in Monaco is extremely comfortable and it is a dream for many people. However, obtaining a legal residence permit in the principality is not an easy task simply because it’s expensive.
