Monaco is rightfully considered one of the richest countries in the world. The Principality's favorable tax policy, together with its incredible natural scenery, attracts high-net-worth individuals from around the world.
The demand for Monaco residency among wealthy people is also related to the desire to protect accumulated capital in connection with the start of a large-scale procedure for the automatic exchange of tax information between states. The Principality of Monaco is known for maintaining complete confidentiality about its residents.
Types of residence cards in Monaco
1. Temporary resident card (Сarte De Sejour Temporaire).
This card is issued for a period of 12 months, 3 months of which the card owner must reside in Monaco. Violation of the terms of residence entails a refusal to extend the card.
At the end of 12 months, you can extend your residency status 2 more times (for a total of 3 years), after which you can apply for a three-year Monaco residency card.
2. Three-year resident card (Сarte De Sejour Ordinaire).
This card is issued for 3 years, after which you can extend your residency for another 3 years. The conditions of this residency are identical to the temporary one: out of 12 months of the year, the applicant must be in Monaco for at least 3 months.
If you want to live in Monaco for more than 3 months a year, you will be interested in a privileged resident card.
3. Privileged resident card (Carte de Sêjour Privilegie).
A privileged resident card is issued immediately for 10 years. This residency can be extended an unlimited number of times.
The condition for this type of residency is to stay in Monaco for at least 183 days a year.
The owner of the Carte de Sêjour Privilegie has the opportunity to apply for Monaco citizenship. However, the applicant for citizenship must have good reasons, one of which is to live in Monaco for at least 10 years and be integrated into the country's economy and culture.
How to become a resident of Monaco
Obtaining residency in Monaco is a complicated procedure. The small territory of the Principality does not allow everyone to be accepted, so promising residents are selected according to strict criteria.
Firstly, this is proof of residence in Monaco.
Secondly, confirmation of sufficient financial means for living.
Thirdly, evidence of the applicant's good faith.
Financially independent foreigner
It’s a popular program among wealthy clients.
This program implies that the applicant has a stable income from a business that is outside of Monaco. The minimum income level is from 3 000 euros per month and increases depending on the number of family members who will live in Monaco.
In addition to a stable income, the applicant must also provide:
● Availability of a place of residence for the entire planned period of stay in Monaco. This can be a formal rental agreement with a deposit paid. A significant advantage for the applicant will be the presence, or purchase of real estate in Monaco.
● Availability of a deposit in the amount of 500 000 euros or more in a Monaco bank. This amount can be divided into parts.
● The applicant's spouse and minor children under the age of 18 can be included in the application.
Opening a business or company branch
This category is suitable for those who wish to open a new business, or a branch of an existing company in Monaco. This category is one of the most difficult, as the applicant needs to prove the relevance and prospects of this business in the country. Monaco is one of the richest countries in the world, so the country's economy does not need new companies. If you have a unique business plan and you are sure of the company's success, you need to fulfill the relevant requirements for obtaining a residence in Monaco:
● Open an office in Monaco.
● Employ at least 4 people.
● Have authorized capital in the amount of 150 000 euros or more.
● Pay a mandatory tax in the amount of 1% of the authorized capital.
● If the applicant wants to open a branch of an already existing company, it should be taken into account that they need to pay an income tax of 33.3%, when the Company receives more than 25% of its income outside the Principality.
