Monaco Residency

Monaco is one of the world’s most desirable places to live. Its Mediterranean climate, refined lifestyle and favourable tax environment attract new residents from all over the globe every year. Although the administrative process may seem complex at first, settling in Monaco is very achievable once you understand the requirements and the steps involved.

 

Below you’ll find a completely rephrased, easy-to-follow guide to help you navigate the residency process.

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Monaco is internationally recognised for its advantageous tax system: there is no personal income tax, and residents also benefit from the absence of property and housing taxes. This makes the Principality especially appealing to high-net-worth individuals.
Note: French nationals are excluded from this tax benefit due to a specific agreement between France and Monaco.

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Exceptional Living Standards

Life in Monaco combines comfort, elegance and convenience. Residents enjoy:

• A sunny Mediterranean climate

• Excellent healthcare and modern medical facilities

• High-quality international education

• A safe and peaceful environment

• Endless cultural, social and sporting events

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Safety and Political Stability

Monaco is one of the safest places in the world. With a strong police presence and an extensive security system, crime rates are extremely low. The Principality is also known for its political and economic stability, making it attractive for families and investors alike.

 

Health & Education

Monaco offers modern hospitals, high-level medical care and several prestigious schools following international curricula. The upcoming Princess Grace Hospital Centre will further strengthen the country’s already excellent healthcare network.

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Lifestyle, Culture & Gastronomy

From iconic events like the Monaco Grand Prix to yachts, fine dining, luxury shopping and private beach clubs; Monaco’s lifestyle is unmatched and endlessly inspiring.

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Who Can Apply for Monaco Residency?

Anyone aged 16 or older who plans to live in Monaco for at least 3 months per year must apply for a residence permit ("Carte de Séjour").

 

EU/EEA Citizens

A valid passport or national ID is sufficient. No visa is required.

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Non-EU / Non-EEA Citizens

You must first obtain a long-stay visa or residence permit issued by the French authorities before starting the Monaco application process.
Depending on your current country of residence:

• If you have lived in France for over 1 year, you may request a residency transfer via the French Embassy in Monaco.

• Otherwise, you must apply for a “Monaco Establishment Visa” at the nearest French consulate.

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Requirements for Becoming a Resident

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1. Proof of Accommodation in Monaco

You must demonstrate that you genuinely live in Monaco. This can be done by:

• Purchasing a property

• Renting an apartment

• Staying with someone who provides free accommodation

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Authorities may request supporting documents such as utility bills, bank statements, or an official housing certificate.

Your accommodation must be appropriate for your household’s size and aligned with your financial situation. For example:

• A couple typically needs at least a one-bedroom apartment.

• Families with children must have a multi-bedroom home.

• High-income applicants cannot claim residency using a “maid’s room” or similarly small space.

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2. Proof of Financial Means

You must show that you can support yourself and any dependents. This can be demonstrated in several ways:

• Employment in Monaco (with contract and salary slips)

• Income from a business or company established in Monaco

• Significant savings in a Monaco bank account

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Opening a bank account in Monaco typically requires a minimum deposit of €500,000, although some private banks request €1 million or more. After opening the account, the bank will issue a letter confirming that your financial situation is sufficient for residency.

 

3. Clean Criminal Record

You must provide a recent criminal background certificate from every country where you have lived during the past five years.

 

The Residency Application Process

Step 1: Secure Accommodation

Before anything else, you must sign a lease or purchase a property in Monaco.

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Step 2: Open a Monaco Bank Account

This is essential for demonstrating financial capacity. Each bank has its own criteria and minimum balance requirements.

 

Step 3: Gather All Required Documents

Typically including:

• Passport copy

• Birth certificate

• Criminal record extract

• Lease agreement or property deed

• Proof of financial means or bank reference letter

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Step 4: Submit Your Application

Your application is submitted to the Public Security Directorate. You will be invited for an interview where your documents and intentions will be reviewed.

 

Step 5: Receive Your Residence Permit

If approved, you’ll receive the initial residence card (“Carte de Séjour”), generally valid for 1 year and renewable.

 

Types of Residence Permits

Temporary Residence Card (1 year)

Issued to new residents and renewable annually for the first three years.

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Ordinary Residence Card (3 years)

Available after three consecutive years of residence. Renewable once.

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Privileged Residence Card (10 years)

Granted after 10 years of continuous residence and renewable indefinitely.

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“Spouse of a Monegasque” Card

Issued to foreign spouses of Monegasque citizens after one year of living in Monaco.

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Obtaining Monegasque Nationality

Naturalisation is possible but highly selective. Applicants must:

• Have lived in Monaco for at least 10 years after age 18

• Be free of military obligations

• Renounce their previous nationality

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The decision rests entirely with the Sovereign Prince, who evaluates each case individually.