Relocating to Monaco

The Principality of Monaco regularly features in the shortlists of places that individuals and families from all over the world consider moving to.  While it is possible to buy or rent a property in Monaco without obtaining resident status, and spend short periods of time there, many such people will wish to cement their relationship with the country by becoming fully-fledged residents.  This short article briefly explains what is involved in the process of doing so.

Monaco certainly does have a lot of offer – safety, privacy and a benign personal taxation regime being among some of the most cited.  Add mild winters, warm summers, an international cuisine, excellent travel links and its location between the French and Italian Rivieras, surrounded by mountains and beaches.  Moreover it has an economic ecosystem which actively encourages and facilitates entrepreneurism, as part of which there is ready access to the stable government when needed.

The requirements and timescales to obtain Monaco Residency depend upon the nationality of the applicant. We draw the attention of British readers to the possibility that the application process could become considerably lengthier in future if they are treated as ‘non-EEA’ applicants – more on this below.

Application Process for EEA and Swiss Nationals

The application is made directly to the Residency Department of the Monaco Police. Applicants complete an application form and are interviewed by a Police Inspector. They must provide certain information and documents, including:

  • Proof of suitable accommodation in Monaco (e.g. a lease or an ownership deed)
  • Evidence of self-sufficiency – one of the following:
    • employment contract if coming to Monaco as an employee; or
    • evidence of application if the applicant is setting up a company in Monaco; or
    • in all other cases, an attestation issued by a Monaco bank confirming that the applicant has sufficient funds to live in Monaco , in support of which a minimum balance of 500,000 euros must currently be maintained with the bank
  • Indication of origin of wealth and location of any real estate owned
  • Originals of birth, marriage and divorce certificates if applicable
  • Original of clean criminal record check from the place of last residence

This process from application to obtaining the resident card usually takes in the region of eight to 10 weeks.

Additional Requirement for a Visa for non-EEA/non-Swiss nationals

Non-EEA/non-Swiss Nationals must first apply for a French long stay visa (type D) through the French Embassy of their country of residence. Once this has been issued, they may then proceed to apply for Monaco residency via the same process as for EEA and Swiss nationals explained above.
The process of obtaining the visa usually takes around four months from the date of application.

British Applicants

At present there is no need for a French visa to be obtained by British applicants prior to starting the Monaco residency process. However, it is currently uncertain whether this requirement will be reintroduced after 31 December 2020, being the end of the Brexit transitional period.

Given also the requirement to have suitable accommodation in Monaco before starting the residency application process, any prospective British applicants should therefore consider accelerating implementation of their plans if obtaining Monaco resident status before the start of the new UK tax year on 6 April 2021 is important to those plans.

Types of Residency Card

Different types of residency cards are issued depending on how long the person concerned has been residing in Monaco.

  • The first card issued is a Temporary Card, which lasts for one year
  • After three Temporary Cards, an Ordinary Card can be applied for, which has a three-year duration. This is at the discretion of the authorities, who may issue a further Temporary Card in some instances
  • After Three Ordinary Cards, a Privileged Card may be obtained which lasts for 10 years

Hence it takes at least 12 years of Monaco residency to obtain a Privileged Card, which is then renewed every subsequent 10 years.

Why Moores Rowland

At Moores Rowland in Monaco, we have the expertise and experience to advise and support you throughout the Monaco residency application process and beyond.  We will be pleased to assist you.

If you have any questions or concerns regarding this matter, please feel free to contact one of our experts:

Andrew Tailby-Faulkes – afaulkes@mri.mc

Mary-Rose McLean  – mclean@mri.mc

Laetitia Mikail – laetitia.mikail@mri.mc

Frederic Mege – fmege@mri.mc 

 

Article released on Wealth Monaco Magazine.

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