Monaco is an extremely attractive jurisdiction for high-income individuals and businesses, as it’s regarded as an immensely powerful tool for international tax and wealth optimisation.
There is absolutely no income tax for nationals and foreign residents. In addition, locally registered businesses receive tax exemption, unless more than 25% of their revenue derives from outside the country.
To apply for residency in Monaco, applicants must demonstrate proof of accommodation, proof of sufficient funds to sustain themselves and their family and proof of being of good character.
Once presented, permanent residency grants EU Nationals and Non-EU Nationals and their families, the right to permanent residence in Monaco.
Specific criteria must also be met to cover the family of the main applicant, for example, the property has to have sufficient bedrooms to accommodate the total number of people applying.
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Monaco Residency by Investment offers visa-free access within Schengen Zone — get visa-free access to 27 EU states, including Switzerland, Luxemburg, Italy and Germany. Go on a last-minute business trip or take your family on a spontaneous holiday in Europe — open up Europe with Astons.
3-base requirements must be demonstrated by applicants when applying for residency:
The minimum investments for applying for Monaco Residency are not, however, set in stone. This is because the costs lie in the expenses of whether an applicant decides to rent or purchase a property, proceeds with a bank deposit or has alternative proof of sufficient financial resources.
Minimum investments tend to be €1,000,000 out of which €500,000 is for bank deposits, and a minimum of €500,000 for property investment.
Regarding proof of good character, applicants should present a clean, criminal record from the last 2 countries they have resided in, over a period of the past 5 years.
This should also be for more than 90 days a year, before arriving in Monaco. Presented clearly in the table below, are alternative options for how applicants can meet the accommodation and financial requirements:
Astons’ focus is to provide a hassle-free and seamless service, assisting you every step of the way with your residency application. We will guide you through the Monaco residency acquisition process with due diligence and care, ensuring that your application is submitted correctly and following up the application approval. We deal with all procedures efficiently on your behalf, based on professional expertise and years of experience.
Astons immigration advisers will evaluate your personal circumstances and help you to select the most suitable investment option. Residency can be granted to the entire family, including spouses/partners, children, and parents, provided that the property has sufficient bedrooms to accommodate the number of family members applying.
A detailed checklist will be provided, and you will be guided through the documents collection stage. Experienced immigration advisers will be checking all documents for compliance to ensure all requirements are met, including proof of accommodation and financial self-sufficiency documentation. The bank letter confirming your deposit has to be written in French.
The complete application for a residence permit along with all supporting documents confirming the proof of accommodation, applicant’s financial resources and proof of good character will be submitted to the Monegasque authorities.
Once the application has been submitted, the official residency interview will be scheduled with the Residents Section of the Directorate of Public Security.
Each application is vetted by the Government through a thorough due diligence background check, during which time submitted information is examined and verified.
Once the application is reviewed and approval is granted, you will be issued with a residence permit the government will issue a letter advising you of their decision.
EU passport holders can expect their card to be authorized within 8 weeks after the approval; the processing time for Non-EU citizens varies from sixteen to twenty weeks. To be a tax resident applicant may have to stay at least half year in the country.
Information made available on this website in any form is for information purposes only. It is not, and should not be taken as advice. You should not rely on, or take or fail to take any action based upon this information. Please do not disregard professional advice or delay in seeking advice because of something you have read on this website. Astons professionals will be pleased to discuss any specific questions you have.
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