How can you be a resident in Monaco?
There are multiple companies offering their supporting guidance for you and your family regarding the relocation in the Principality.
Any foreigner, except French subjects, who wishes to live in Monaco for a period longer than three months or establish a residence in the territory of the Principality of Monaco must be the holder of a settlement visa.
Supplied with this visa, every foreigner over sixteen years of age is required to request within eight days of his arrival in the Principality of Monaco a resident’s card (Carte de Resident) or residence permit (Carte de Sejour) from the Foreigners’ Section of the Directorate of the Police Service. Do not be confused because the resident’s card and residence permit are actually the same things but many people refer to them with both names.
The residency permit is usually granted for one year only. After the expiration of the one year period you need to request the extension. If the extension is accepted you will receive a new residency permit for further three years.
Until you do not exceed the ten years of continuous residency in the Principality of Monaco you are entitled for three years of residency extensions. After ten years you might be granted a permit for long term residency. In my previous sentence the focus is on the “might” word because there are no guarantees that you will be eligible for the long term residency even if you have spent over tens years in the Principality of Monaco.
Usually there are three ways to relocate in the Principality of Monaco:
- By getting a job in Monaco
- By opening a new business entity in Monaco
- By having the ideal (requested) wealth to afford the living quality in Monaco
Once you are able to successfully acquire your residency permit, which is granted for you and your family, you will have many great benefits in the Principality. However one of the most important thing, which you need to consider is the way of proving that you are actually living for more than six months a year in the territory of Monaco from the date of the issuing of your permit.
Since Monaco offers a zero personal income tax the Government does not check the period of your stay during the first ten years. Obviously they have no reason to do that, since it does not matter how much time you spend in the territory of the Principality of Monaco your personal wealth is tax free.
However in many cases your country of origin requests hard evidences regarding the days you spend in Monaco.
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Monaco residence permit
With 10 years of local experience, we offer unparalleled guidance for new residents in the Principality of Monaco.
We can help you and your family to settle, to find a school, to register your car, and to feel at home in Monaco from the very first day.
Bank account opening
Through our trusted and Government authorised Monaco bank we are able to offer exceptional banking services. It is a unique opportunity to open private, corporate and trust accounts, both for Monaco residents and non-Monaco residents.
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