Living in Monaco

Located on the Mediterranean Sea, with France as its only neighbor, the Principality of Monaco is the second smallest country in the world. Monaco offers a high standard of living, temperate weather, a high level of personal security, a modern and efficient infrastructure, and an absence of income or capital gains tax.

The Principality of Monaco is an independent sovereign state and a full member of the UN. French is the official language, with Italian and English also widely spoken. It is in a customs and monetary union with France, and French VAT applies. 

To become a resident, an applicant must demonstrate the means to afford the lifestyle and, in particular, the ability to afford to rent or purchase real estate, the cost of which in Monaco is comparable to large capital cities.

Residents of Monaco (except for French citizens) are not subject to income tax, capital gains tax, or wealth tax, giving Monaco an excellent Tax score in comparison with other European jurisdictions. A residence permit in Monaco allows visa-free access to Europe’s Schengen Area. Unless someone is an EU national, a holder of a French residence permit, or a national of Iceland or Norway, they must obtain a long-stay visa to reside in Monaco. 

Once a visa application is submitted to the relevant French consulate, approval can take up to three months. After obtaining the visa, an individual must apply for a carte de résident at the Service des Étrangers (Foreigners’ Section) of the central Monaco police station. To obtain a carte de résident, a visa-holder must complete an application form and present it, with other supporting documents, at an interview at the Service des Étrangers. The process takes eight to ten weeks.

The required documentation includes proof of accommodation (a lease or purchase agreement) and proof of sufficient funds to live in Monaco (either a letter from a bank in Monaco, proof of employment in Monaco, or proof of a business having been set up in the Principality). No minimum investment is required. Acquiring citizenship is extremely difficult because, before qualifying, one must have held a Monegasque residence permit for at least 10 years as an adult over the age of 21. Applicants are also not permitted to perform national service abroad and must submit an official letter to the Prince renouncing any other sovereign nationality they hold.