Exotic garden above Monaco

Transfer of Tax Residence to Monaco: Residency by Investment and Golden Investor Visa in Monte Carlo

Monaco Residence Permit

("Carte de séjour")

Apply for Monaco's investor visa

Open a personal bank account in Monaco with a Tier-1 bank

Description of Monaco's Golden Visa Program

How easy is it to get residency and move to Monaco? Anyone who is at least 16 years of age and wishes to reside in Monaco for more than 3 months in a year, or set up home in Monaco, must apply for a residence permit with the Monegasque authorities.

The resident permit ("carte de séjour") issued by the Principality allows its holders to travel within the Schengen area legally (here).

Investors who have resided in Monaco for a minimum of 10 continuous years can make a request for naturalization directly to the Prince. Dual citizenship is not allowed in Monaco.

The Monegasque passport is valid for 5 years and gives visa-free travel to over 175 countries.

What Are the Key Benefits of Living in Monaco?

• First and foremost, there is no personal income tax in Monaco, exactly like in Dubai in the UAE (here)
• Monaco benefits from safe-haven credentials and a very low crime rate
• The French airport of Nice Cote d'Azur (here) is in 30 minutes reach from Monaco by car. In 2022, United Airlines announced a new daily route from New York to Nice (here) adding to the existing route offered by Delta Airlines
• Monaco has an excellent local and international school system with open access to the French and international university system. The International School of Monaco (here) counts 700 students and the British School of Monaco (here) opened in September 2022.
• The Principality of Monaco has an excellent healthcare system
• By 2026, Monaco will be home to 16,000 millionaires and 1,500 ultra-high net worth individuals (at an overall population of only 40,000)
  

What Are the Key Downsides of the Monaco Residence Permit?

• Naturalization in Monaco is at the discretion of the Sovereign Prince
• 3-month physical presence in Monaco per year is required (and controlled)
• Monaco is home of the world’s most expensive property market, involving high transactions costs. According to the 2022 real estate report by Knight Frank (here) residential prices in Monaco increased by 9% in 2021 on average.
• UK residents relocating to Monaco need to apply for a long-stay visa from the French authorities before applying for a residence card

Typology of Residence Permits in Monaco

What Are the Physical Presence Requirements to Remain a Tax Resident in Monaco?

What Are the Conditions to Get Citizenship in Monaco?

Under the Monaco residence program, Monegasque citizenship is possible after 10 years of continuous stay by applying directly to the Prince of Monaco (here) which is a relatively long waiting period in comparison to other investor visa programs:

Comparison of Pathways to European Citizenship and a EU Passport

1. Continuous residence in Gibraltar: British citizenship after 5 years (here)
2. Continuous residence in Austria: Austrian citizenship after 6 years (here)
3. Continuous residence in Portugal: Portuguese citizenship after 6 years (here)
4. Continuous residence in Greece: Greek citizenship after 7 years (here)
5. Continuous residence in Italy: Italian citizenship after 10 years (here)
6. Continuous residence in Spain: Spanish citizenship after 10 years (here)
7. Continuous residence in Switzerland: Swiss citizenship after 12 years (here)

Election Criteria for Citizenship in Monaco

Selection criteria for naturalization in Monaco which are generally applied include:

• Individual with family ties to the Monegasque community
• Individual who is well integrated into the economic, social, or cultural life of the Principality
• Individual deemed worthy of this favour by the Sovereign Prince

In addition, the French authorities are consulted on all applications which have received a favourable response from H.S.H. the Sovereign Prince.

> Dual citizenship is not permitted in Monaco, that is, all prior nationalities and passports must be renounced.

How much Is the Personal Income Tax in Monaco?

How much Is the Corporate Income Tax in Monaco?

How much Is the Real Estate Tax in Monaco?

> For properties that are either new or under construction, VAT in the amount of 20% applies instead of the transfer tax.

How much Is Inheritance Tax in Monaco?

What Are the Conditions to Get the Monaco Residence Permit?

Applicants for residency in Monaco must meet the following conditions:

1) "Sufficient financial resources"

a) Expatriates and executives applying for a residence permit for highly skilled workers in Monaco must have an employment contract from an employer in Monaco.

OR

b) In order to obtain the golden investor visa and a permanent residence permit in Monaco, wealthy entrepreneurs and business people must open a personal bank account in Monaco (here) and deposit at least €500,000. In reality, however, many private banks in Monaco apply a threshold of €1m for account opening.

• Provide a bank statement

2) "Accommodation in Monaco"

a) Applicants for the carte de séjour in Monaco must own a house or apartment in Monaco.

• Provide a notarized property deed

OR

b) Applicants for the Monaco residence permit may rent a house or apartment in Monaco.

• Provide a 12-month tenancy agreement registered with local tax department

• Provide a recent electricity bill

OR

c) Stay with a close relative in a house or apartment in Monaco.

• Provide a certificate of accommodation

3) "Good character"

• Provide a criminal record ("copy of police record") of the last two countries of residence over the last 5 years

What Are the Costs of the Monaco Golden Investor Visa?

What Are the Required Steps in order to Relocate to Monaco?

What is the procedure and how long does it take to apply for the Monaco residence permit:

1. Non-EEA and UK nationals (here) must apply for a long-stay visa (type D) via the French consulate closest to their most recent place of residence (here)
2. Within 3 months: Application for Monaco residence permit
3. Interview appointment with the Residents Section
4. 6 weeks: Checks and compliance period
5. The carte de séjour for Monaco is ready for collection.

What Are the Average Rental Prices in Monaco?

What Are the Average Real Estate Prices in Monaco?

• The average real estate transaction in Monaco in 2021 was €5m. However, the €5m-10m price band (three-bedroom properties) saw the biggest increase in sales - with a 38% jump year-on-year.

• Monaco has the world’s most expensive property market (above €50,000 per m2)

• Prime property prices in Monaco are forecast to rise by 5% in 2022, as demand continues to outpace new supply
  

Download factsheet on how to get residence in Monaco