Monaco has long been considered one of the most desirable places in the world to reside. Its exquisite beaches, temperate climate, favourable tax regime, safety, education and thriving economy have long attracted wealthy investors.
The principality enjoys a uniquely multicultural and multilingual society of around 33,00 residents, composed of Monaco nationals and expatriates from France, Italy, Great Britain, the U.S., Canada, Australia and more, making Monaco truly a home away from home for many foreign nationals.
Find out more about how to become a resident of Monaco and benefit from the city-state’s plethora of benefits.
Monaco citizenship requirements
To become a Monaco resident, it is important to know the difference between Monaco citizenship and residency.
As a Monaco resident, you have the right to live and work in a country, but you are still considered a foreigner. As a Monaco citizen, you can enjoy a complete legal relationship with the country and full political rights. Dual nationality is not authorised in the Principality, so if you apply for Monaco citizenship, you must not hold another passport.
While Monaco citizenship and residency may differ, both enjoy the favourable tax regime and economic benefits.
How to get a Monaco residency
If you’re aged 16 or older and are looking to reside in Monaco for more than three months of the year, you will need to apply for residency. Conditions vary according to an applicant’s nationality, but regardless of your passport, you must take the following steps.
First, you must prove that you (or your partner or spouse) own or reside in a Monaco property for rent that is large enough to accommodate everyone living there. If you are the director of a company that owns a house or apartment in Monaco, you will need to provide evidence of this if you want to become a resident.
Alternatively, to get a Monaco residency, you must prove that you have sufficient financial resources from a professional income, savings or the income of a close relative, partner or spouse. In the latter case, your partner or spouse must confirm in writing that they are financially responsible for you. If you are relying on your savings, a bank in Monaco will need to provide a reference.
Supporting documents for becoming a resident of Monaco
To become a resident of Monaco, you will need to fill in the official residency application form, which you can obtain from the Residency Section or download from the official Monaco government website. All the documents accompanying it must be translated if they are not in French, English or Italian.
A property deed or lease and your most recent electricity bill are accepted as proof of accommodation. You will also be required to supply a valid passport or identity card, birth certificate and a copy of your clean criminal record from the last two countries you have lived in over the past five years.
When you have collated the necessary documents, you must book an appointment with the Resident’s Section. Before doing this, you must ensure you have everything required, as incomplete applications will not be accepted.
The interview with the Resident’s Section
During your interview with the Resident’s Section, you will be asked to give details of your professional background, so it’s worth taking along a CV so you can provide the correct dates of your past employment. You will also be asked to provide the names, contact details, dates of birth and professions of all your family members, including your siblings.
If your application is approved, you will be able to collect your resident’s card from the Resident’s Section within a maximum of six weeks. The card is valid for one year and currently costs 10 Euros. If you leave Monaco to live elsewhere, you must hand in your resident’s card.
How to become a citizen of Monaco
Monaco’s Department of Justice examines applications for naturalisation and presents a report to the Sovereign Prince, who makes the final decision. By the end of the procedure, you must be exempt from military service obligations in your country of origin. As mentioned above, you must also have renounced your previous nationality.
The spouse of a Monegasque national can acquire Monaco citizenship 10 years after the wedding date. Anyone who has enjoyed a residency in the principality for more than 10 years can also apply for naturalisation. If citizenship is granted, the individual’s children under 18 will be given Monégasque citizenship too.
La Costa Properties Monaco is a leading authority in Monaco real estate. With more than 40 years of real estate expertise, our team can provide more detailed information on how to become a resident of Monaco and Monaco citizenship. Contact our team today to find out more about our Monaco properties for sale and rent.
