Residency in Monaco brings numerous advantages:
- Favourable tax system for Monaco Residents
- Stay in Protected environment
- Outstanding place with Nice International airport Thirty Minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Business friendly
- English commonly spoken
- The Cote d'Azur and Italy on the doorstep
How to apply for Monaco Residency
To acquire Monaco Residency there are specific requirements for each candidate to fulfil. The requirements for making an application for residency in Monaco are as follows:
- Establish a bank account in Monaco
- Each candidate (or couple) will need to deposit enough funds for the bank to then issue the needed bank attestation (letter) to confirm that the account holder(s) has sufficient funds to support themselves whilst residing in Monaco.( unless the applicant for residency has a valid work agreement provided by a local Monaco business). The banks have differing requirements for this varying from EUR 100,000-EUR 1 million per applicant (adult).
www.relocation-monaco can assist you with you with a residency application, and your property and banking needs in Monaco. Their website has lot of general information regarding Monaco as wll as more specific information on subjects such as 'residency in monaco'. You will not to have worry if you do not speak French, all Relocation Monaco consultants are bi-lingual with English as the Mother tongue, with fluent French speaking capabilities to work on your behalf where required. This will give you confidence to move forward with a move to Monaco.
Rent or buy a home in Monaco
If leasing the lease needs to be for a minimum of Twelve Month and have sufficient bedrooms to accommodate the number of individuals applying. For example, in order for this to get approved for Monaco residency, a couple ought to lease a one bedroom house at least and for a family of 4 a minimum if two bedrooms. This lease is usually automatically at the end of each lease period.
Each candidate needs to offer a police certificate specifying that each adult candidate does not hold a criminal record in the country where they have lived throughout the previous 5 years. In Monaco an grownup is any one over the age of sixteen years of age for this purpose. This certificate should not be more than three months old at the time of application for the residency.
In addition, the following files have to be submitted for each candidate when obtaining Monaco residency.
- Legitimate passport
- Birth certificate
- Marital relationship certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a partner who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco house
- The new electricity contract for the Monaco house
- The official Monaco residency application completed and duly signed
- Health report for applicants of 70 years and over
To finish the Monaco residency procedure, an main residency interview will be organized during which all the required documents are sent. Following this the Monaco residency application will certainly be processed and licensed. This will certainly take around 8 weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they should initially make an application for a special Visa from the French Embassy in their country of residence which once accepted and released ( approximately sixteen weeks) will then allow the applicant to complete the Monaco procedures within three-four weeks, when the residency card will certainly be provided also known as the Carte de Sejour).
The requirements for making an application for Monaco residency are reasonably simple and as long as the candidate can supply all the needed documents, then there is no general reason that the applicant must not be given Monaco Residency and get theirs Monaco citizen's card.
The very first Monaco residency card will certainly be issued for a duration of twelve months after which this card need to be renewed. The card is called a Monaco carte de resident temporaire and is renewed each year for the first three years. In then 4th year of constant Monaco residency the holder then will certainly be provided with a 3 year card, called the Monaco Carte de resident ordinaire. These cards are valid for 3 years and need to be renewed at expiry. In year 10, the holder of a Monaco residency may make an application for a carte Privilege which is given at the discretion of the Monaco authorities. This is not immediately granted and if not granted the applicant will remain to receive the 3 year Monaco citizen's card.
The cost of obtaining residency in Monaco truly depends on the expense of renting an home contributed to the general cost of living in Monaco. Unlike other nations providing residency programs, applying for residency in Monaco does not require the applicant to "invest" a defined sum of money in Monaco nor is it required to purchase a home as a leasing is sufficient.
It is a very favourable place to become a resident and enjoy the many advantages which becoming a citizen of Monaco allows.