A Guide to Due Diligence for Residency Permit in Monaco

Introduction

For those seeking to call Monaco home, navigating the complex requirements for a residence permit can be daunting. Our team of experts has compiled a comprehensive guide to help you understand what’s needed to secure your place in this picturesque principality.

Eligibility Criteria

EU and EEA nationals need only present a valid ID card or passport, accompanied by completed government forms, as long as they meet certain criteria. However, non-EU citizens face additional hurdles, requiring a type-D visa from the French embassy before commencing the residency application process.

Qualification Requirements

To qualify for residency in Monaco, applicants must demonstrate:

A home in Monaco, whether purchased, rented, or inherited
Financial sufficiency, which may be proven through a salary, freelance income, or savings (guaranteed by a Monegasque bank)
A clean criminal record or background check from countries of origin and residence for the past five years

Common Obstacles to Overcome

Rent: Expect to pay between €4,000-€5,000 per month for a small flat
Bank certificate: A Monegasque bank must verify financial sufficiency, with a minimum requirement typically set at €1 million in assets
Minimum stay: The Monaco authorities require applicants to spend at least three months of the year in the country, providing proof of residency through utility bills and credit card statements

Step-by-Step Guide to Securing Residency Permit

To secure your residency permit, follow these five steps:

Step 1: Initial Assessment

Step 2: Document Preparation

Preparation of documents, including collection of supporting documents such as birth certificates, marriage licenses, and police authorizations. Our team can also assist with finding “off-market” properties and investment opportunities.

Step 3: Official Meeting in Monaco

Applicants will present their dossier to the authorities and answer questions about education, work experience, family, and other relevant details.

Step 4: Compliance Checks and Due Diligence

A process that typically takes around eight weeks. Upon completion, applicants receive their residence card (“Carte de Sejour”).

Step 5: Citizenship Application (Optional)

After ten years of permanent residency, if desired.

Expert Assistance

At MonacoAdvisers, we have extensive experience helping entrepreneurs, high-net-worth individuals, athletes, and cryptocurrency professionals relocate to Monaco for tax purposes. With our presence and connections in the principality, we are well-equipped to guide you through this complex process.

Download Our Report

A free copy of our report “The definitive guide to living and paying taxes in Monaco” can be downloaded below.

Sources

Government of Monaco: Ministry of Foreign Affairs and Cooperation
France-Visas: Long-stay visa application