RESIDENCE PERMIT
OF MONACO

Benefits of residence permit in Monaco

  • Visa-free entry and travel across the Schengen

  • A possibility to stay and reside directly in Monaco

  • In 5 years one can obtain a 10 year Carte de sejour which in fact is permanent residency

  • A possibility to obtain the citizenship of Monaco after 10 years of permanent residence in Monaco

  • No requirement to permanently reside in Monaco

  • Social and political security

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Terms and requirements to obtain a residence permit of Monaco

Usually the process takes up to 2 months. Investors must meet the following criteria:

  • Be older than 18

  • Qualify for the program

  • Have a special D type visa issued by the consulate of Monaco at the place of residence

  • Have real estate in Monaco (rent or ownership)

  • Have at least € 2,000,000 on a bank account in Monaco

  • Have a steady and regular income to support oneself and one’s dependents

  • Have a health insurance contract for each applicant

Who can obtain the residence permit of Monaco together with the main applicant?

  • A spouse

  • Children under the age of 18

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Want to learn more details about the program?

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We’ll cover the following information:

  • Cost calculation, covering ALL expenses
  • Step-by-step guide on application procedure
  • Conditions and requirements to applicants
  • Full list of required documents
  • Answers to 15 frequently asked questions about the program
  • Country information
  • Comparison with other programs
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Complex investment

Availability of real estate in Monaco

Rent or purchase without restrictions on the value of real estate

Availability of income confirmed by documents

2.000.000 euros – the minimum amount of funds in a bank account in Monaco

Calculate the cost

The total cost of obtaining a residency depends on the investment option, number and age of applicants, as well as the selected package of services. Fill out the form and within 10 minutes you will receive an individual cost calculation + comparison with other programs.

Cost

Get an individual consultation with a residency by investment expert

Our expert who has worked with more than 280 cases in Europe will consult you. He’ll describe all the peculiarities of the Monaco residency by investment program, its advantages and disadvantages, and tell you about similar cases from his practice.

Marek Zmyslowski

Partner, expert in the Caribbean

and European citizenship programs

Fill in the form

Our specialist in the Monaco residency program will contact you to discuss all the details

Stages of residency application process

The following steps are described for reference purpose only. The main thing that we want to underline is that Migronis takes care of preparation and submission of your case. You only need to provide the original documents. We will do all the paperwork ourselves.

01
CONTRACT SIGNING

Free preliminary background check (due diligence) of an applicant (1 day) and contract signing in one of our offices or remotely. At this stage, it will be sufficient to provide the passport copies of all family members who will be included in the residency application.

Result of the stage: background check report + signed contract.

02
PREPARATION OF DOCUMENTS

We receive Police Certificates, fill out government forms, arrange notarization, translation and apostilization of all the necessary documents, and send the package to Monaco Immigration Office.

You submit the original documents and sign the forms and other documents that we prepare by ourselves.

At this stage you will need to visit Monaco to submit biometric data.

Result of the stage: Confirmation of documents received by the government.

03
REVIEWING THE CASE

Monaco Immigration Office carries out examination of the case  within 4-7 months

Result of this step: positive decision received.

Applicant’s actions: Payment of the investment amount within a month after approval.

04
RECEIVING RESIDENCE CARD

After payment of the investment amount and fees, you visit Monaco to collect residence cards. Residence permit is valid for 1 year. To maintain the status one has to spend 7 days per year in the country. We remind about the necessity to renew the document 6 months prior to its expiration.

Real case of obtaining citizenship of St. Kitts and Nevis.
See how we work

We described the procedure of obtaining St. Kitts and Nevis citizenship in every detail, dividing every step into stages, providing examples and photos of all the documents. This material is also available in video format.

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More than 10 useful videos about residency by investment in the EU on our video channel. No empty talk, only specifics.

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Answers to frequently asked questions and information about Monaco

Who can obtain the residence permit together with the investor?

Spouse;
Children younger than 18;
Former spouse cannot obtain residence permit;
A marriage certificate from a third country may be provided.

Can children from previous marriages get a residence permit?

Yes.

How is the financial dependence of children on the main applicant confirmed?

The documents confirming financial dependence shall be provided. For children - a certificate from the place of study.

Can married children be granted residence permit?

No, in this case they do not fall under the category of dependents.

For how long is a residence permit valid?

Residence permit is issued for 1 year with its subsequent renewal for the same period (children younger than 18 years old receive a 5 year card). After holding a residence permit for 5-year period a Carte de sejour (permanent residence) is granted. After 10 years of permanent residence the citizenship may be obtained.

Is it required to visit the country to apply for residence permit?

Yes, all applicants must make at least 1 entry to Monaco in order to submit documents.After entering the country, applicants are waiting for an invitation from OFFI (the timeframe for receiving an invitation can be up to 3 months). You cannot leave the country while waiting for an invitation.

Is it required to reside in the country and know the language to maintain a residence permit?

In order to comply with the conditions of the residence permit program of Monaco, applicants do not need to move to Monaco or stay there for a certain number of days a year;
Knowledge of language is not required.

Do I need to know the language and reside in the country to obtain citizenship?

Yes, a 10-year permanent residence, knowledge of French and tax residency status are required to obtain a passport.

What is the procedure for obtaining citizenship?

