Residence in Monaco
Residency process
RESIDENCY PROCESS
The application for residency in Monaco must be made by a person aged at least 16 and require an investment. Depending on the applicant’s current situation, parents, children, spouse or partner in a long-term relationship may also be included.
The Principality only imposes tax on profits from commercial and industrial operations. There is no tax on houses, property or real estate in Monaco.
To become a resident, you must:
Own and reside in a property.
Exercise a liberal profession or work as an employee.
Maintain a local business.
Demonstrate your ability to support yourself financially by opening an account with a banking institution located in Monaco.
The Monegasque authorities retain the power to accept or refuse the application for residency for valid reasons in addition to these objective requirements.
Translated with DeepL.com (free version)
UNRIVALLED SECURITY IN MONACO
The government prioritises education, health and social systems, as well as internal national security for both residents and visitors. Security and policing information also includes the number of police officers per inhabitant and the number of surveillance cameras per inhabitant.
A STRATEGIC POSITION ON THE CÔTE D'AZUR
The Principality is easily accessible: Monaco is 22 kilometres from Nice-Côte d’Azur international airport. The Principality and the airport are permanently linked by bus, taxi, helicopter and hire car.
Monaco/Monte-Carlo station is used by many international trains. From Cannes to Ventimiglia, the Principality can be reached quickly by train, as can all the other destinations on the Côte d’Azur.
Monaco is an exit point for the A8 motorway, which links all the motorways in Europe (junction A8 – RN7 La Turbie from Nice, or Roquebrune from Menton or Italy) and the total distance by car from Monaco to Saint-Tropez, France, is 135 kilometres.
THE ECONOMY IN MONACO
The Principality of Monaco has experienced rapid growth in recent years. Monaco’s GDP has exceeded its pre-crisis 2008 level since 2013. With an increase of 3.2%, GDP reached €5.85 billion in 2016. The country’s economy relies heavily on tourism, particularly due to the attraction of casinos. The Principality welcomes 300,000 tourists every year. Growth sectors include the maritime, cosmetics and biotechnology industries. Monaco benefits from tax advantages that attract many international investors. However, the Monegasque economy is dependent on the financial industry and is subject to global geopolitical and economic events:
Real estate: According to the IMSEE study, Monaco’s real estate market reached new heights in the first quarter of 2023. The new property market has doubled sales compared to the same period last year. These transactions set a new record in just three months with a total of more than 400 million euros. Interestingly, over 80% of these transactions involved the delivery of goods, indicating strong demand in the sector.
Banking: To ensure compliance with international financial standards, the government and other regulatory bodies impose strict rules on Monaco’s banking system. The industry is renowned for its specialist financial and wealth management services.
Yachting: The expectations of ship owners and yachtsmen are met by the maritime legitimacy, geographical position and tourist destination with multiple activities, as well as the large number of players and services required for this sector, with the emblematic Monaco Yacht Show taking place every year in September. Monaco, with its long tradition of innovation, is one of the most influential places in the world for setting yachting trends: it’s an opportunity to become the ‘Silicon Valley of the coast’.
Luxury: Monaco is a shopper’s paradise. The famous Carré d’Or, a square in the heart of Monte Carlo, is home to prestigious boutiques from the world’s leading fashion houses. Here you can explore the latest collections from renowned designers, buy timeless jewellery and indulge in some high-end shopping.
Gastronomy: A holiday in Monte-Carlo offers not only the opportunity to discover a glamorous and ultra-luxurious area, with attractions and monuments not to be missed, but also a variety of high-quality gastronomic venues offering a wide choice to residents and visitors alike. The gastronomy of the Principality of Monaco, or Monegasque cuisine, has been influenced over the centuries. In the restaurant sector, you will find all kinds of offerings, including international ones, while exploring the streets of Monte-Carlo in search of new dishes to enjoy new culinary experiences between gourmet restaurants and street food.
Monaco pays great attention to the latest cutting-edge technologies that help provide quality services and infrastructure for the sophisticated needs of its citizens and residents. It is a micro-state model with a proven track record of efficiency, responsiveness and quality orientation for both private and business demands.
The sovereign state of the Principality of Monaco is a symbol of excellence, autonomy and independence. In recent years, Monaco has built institutions with a unique economic and social framework and has balanced its economic budget, guaranteeing its longevity with a constant dedication to sustainable development and energy.
Monaco pays great attention to the latest cutting-edge technologies that help provide quality services and infrastructures for the sophisticated needs of its citizens and residents. It is a micro-state model that has proven its efficiency, responsiveness and focus on quality for both private and professional demands.
The sovereign state of the Principality of Monaco is a symbol of excellence, autonomy and independence. In recent years, Monaco has built institutions with a unique economic and social framework and has balanced its economic budget, guaranteeing its longevity with a constant dedication to sustainable development and energy.
QUALITY OF LIFE :
In Monaco, quality of life is maintained thanks to the constant attention of the government. In order to ensure and guarantee the quality of life in terms of housing, daily security, entertainment and national growth, a long-term plan is implemented with a long-term perspective and constant innovation.
Monaco is a holiday destination with conventional accommodation and water sports.
Many international events take place in the Principality, and everyday life is mixed with sporting, cultural and festive celebrations.
More than 135 different countries coexist peacefully in this welcoming cosmopolitan city where French, English and Italian are widely spoken.
BECOMING A CITIZEN OF THE PRINCIPALITY OF MONACO :
As the Principality is a monarchy, the State has the power to arbitrarily choose who is accepted or rejected within the community. Therefore, depending on this system, your request for a transfer of residence may also be discussed if it does not correspond to the Principality’s interests.
Being a citizen of Monaco confers an exceptionally favourable tax status and is a privilege in every respect. In short, you are entitled to tax exemption if you are a citizen of Monaco.
Here are the procedures for the residency process:
Open a bank account with a minimum deposit of €500,000 with a local bank.
Own a place of residence and make it your permanent home.
You can buy or rent a property with specific dimensions depending on the applicant’s family situation.
The Principality has always been an ideal place to optimise your professional and personal situation, but until recently the process has become more rigorous and better regulated in line with European AML procedures. Note that obtaining tax assessments from the Agence des Impôts is a standard step for the Principality of Monaco in the transfer process. It is therefore necessary to undertake this with the assistance of a local expert who can guide you and avoid any risks that could end up costing more than expected.
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