Monaco Residence Program
Monaco is an attractive place of residence for high-net-worth individuals. The principality is an independent sovereign state and a full member of the UN. French is the official language, while Italian and English are widely spoken. There is a customs and monetary union with France and French VAT applies. One of the main attractions is that there is no income tax for nationals and foreign residents.
Monaco Residency
Applicants are expected to deposit a minimum of €500,000 in a bank account for residency in Monaco. A residency visa application typically takes around three months. There are various compliance and due diligence tests. Applicants will need to prove accommodation by way of a lease or purchase agreement and proof of sufficient funds to live in Monaco (this can be a letter from a bank in Monaco, proof of employment in Monaco, or the setting up of a business in the country).
Monaco Citizenship
Acquisition of citizenship is extremely difficult in Monaco as one must have resided continuously in the country for at least 10 years as an adult over the age of 21 before qualifying. Furthermore, an official letter must be submitted to the prince to renounce any sovereign nationality, and the applicant is not permitted to perform national service abroad.
Monaco Residency Benefits:
- Monaco is an extremely attractive jurisdiction for high-income individuals and businesses, as it’s regarded as an immensely powerful tool for international tax and wealth optimisation.
- There is absolutely no income tax for nationals and foreign residents. In addition, locally registered businesses receive tax exemption, unless more than 25% of their revenue derives from outside the country.
- To apply for residency in Monaco, applicants must demonstrate proof of accommodation, proof of sufficient funds to sustain themselves and their family and proof of being of good character.
- Once presented, permanent residency grants EU Nationals and Non-EU Nationals and their families, the right to permanent residence in Monaco.
- Specific criteria must also be met to cover the family of the main applicant, for example, the property has to have sufficient bedrooms to accommodate the total number of people applying.
Residency Requirements
3-base requirements must be demonstrated by applicants when applying for residency:
- firstly – Proof of accommodation
- Secondly – Proof of self-sufficiency
- Thirdly – Proof of good character.
The minimum investments for applying for Monaco Residency are not, however, set in stone. This is because the costs lie in the expenses of whether an applicant decides to rent or purchase a property, proceeds with a bank deposit or has alternative proof of sufficient financial resources. Minimum investments tend to be €1,000,000 out of which €500,000 is for bank deposits, and a minimum of €500,000 for property investment. Regarding proof of good character, applicants should present a clean, criminal record from the last 2 countries they have resided in, over a period of the past 5 years. This should also be for more than 90 days a year, before arriving in Monaco. Presented clearly in the table below, are alternative options for how applicants can meet the accommodation and financial requirements:
Monaco Residency Acquisition Process
Universal investment visa’s focus is to provide a hassle-free and seamless service, assisting you every step of the way with your residency application. We will guide you through the Monaco residency acquisition process with due diligence and care, ensuring that your application is submitted correctly and following up the application approval. We deal with all procedures efficiently on your behalf, based on professional expertise and years of experience.
Initial Consultation with Universal investment visa Immigration Advisers
Universal investment visa immigration advisers will evaluate your personal circumstances and help you to select the most suitable investment option. Residency can be granted to the entire family, including spouses/partners, children, and parents, provided that the property has sufficient bedrooms to accommodate the number of family members applying.
Document Preparation
A detailed checklist will be provided, and you will be guided through the documents collection stage. Experienced immigration advisers will be checking all documents for compliance to ensure all requirements are met, including proof of accommodation and financial self-sufficiency documentation.
Application Submission
The complete application for a residence permit along with all supporting documents confirming the proof of accommodation, applicant’s financial resources and proof of good character will be submitted to the Monegasque authorities.
Residency Interview in Monaco.
Once the application has been submitted, the official residency interview will be scheduled with the Residents Section of the Directorate of Public Security.
Compliance Checks and Approval
Each application is vetted by the Government through a thorough due diligence background check, during which time submitted information is examined and verified.
Application Approval
Once the application is reviewed and approval is granted, you will be issued with a residence permit the government will issue a letter advising you of their decision.
Residency Card.
EU passport holders can expect their card to be authorized within 8 weeks after the approval; the processing time for Non-EU citizens varies from sixteen to twenty weeks. To be a tax resident applicant may have to stay at least half year in the country.
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