Become resident in Monaco

For one hundred and fifty years, the legend of Monaco has remained unalterable. Always fascinating and blooming, the Principality, remains an outstanding place which benefits from an unequalled quality of life enjoying an image of security, serenity, economic prosperity and advantageous tax system.

For all these reasons and many more, it is tempting to wish to settle in the Principality and obtain a resident's card. But it would be wrong to think that buying or renting an apartment would automatically grant the residency. Apart from having accommodation that suits one's needs, which is a necessary condition, there are other requirements that must be filled in order to become an official resident of Monaco.

If you are a person over the age of sixteen and wish to reside in Monaco for more than three months a year, you must apply to the Residents' Section of the Public Security Department. To do so, you will have to provide with various documents (civil status documents, duly completed application form) and fulfil certain conditions, described hereafter :

 

1) First of all, proof of accommodation must be provided.

Any foreigner wishing to settle in Monaco must provide proof of accommodation. It is not necessary to be the owner of a property, a rental is sufficient with a contract of a minimum of one year, or to be hosted for free (proof to be provided).

Accommodation must provide good living conditions for all relatives living in it. For example, a couple can rent or buy a one-bedroom apartment, but a family of four must rent or buy an apartment with at least two bedrooms.

The accommodation must also be in concordance to the financial resources of the family. Thus, depending on the situation, some cards will be issued or not. As an example, a young couple with a modest income will have the right to live in a studio, while a multimillionaire couple will certainly be obliged to live in a one bedroom apartment.

A question often comes up concerning the habitability of a maid room. In principle, living in an maid room does not allow to establish one's principal residence in Monaco except for domestic staff who is hosted there by their employer. There are also certain derogations for persons on very modest incomes who cannot afford to rent a larger room and have no other choice but to reside in the Principality.

 

2) Secondly, sufficient financial resources must be guaranteed, which is the most important condition for demand.

To do so, the application for the residency must bring the proof that he or she has sufficient savings to live in the Principality by means of various documents, depending on his or her situation.

  • The first option involves proving that he or she has a working contract as well as wage slips.
  • The second option involves providing proof of professional income from an independent commercial activity or through a company established in the Principality.
  • The third option involves opening an account with a Monegasque bank in order to obtain a letter of recommendation from the bank indicating that the applicant has sufficient funds to meet his or her needs, if he or she does not have a fixed income from activities or investments in Monaco. The minimum required by banks to open an account is 500,000 euros per person, and each bank is free to ask for more. Indeed, many banks, especially private banks, require a minimum deposit of one million euros to establish a relationship. It should be noted that the sum required has not been fixed by the Monegasque Government, but by the Monegasque Association of Financial Activities (AMAF), in 2017.

 

The law requires the bank to inquire about the applicant's financial situation before agreeing to open a bank account. Bank formalities are standard. The law also requires it to check the identity of the applicant, to know his or her financial situation and the motivations for opening the account in the Principality.

  • The fourth and last option involves providing a letter from a third party (parent, spouse, partner) certifying he or she will provide with sufficient resources to the applicant. This third party must also provide with proof of financial resources.

 

3) Lastly, good character check must be proven by providing an extract from the criminal record or equivalent from the authorities of the country or countries where the applicant has lived for the last five years before arriving in Monaco.

These three conditions must, of course, be added to the proof of the applicant's identity by means of appropriate documents, which must be written in French.

  • If the applicant is a citizen of the European Economic Area (including Swiss and Andorran nationals) he or she must present his or her valid identity card or passport.
  • If the applicant is not a citizen of the countries mentioned above, he or she must first apply for a visa or long-term residence permit.
    • If the applicant has been living in France for more than a year: he or she must request a transfer of residency from the French Embassy in Monaco
    • In other cases, he or she will need to present an establishment visa in the Principality of Monaco, issued by the French authorities. To this end, he or she will need to make a request to the French Consulate closest from his or her last legal dwelling. The formalities vary depending on his or her nationality and country of origin.

 

In addition to the required documents, it is mandatory to fill in the application form, which is available at the Residents' Section of the Public Security Department or can be downloaded from the website of the Prince's Government, in the Public Service Section.


The final step in the application process is an appointment with the Residents’ Section for an interview. All documents are reviewed and checked and questions regarding motivation will also be discussed. If the necessary documents are in order and the application is approved, the resident card will then be issued within six weeks.


This first Monegasque residency card, called “the temporary residence card”, is valid for one year and must then be renewed every year for the first three years of residency. At the end of the three years of residence, the ordinary residency card will be issued and will be renewable once. After ten years of residency and effective presence in the territory, it will be possible to apply for the privileged card, which is a long-term residence permit. The latter is in fact valid for ten years, renewable indefinitely. If long-term residence is not granted, the applicant may continue to renew the residence card, which is valid for three years.

Also, a Monegasque partner can request for a special residency card. It can be issued to any foreigner who is in couple with a Monegasque and who has been living in the Principality for at least one year. It is valid for five years.
 
It should be noted that even if all the criteria are met, the Monegasque authorities have the right to refuse to issue the residency card in the same way that they may decide to withdraw it at any time in the event of a problem.

After obtaining the resident card and settling in Monaco, the applicant is required to reside in Monaco for at least 6 months and 1 day per year in order to obtain a residence certificate. It is this document that will attest his or her actual residency in the Principality and which allows him or her to become a Monegasque tax resident. At the same time, the resident will have to undertake the necessary formalities to leave his or her former country of residence.

Having the privilege of residing in the Principality requires a good knowledge of the administrative formalities and its stages, which is not always easy when you are a foreigner. This is why Valeri Agency will be pleased to assist each applicant in his or her search for an apartment and application for residency, with the help of its partners.
 
For any request, you can also inquire at the Residents’ Section or on the website: https://en.service-public-particuliers.gouv.mc/Nationality-and-residency/Residency


* The maid's room has usually an area of less than 20m2 and a window, a watering place, the shower and toilet being usually installed on the landing.