After the Vatican, Monaco is the second smallest state in the world. It is also the most dense! Indeed, the Principality is constantly attracting newcomers to its territory and counts no less than 19,000 inhabitants per square kilometer.
Why and how does one become a resident of the Principality? Maison iKeys, specialized in luxury real estate investment, takes a closer look at the issue of expropriation in Monaco.
Summary
What are the good reasons to expatriate to Monaco?
How to become a resident of Monaco?
What are the good reasons to expatriate to Monaco?
When we talk about Monaco, we immediately think of its advantageous geographical location. The Principality offers exceptional living conditions. Located on the Mediterranean Sea, along the French Riviera, the Principality enjoys a particularly mild climate and sumptuous landscapes.
It is also close to the city of Nice and its airport, which is among the most important in France and Europe. Its infrastructure allows its inhabitants to travel easily, and its entrepreneurs to be at the heart of European economic life.
Moreover, the daily life of the inhabitants of Monaco is punctuated by an enriching cultural and sporting life. The Principality hosts sporting events such as the Monte Carlo tennis tournament and the Formula 1 Grand Prix, as well as cultural events like the Printemps des Arts.
Finally, Monaco offers a particularly advantageous tax system to its inhabitants. There is no direct taxation on individuals, except for residents of French nationality. There is also no tax on Monegasque real estate.
The list of advantages is long and makes the Principality a coveted place to expatriate.
How to become a resident of Monaco?
To become a resident of the Principality, you will need to obtain a residence permit issued by the Section des Résidents, des Certifications et des Objets trouvés. This procedure is mandatory for all persons over 16 years of age.
Please note that if you are a citizen of a country outside the European Economic Area (EEA), you must apply for a settlement visa for Monaco issued by the French authorities. In this case, do not hesitate to contact the French Consulate in your country of residence to find out more about the procedure to follow. The conditions for obtaining the permit vary depending on the country of origin.
In any case and whatever your nationality, there are several conditions to obtain the residence permit that will allow you to become a resident of Monaco. We propose to review them with you.
You must have a place to live
First of all, you must prove that you have a place to live in Monaco in a home that can accommodate the needs of your household. This first condition is essential and can be crucial given the small size of the territory: buildings are rare and therefore expensive! You can choose to rent or buy your home.
If you are hesitating to invest in Monaco, do not hesitate to consult our article on this subject.
You must have sufficient financial resources
This financial guarantee can be provided by several means. You can of course have savings that will be deemed sufficiently substantial by the authorities to ensure your financial security. For your information, the minimum amount is currently set at €500,000 for all banking institutions located in Monaco.
You can also prove that you have a stable professional situation in the country: you may have an employment contract, be the director of a company or simply be self-employed.
In some cases, you can also indicate that you are financially supported by a third party.
You must provide a clean criminal record
In order to settle permanently in Monaco, it is essential to prove that you are of good character. You must therefore provide an extract from your criminal record.
Once these conditions have been met, a residence permit will be issued. Initially, a "temporary" residence permit may be issued for a period of one year. There will be other residence permits adapted to your situation. For example, the so-called "ordinary" card, valid for three years, is intended for people who have spent three years in Monaco. The same applies to the "privilege" card, which is intended for people who have been in the country for 10 years.
Once you have received your residence permit, you can settle in Monaco permanently.