Relocating to Monaco: A Guide for British Nationals and UK Residents

For many years, the Principality of Monaco has attracted a growing number of individuals residing in the United Kingdom, whether British nationals or holders of other passports, who are seeking to establish long-term residence in Monaco. This trend has intensified following recent changes to the UK tax framework, most notably the reform that came into force in April 2025, which brought an end to the non-domiciled (“non-dom”) regime and taxation based on the remittance basis*. As a result, individuals who remain tax resident in the United Kingdom are now, in most cases, subject to UK taxation on their worldwide income, including income generated outside the UK.

Against this backdrop, establishing residence in Monaco is increasingly viewed by internationally mobile individuals with links to the UK as a structured and sustainable alternative. The Principality offers a stable and secure living environment, combined with a highly transparent legal and fiscal framework, at the heart of Europe.

*
A “non-dom” (non-domiciled individual) was a person resident in the United Kingdom whose permanent domicile, for tax purposes, was located outside the UK. Under the former remittance basis regime, such individuals were taxed in the UK only on UK-source income and on foreign income if and when it was remitted to the UK. This regime was abolished from April 2025.

Why Monaco appeals to British nationals and UK residents

Monaco stands out for its exceptional institutional stability and its well-established legal certainty. The Principality levies no personal income tax, no capital gains tax and no wealth tax, and applies inheritance rules that are limited to assets located within its territory.

In addition to these factors, Monaco offers an outstanding quality of life, a truly international environment, immediate proximity to France and fast access to Europe’s major economic centres, including London. The presence of private international and English-speaking schools, welcoming children from nursery level through to the end of secondary education, represents a significant advantage for families. For many British nationals — business leaders, entrepreneurs, investors and internationally mobile families — Monaco therefore represents a long-term residential solution.

Today, more than 3,000 British nationals live in Monaco, representing approximately 7.5% of the Principality’s population and making them the fourth-largest foreign community.

Key steps to relocating to Monaco from the United Kingdom

Entry conditions and long-stay visa

Since Brexit, British nationals no longer benefit from freedom of movement within the European Union. Short stays in Monaco remain possible for up to 90 days within any 180-day period without specific formalities. However, any long-term relocation to Monaco requires the prior issuance of a long-stay visa, delivered by the French authorities.

This visa is a mandatory prerequisite and conditions access to a Monegasque residence permit.

Securing accommodation in Monaco

Obtaining residency in Monaco requires proof of effective accommodation within the Principality. This may be satisfied either through the purchase of a property or by entering into a rental agreement with a minimum term of 12 months, compliant with local administrative requirements.

The authorities ensure that the accommodation is appropriate to the household size and intended use. At this stage, working with a Monaco-based real estate professional is strongly recommended to secure both the property selection and the compliance of the application file.

Demonstrating sufficient financial resources

Applicants must also demonstrate their ability to support themselves without recourse to public assistance. This may be achieved by evidencing recurring professional or investment income, dividends, pensions, or by placing funds with a Monegasque banking institution.

In most cases, opening a bank account in Monaco is a key preliminary step, both for the assessment of the residency application and for the practical organisation of the relocation.

Applying for a Monegasque residence permit as a British national

Types of residence permits

Upon first arrival, applicants are generally issued a temporary residence permit, valid for one year. This permit may subsequently be renewed and upgraded to an ordinary residence permit valid for three years and, subject to conditions, to a privileged residence permit valid for ten years.

The granting and renewal of residence permits are conditional upon effective compliance with Monaco’s residency requirements.

Documents generally required

A residence application file typically includes:

a valid British passport containing the long-stay residence visa,
a birth certificate issued within the last three months,
additional civil status documents depending on personal circumstances,
a criminal record certificate or equivalent issued within the last three months,
proof of address in Monaco,
a bank attestation confirming sufficient financial resources,
a sworn declaration specific to an initial residence permit application.

Foreign documents must be translated into French and, depending on their country of origin, duly apostilled.

Specific considerations for British nationals

Individuals holding solely British nationality are subject to all formalities applicable to third-country nationals, particularly with respect to visas and residence permits. No special regime linked to European Union citizenship applies.

British nationals holding dual nationality, whether European or non-European, may benefit in certain cases from simplified entry formalities. However, the conditions for obtaining and maintaining residence in Monaco remain identical for all applicants, regardless of nationality.

Residence in Monaco and UK tax considerations

Holding a Monegasque residence permit does not, in itself, automatically terminate UK tax obligations. UK tax residence continues to be determined under the Statutory Residence Test, which assesses factors such as the number of days spent in the UK and the strength of family, economic and professional ties maintained there.

A detailed tax analysis conducted prior to relocation is therefore essential in order to secure one’s position and to avoid any unintended exposure to ongoing UK taxation.

Relocating to Monaco represents a significant decision for British nationals and UK residents, extending well beyond the purely real estate dimension. It is a comprehensive project involving legal, tax, wealth planning and personal considerations.

When carefully prepared and supported by experienced professionals, establishing residence in the Principality allows individuals and families to anchor their long-term plans in a stable, secure and highly attractive jurisdiction.

Our team assists British nationals and UK residents at every stage of their relocation to Monaco, working closely with legal, tax and banking professionals in the Principality.

FAQ

What is the difference between administrative residence in Monaco and tax residence?

Administrative residence in Monaco results from the issuance of a residence permit by the Monegasque authorities. Tax residence, by contrast, is determined according to separate criteria, particularly under UK law. A British national may therefore be an administrative resident of Monaco while remaining tax resident in the United Kingdom if the Statutory Residence Test continues to be met.

How long must one reside in Monaco to be considered a Monaco tax resident?

In practice, Monaco issues a tax residence certificate following effective and continuous residence in the Principality, generally exceeding six months per year. However, this certificate does not override the tax residence rules of other jurisdictions, notably the United Kingdom.

Is property ownership in Monaco mandatory to obtain residency?

No. It is not necessary to purchase property in Monaco. Residency may be granted on the basis of a compliant rental agreement or a certificate of accommodation, provided that effective accommodation in the Principality can be demonstrated.

Is it necessary to work in Monaco to become a resident?

No. It is entirely possible to obtain a Monegasque residence permit without carrying out any professional activity in Monaco. This situation is common among investors, business owners and individuals with investment income. Any professional activity undertaken in Monaco, however, requires specific authorisation.

Read our other articles on settling and residing in Monaco

https://www.valeri-agency.com/en/acquisitions-real-estate-foreign-companies-monaco.html

https://www.valeri-agency.com/en/property-inheritance-in-monaco.html

https://www.valeri-agency.com/en/renovation-works-monaco.html