CITIZENSHIP BY INVESTMENT BLOG

Monaco Residency Program

February 2019: How do I become a resident of Monaco?

Answer: Monaco, a Mediterranean city-state located on the Cote D'Azur, in the South of France, is a de-facto member of the Schengen Area. The principality is considered as one of the most ideal places of residence in Europe due to its high-class leisure facilities, a pleasant climate, and favorable tax system.

Monaco residents benefit from no personal income tax, making the principality a main choice for high-net worth individuals wishing to relocate to Monaco as their main place of residence. The country has produced streamlined legislation to create an efficient process by which applicants may obtain a residence permit - and citizenship if so desired.

Monaco Golden Visa
The Monaco permanent residency card ("Carte de Sejour") allow applicants to live in Monaco indefinitely. Permanent residency is granted on the basis of demonstrating proof of accommodation and proof of financial self-sufficiency.

The Monaco Citizenship offers affluent persons of impeccable standing to receive the Monaco (EU) citizenship and passport after ten years in permanent residency status.

To receive the permanent residency card ("Carte de Sejour") all applicants have to show proof of accommodation. Proof of accommodation may entail acquiring local real estate OR renting an apartment for a minimum of one year OR being the director of a company that holds corporate real estate in Monaco OR providing a letter and proof of property ownership/rental from a close relative with whom the applicant plans to live in Monaco.

In addition, all applicants must demonstrate financial self-sufficiency to live in Monaco. Financial self-sufficiency may be demonstrated by depositing at least EUR 500,000 into a local bank account in the applicant's name OR showing the applicant is employed by a Monaco company OR forming a new company in Monaco that creates at least ten new jobs OR providing a letter of support from a close relative with whom the applicant plans to live in Monaco.

Monaco imposes no restrictions on foreigners opening bank accounts or owning real estate in the principality. Application processing can take between two to five months.

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Because immigration by investment programs can change over time please contact us to speak with an advisor or to receive a preliminary quotation. The information provided in this blog post is intended for educational and informational purposes only. It should not be construed as legal or financial advice.

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