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by Zsolt Szemerszky

Zsolt Szemerszky

How can you be a resident in Monaco?

How can you be a resident in Monaco?

There are multiple companies offering their supporting guidance for you and your family regarding relocation to the Principality. Administration assistance and relocation services are some of the flowering businesses in Monaco, however, you should never forget that the Monaco Welcome Office offers its free advisory services for new residents.

The Monaco Welcome Office even holds regular event both in French and English languages, interestingly copying the name of my book: “Living in Monaco informational night”. Since I published my Living in Monaco book years before their first event, I feel this is a secret admiration and acknowledgement towards this book.

Usually there are four ways to relocate to the Principality of Monaco:

  • By having the ideal (requested) wealth to afford the living quality in Monaco
  • By having a sponsor/guarantor for your living costs
  • By getting a job in Monaco
  • By opening a new business entity in Monaco

As you can see above, you do not have to be super rich; only one of the four ways is built on your financial statements.

However, what is common in all the four ways is that 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.

The next important step is to find your desired apartment to live in, because without a physical address in the Principality, you cannot apply for a residence permit.

It is highly important to be aware of the housing requirements in Monaco. Each home must have enough rooms to accommodate each adult living there. Therefore, if you are aiming to relocate to

Monaco as a couple with a child, you cannot apply for a residence permit by renting or buying a studio apartment. For the application to be successful, you must have a separate room for your child and for you and your spouse.

There are four ways you can prove your Monaco based address:

  • Being the owner of a house or apartment
  • Being the director, or unit holder of a company which owns a house or apartment
  • Renting a house or apartment; or
  • Staying with a close relative, your spouse, or partner with whom you are living as a couple

Based on the general rule, every foreigner over sixteen years of age is required to request within eight days of his/her 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 thing, but many people refer to them with both names.

Unlike other countries offering residency programs, applying for residency in Monaco does not require the applicant to “invest” a specified sum of money in Monaco, nor is it compulsory to purchase a property, as renting accommodation is sufficient.

The cost of applying for residency in Monaco mainly relates to the expense of renting an apartment, added to the general cost of living in the Principality.

Following your case approval, your residency permit will be available for you to collect from the Residents Section office within a maximum of 8 weeks if you are a European Union passport holder. For non-EU passport holders, the administration process can take up to 16 weeks due to the settlement visa request from the French Embassy in their country of residence.

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