- Favourable tax system for Monaco Residents
- Stay in Safe environment
- Outstanding location with Nice International airport 30 minutes by car/10 minutes by helicopter
- Mediterranean Climate
- International environment
- Business friendly
- English widely spoken
- The Cote d'Azur and Italy on the doorstep
- Establish a savings account in Monaco
- Each candidate (or couple) will certainly have to deposit adequate funds for the bank to then release the required bank attestation (letter) to confirm that the account holder(s) has adequate funds to support themselves whilst living in Monaco.( unless the applicant for residency has a legitimate work contract provided by a local Monaco company). The banks have differing requirements for this ranging from EUR 100,000-EUR 1 million per candidate (adult).
Lease or buy a home in MonacoIf renting the lease needs to be for a minimum of Twelve Month and have enough bedrooms to accommodate the variety of persons using. For instance, in order for this to qualify for Monaco residency, a couple needs to rent a one bed room apartment or condo at least and for a family of 4 a minimum if two bed rooms. This lease is usually automatically at the end of each lease period.
Security checkEach candidate should provide a police certificate stating that each adult applicant does not hold a criminal record in the origin country where they have actually lived throughout the previous five years. In Monaco an grownup is any one over the age of sixteen years of age for this purpose. This certificate ought to not be more than three months old at the time of application for the residency.
In addition, the following documents must be submitted for each applicant when making an application for Monaco residency.
- Legitimate passport
- Birth certificate
- Marital relationship certificate(s)
- Any previous divorce certificate (or death certificate if the applicant has a spouse who is deceased.)
- The Police certificate as above
- The registered lease for the Monaco apartment
- The new electrical power contract for the Monaco apartment
- The official Monaco residency application forms finished and duly signed
- Health report for applicants of 70 years and over
The requirements for applying for Monaco residency are reasonably uncomplicated and as long as the applicant can offer all the needed documents, then there is no general reason why the applicant ought to not be granted Monaco Residency and receive theirs Monaco local's card.
The very first Monaco residency card will be issued for a period of twelve months after which this card should be restored. The card is called a Monaco carte de resident temporaire and is restored each year for the first 3 years. In then 4th year of continuous Monaco residency the holder then will be issued with a 3 year card, known as the Monaco Carte de resident ordinaire. These cards are valid for three years and have to be renewed at expiry. In year 10, the holder of a Monaco residency might make an application for a carte Privilege which is given at the discretion of the Monaco authorities. This is not automatically granted and if not given the candidate will continue to get the three year Monaco local's card.
The cost of getting residency in Monaco actually depends on the expenditure of renting an home contributed to the general expense of living in Monaco. Unlike other countries offering residency programs, making an application for residency in Monaco does not need the candidate to "invest" a defined sum of money in Monaco nor is it compulsory to purchase a home as a leasing is sufficient.
It is a extremely favourable location to become a local and enjoy the many benefits which becoming a resident of Monaco allows.