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Monaco Residency

18.01.2016

Residency in Monaco brings a number of advantages:

  • Favourable tax system for Monaco Locals
  • Live in Secure environment
  • Outstanding area with Nice International airport Thirty 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

The best ways to apply for Monaco Residency

To obtain Monaco Residency there are specific requirements for each candidate to fulfil. The requirements for obtaining residency in Monaco are as follows:

  1. Establish a savings account in Monaco
  2. Each applicant (or couple) will need to deposit sufficient funds for the bank to then provide the needed bank attestation (letter) to confirm that the account holder(s) has enough funds to support themselves whilst living in Monaco.( unless the applicant for residency has a legitimate work agreement issued by a local Monaco business). The banks have varying requirements for this ranging from EUR 100,000-EUR 1 million per candidate (adult).
  3. www.relocation-monaco can assist you with you with a residency application, and your property and banking needs in Monaco. Their website has lot of general information regarding Monaco as wll as more specific information on subjects such as 'Residency in Monaco'. You will not to have worry if you do not speak French, all Relocation Monaco consultants are bi-lingual with English as the Mother tongue, with fluent French speaking capabilities to work on your behalf where required. This will give you confidence to move forward with a move to Monaco.

    Rent or buy a home in Monaco

    If leasing the lease has to be for a minimum of 12 months and have sufficient bedrooms to accommodate the number of persons using. For example, in order for this to get approved for Monaco residency, a couple should lease a one bedroom house at least and for a household of 4 a minimum if two bed rooms. This lease is typically automatically at the end of each lease period.

    Security check

    Each candidate has to provide a police certificate stating that each adult candidate does not hold a criminal record in the country where they have actually lived throughout the previous 5 years. In Monaco an adult is any one over the age of sixteen years of age for this purpose. This certificate should not be more than three months old at the time of application for the residency.

    In addition, the following files need to be submitted for each candidate when making an application for Monaco residency.

    1. Legitimate passport
    2. Birth certificate
    3. Marital relationship certificate(s)
    4. Any previous divorce certificate (or death certificate if the candidate has a spouse who is deceased.)
    5. The Police certificate as above
    6. The registered lease for the Monaco house
    7. The new electricity contract for the Monaco apartment
    8. The official Monaco residency application completed and appropriately signed
    9. Health report for applicants of 70 years and over

    To complete the Monaco residency procedure, an main residency interview will certainly be organized throughout which all the needed documents are submitted. Following this the Monaco residency application will be processed and authorized. This will take approximately 8 weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they need to first apply for a unique Visa from the French Embassy in their country of residence which as soon as approved and issued ( approximately sixteen weeks) will then permit the candidate to finish the Monaco formalities within three-four weeks, when the residency card will certainly be provided also referred to as the Carte de Sejour).

    The requirements for applying for Monaco residency are reasonably simple and as long as the candidate can offer all of the required documents, then there is no general reason that the applicant ought to not be given Monaco Residency and get theirs Monaco citizen's card.

    The first Monaco residency card will be released for a duration of twelve months after which this card need to be restored. The card is called a Monaco carte de resident temporaire and is renewed each year for the first 3 years. In then 4th year of constant Monaco residency the holder then will be issued with a three year card, referred to as the Monaco Carte de resident ordinaire. These cards stand for 3 years and should be restored at expiration. In year ten, the holder of a Monaco residency might apply for a carte Privilege which is provided at the discretion of the Monaco authorities. This is not immediately provided and if not granted the applicant will remain to get the 3 year Monaco local's card.

    The expense of applying for residency in Monaco actually depends on the expense of leasing an apartment added to the basic cost of living in Monaco. Unlike other nations offering residency programs, getting residency in Monaco does not require the candidate to "invest" a defined amount of money in Monaco nor is it obligatory to acquire a home as a leasing is sufficient.

    It is a very favourable place to become a citizen and enjoy the many advantages which becoming a local of Monaco affords.

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