Monaco is an independent, sovereign country surrounded on three sides by France and the fourth side by the Mediterranean Sea. Known for its extreme wealth and luxury, Monaco is a country that includes no income, capital gains, or wealth taxes and offer a high-quality lifestyle. It is also a country that offers opportunities to people looking to relocate through its residence permit.
Monaco offers permanent residency that allows indefinite living and working in the country, with residence cards initially issued for 1 year, renewed yearly for 3 years, then for longer periods, and eventually a 10-year renewable residence card (Privileged Residence Permit) after 10 years of continuous genuine residence.
Why Monaco?
Monaco is believed to be an a thriving business and financial center, great option for individuals who are living and work in the country. Having a Monaco permanent residency also allows you to travel to the 26 Schengen zone countries.
Along with this, Monaco levies no personal income tax, no wealth tax, no local tax, no annual property tax, and no capital gains tax on people who are residents. However, the country does impose corporate tax and inheritance tax, which is minimal compared to other countries. Plus, the country has high-class facilities and a pleasant climate, which is an added advantage.
Who Is Eligible
To meet the eligibility criteria, you must:
- Be older than 16 years of age
- Have accommodation in Monaco
- Have a clean criminal record
- Have a valid passport
- Have a health insurance that covers your stay in Monaco
- Non-EU/EEA nationals must have a long stay (type D) visa from a French consulate before applying
- Proof of sufficient financial resources which should be at least EUR 500,000 (Rs 4,43,34,180 approximately), often demonstrated by bank deposits or economic self-sufficiency proofs.
How To Apply
Step 1: Find a local partner or trusted advisor in Monaco to clarify your eligibility and assist you with the process.
Step 2: Gather all the documents, including:
- A valid passport including the long-stay visa
- A French residence permit, if applicable
- Birth certificate (less than 3 months old)
- An extract from the criminal record or the equivalent which was less than 3 months old
- The attestation on honour for an initial application for a residence permit, which is available on the official website.
- You may require additional documents if you married, have children, are a student or divorced.
Step 3: Submit the application and attend an official interview in Monaco along with all the supporting documents.
Step 4: Pay the application fee which is approximately EUR 80 (Rs 8,302 approximately)
Step 5: Monaco authorities conduct due diligence and compliance checks on the applicant's suitability.
Step 6: Once approved, the applicant receives a residence card, initially valid for a year and renewable. Longer term residence permits follow with subsequent renewals.
Note: While the residency permit allows you to live in Monaco, you may need a work permit depending on your application. Check on the official website for more information.