After 10 years of permanent residence the citizenship may be obtained (apart from a 10-year Carte de sejour it is required to have tax residency status and knowledge of French).

How is the application process and submission of documents carried out if our office is not available in the client's city?

All documents are sent by mail.

Fees for obtaining and renewal of a residence permit.

Issuance of a residence permit (per each applicant) - € 180 (in the first year);
Extension of residence permit (per each applicant) - € 266 (from the second year);
+ Consular fee for issuance of the card (per each applicant) - € 100;
+ Medical insurance contract (per each applicant) - from € 300.

Is it possible to visit Schengen countries, the USA and England with a residence permit of Monaco but without a visa?

Visa-free travel to Schengen countries.

For how long can you stay in Schengen countries with a residence permit of Monaco?

Up to 90 days per half-year period.

Is it possible to work in the Schengen countries with a residence permit of Monaco without obtaining a work permit?

No, a work permit is required.

Do I need a visa to visit the United States and Canada with a passport of Monaco?

No visa is required (one must register in electronic systems - eTA in Canada and ESTA in the USA).

What is the procedure for visa-free travels to the USA and Canada with a Monaco passport?

Canada - 6 months a year without a visa, registration in eTA is required in case of arrival by plane);
USA - up to 90 days without a visa (ESTA);
UK - 6 months a year without a visa.

Is it required to provide any documents to confirm the origin of funds?

Confirmation of employment and/or ownership of business is required.

What documents are required to confirm the origin of funds?

Employment contract;
certificate of employment indicating the duration of work, position and salary / bonuses;
Copies of tax returns;
Certificate of state registration;
License;
Company registration documents;
Company's financial report;
Other;
If the capital is accumulated through certain transactions - the sale of property, inheritance, gift - supporting documents are needed; One or several documents may be provided (the list is agreed upon when preparing the case).

Is it possible to transfer funds from a source other than a personal account?

No. Money should be transferred from the applicant’s personal account only.

Do I need to open an account in Monaco?

Yes, availability of documented income is required - at least € 2 million on an account in Monaco.

Is it possible to make payments in cryptocurrency?

So far there is no such possibility.

What are the tax rates in Monaco?

The Principality of Monaco attracts businessmen from around the world because of a zero income tax rate.
Main part of Monaco’s GDP is derived from VAT (19.6%), reduced rates are extensively used (from 10 to 2.1% for certain types of goods).
The tax rate on royalties is 33.3%.

Conditions of acquiring tax residency

Tax resident status is assigned only to those who stay in the country for more than six months. If an investor is still interested in obtaining the status of a tax resident of Monaco, he will need to prove that he spends at least 183 days per year in a country.

What additional documents may be issued?

Driver's license;
Tax number.

Is it required to visit a country to obtain these documents?

Yes.

What is the minimum cost of the property?

There are no requirements to cost and location; however, it is preferable to choose a property on a “1 room per 1 applicant” basis, preferably on the Cote d'Azur.

Overview of Real Estate Market in Monaco

The real estate market of Monaco is one of the most liquid and expensive in the world. According to the Knight Frank rating agency, in 2017 the average real estate price per square meter reached $ 58,859.
Investing in Monaco’s real estate is extremely profitable. The State Statistical Agency of Monaco (IMSEE) noted a rapid growth in the real estate market in 2017 (an increase in the average price by more than 15% per year). Due to the lack of space for construction and high population density, the prices for residential squares will steadily increase, which guarantees the profitability of investment in real estate in Monaco.

Duration of retaining an object to maintain a residence permit?

To maintain the status permanent ownership of real estate is required.

Is it possible to invest in any object or is there a specific list?

You are free to choose any object for investment; however, it is preferable to choose a property on a “1 room per 1 applicant” basis, preferably on the Cote d'Azur.

What document confirms ownership?

The real estate lease or sale contract.

What is an actual duration of residence permit application process?

Up to two months plus waiting for an invitation from OFFI (the timeframe for receiving an invitation can be up to 3 months).

What happens in case of concealment of information or providing false data?

Refusal in grant of a residence permit.
The current status can be revoked if the beneficiary committed a serious crime.

What are the reasons for refusal?

- provision of false information;
- availability of a criminal record or pending criminal proceedings in any country of the world;
- posing a potential threat to public order, national security or the reputation of Monaco.

Monaco Passport Rating

Monaco passport is ranked 13th (out of 100) according the rating of passports in 2018 for freedom of movement.

Information about Monaco

GDP in 2011 - $ 6.075 bln. (increased by 13.53% compared to $ 5,350 bn in 2010);
The population in 2018 is 37 501 people;
The capital is Monaco (Monaco-Ville);
Sectors of the economy - tourism, gambling, building new residences, media coverage of the life of the princely family.

When do customers choose a program?

A residence permit of Monaco is not accessible to anyone, because the authorities of the principality approach the selection of candidates with special care. The limited territorial resources do not make it possible to accept a large number of “additional citizens”, which, incidentally, makes the residence permit of Monaco exclusive, prestigious and desirable in the eyes of people with a certain wealth.
In addition to its prestigious status, the residence permit of Monaco is suitable for those investors who want to receive income from the rental of real estate - the real estate market of Monaco is one of the most liquid and expensive in the world.