How To Become A Monaco Resident

with the obvious benefits of living in monaco like a great climate virtually no taxes and a very accessible location it's no surprise that lots of people want to come and live in the principality you can stay here for three months as a tourist but any longer than that and you will need to apply for residency so how can you make the monaco lifestyle a reality in your own life the answer is provided you have the financial means it's not an overly complex process let me walk you through the main steps first you need a monaco bank account it all starts with choosing from the wide range of banks who have representation in monaco and completing an application if your goal in opening the account is to achieve residency status then you're going to need at least a 500 000 euro deposit i emphasize the words at least because some private banks in monaco will ask for a million euros or more from new account holders if this level of funding requirement comes as a shock to you you're probably not ready for monaco residency after completing the paperwork and transferring the funds it will take two or three weeks for the bank to set up the account for you at this point they will issue the all-important attestation banker a letter that they send to the siorite public the immigration department confirming that you have sufficient financial means to support yourself as a resident of monaco second you need a property in monaco clearly you won't want to stay in a hotel on a permanent basis so you need a place that you can call home this is where we come in we have access through our carefully curated partner network to every home that is for sale or to rent in monaco in some cases we're even aware of private sales that never appear on any monaco real estate agent's website this could be your second shock moniker really does have the highest property prices on planet earth and they are not for the faint-hearted from a residency perspective there are two key facts to be aware of the property must be an appropriate size for the number of people that will live there a family of four proposing to hang out in a one-room studio will be antar d as they say in these parts and second if you're proposing to rent the property you must have a lease for at least 12 months and you'll need to pay three months rent up front plus another three months rent as a security deposit please see my separate articles on buying or renting monica real estate but let me make one thing clear with more millionaires per head of population than any other country these people are not stupid the reason they pay such high prices for apartments in a two square kilometer territory on the southern tip of france is decades of proof that these properties make great long-term investments the global financial crisis of 2008 barely caused a blip in the annual increase in monaco property prices the global pandemic of 2020 looks like being the same if you invest 5 million euros in a monaco apartment and experience the same 10 per annum capital growth as we've seen since 2010 you would double your money by the end of this decade with no capital gains tax in the principality that would mean a tax-free gain of 5 million euros what other investments in your portfolio are likely to offer that kind of return so you've got your bank account open and funded and you've found your ideal home in monaco you're now ready for step number three it's time to submit your residency application and make your appointment for your residency interview there's a few things you're going to need to bring along to the meeting a fully completed official set of residency application forms which are provided by the immigration department the ciuvite public proof of purchase of your monaco home or the lease on your rental property which must be for a minimum of 12 months you'll also need the electricity contract for your monaco home although the estate agent will be able to help you with details like getting the electricity supply and the wi-fi sorted out you'll need the letter from your bank the attestation i've already mentioned plus a valid passport and birth certificate for each applicant you'll need certificates of marriage or divorce if relevant and a criminal record check from the police in your country of origin showing that you've been a good boy or girl for at least the last five years and please don't leave this until the last minute because many police forces need several weeks to provide these certificates you'll also need to provide a mini cv showing your educational and business or professional experience as well as how your wealth has been acquired for example from the sale of a business and this will need to be in french if you're over 70 years old you'll also need to provide evidence of having private health insurance valid for living in monaco now that you're laying down with all that paperwork you can turn up for a fairly short meeting with an immigration officer at the shivate public needless to say the more complete your documentation and the more confident you are at speaking french the easier this interview will be if you're starting to feel ever so slightly daunted by all this you might want us to introduce you to one of our partners who can hand hold you through each step of the journey assuming all goes well at the interview the residency permit should be available around about eight weeks later this is valid for 12 months and needs to be renewed each year for the first three years at that stage you'll be issued with a monaco residency permit valid for another three years so you can relax for 36 months before your next renewal at each renewal you'll also need to complete another set of residency forms bring your latest electricity bills and a fresh letter from the bank confirming that you continue to be financially self-sufficient if you're an eu passport holder the whole process should take about three months end to end if you're a non-eu passport holder brexit in grits beware it's more like two final points about living in monaco unlike some residency programs there is a minimum requirement that you spend at least three months of each year actually living in the principality it doesn't have to be all on one go but having gone to all this trouble to achieve monaco residency it's surely not too challenging to make sure you spend at least 90 days in your new home and finally no matter how long you might live in monaco don't get any ideas about becoming a citizen with a shiny new monegasque passport you either have to be born in the principality or be so well connected with the royal family that they would choose to bestow citizenship upon you the good news is you can enjoy all the benefits of monaco living without needing to become a citizen are you ready to start the process fill in the contact us form on this page and let's start the conversation

Channel: Graham Rowan

Views: 141,173

Keywords: monaco estate, monaco property for sale, monaco apartments for sale, buy monaco property, apartment for sale monaco, graham rowan, sea view apartment monaco, beach front apartment Monaco, Best Monaco real estate, Best Monaco apartment, Best Monaco flat, Buy Monaco property, Buy Monaco real estate, Invest in monaco real estate, Buy Monaco apartment, Buy Monaco flat, Buy Monaco villa, l’exotique, Monaco tax, Monaco tax planning, become monaco resident, monaco citizenship

Id: pJYhcAjemyw

Length: 7min 56sec (476 seconds)

Published: Wed Jan 27 2021