Did you know? Monaco residency edition

The Principality of Monaco remains an exceptional location that benefits from an outstanding quality of life, with an image of security, economic prosperity and favourable taxation. For all these reasons and many more, it is tempting to want to settle in the Principality but many preconceived ideas are still floating around, particularly regarding the conditions of residence/settlement.

We would like to take a closer look at some of these notions.

 

It is not necessary to have a professional activity to settle in the Principality.

If a person does not have a regular income from one or more activities, he or she must open an account with a Monegasque bank to obtain recommendation letter stating that the person has sufficient funds to support him or herself. The regulatory minimum required by banks to open an account is €500,000 per person, although each bank is free to ask for more.

 

Do we have to be a millionaire to move to Monaco?

Even though Monaco has the highest concentration of millionaires* in the world, you don't have to be one to live there. Apart from real estate, which remains the most expensive in the world, the cost of living is more or less the same as in neighbouring French cities.

*An individual is considered a millionaire if he or she has $1 million in net worth (what he or she owns minus his or her debts), not including his or her principal residence.

 

Can we establish our residence in Monaco by living in a maid's room?

In principle, living in a maid's room* does not allow you to establish your main residence in Monaco except for domestic staff who are housed there by their employer. There are also certain exemptions for people on very modest incomes who cannot afford to rent a larger apartment and who have no choice but to reside in the Principality.

* The maid's room is usually less than 20 sqm and features a window, a water point, with the shower and toilet usually on the landing.

 

Can we obtain Monegasque nationality by residing in the Principality?

Neither residence nor birth in the Principality gives the right to acquire Monegasque nationality. Monegasque nationality is acquired by descent, by marriage after 10 years of union with a Monegasque spouse or by naturalisation ordered by the Prince's Palace.

 

Many other questions may come to mind which the whole team of Valeri Agency will be delighted to answer.

Do not hesitate to contact us, our knowledge extends beyond real estate!