Moving to Monaco from the UK

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Whatever side of the Brexit debate you sit on, there’s no question that it has made it a more complex and time-consuming process for British residents to relocate to many countries in Europe, including Monaco.

The UK officially left the European Union on the 1st January 2021. One of its key impacts on British nationals seeking to relocate overseas was that it removed the right to free movement within the EU and European Economic Area. Prior to Brexit, British nationals were free to live and work in any EU country; however, the UK is now considered a third state in view of the EU, meaning that British nationals must now apply for the right to live and work in an EU country, including securing the relevant visas and work permits.

However, moving to Monaco from the UK in the post-Brexit era is still very much doable. There are currently an estimated 2,800 British nationals living in Monaco, some of whom have made the move following Brexit.

Here, we explore how to move to Monaco from the UK, including the visa process, securing a Monaco property, and the benefits of residing in the Principality.

How to move to Monaco from the UK: The process

Applying for a France long-stay visa

While the Principality of Monaco is not technically part of the EU, it remains a de facto member of the Schengen area, with its borders and customs territory being part of France. This means that the principle of freedom of movement is applied.

Following Brexit, UK residents must now apply for a long-stay visa (type D visa) from the French authorities closest to their place of residence, which allows them to enter and stay in France for up to one year. This must be done before making an application to reside in Monaco.

There are three visa application centres in the UK located in:

London – 18 Ryeland Boulevard, Wandsworth
Manchester – 1 Portland Street
Edinburgh – Abbey House, 83 Princess Street

UK residents can apply for a long-stay visa in any of these centres. Once visa applications are submitted they are transferred to the Consulate in London and typically processed within 15 days.

Once the long-stay visa has been approved, UK nationals who wish to move to Monaco and reside in the Principality for more than three months in a year must fulfil the same requirements as they did prior to Brexit. This includes applying for a residence permit from the Monegasque authorities, which can be done online via the official Monaco government website.

Applying for a Monaco residence permit

The process for UK nationals to secure a Monaco residence permit is relatively simple and requires meeting certain criteria and submitting the relevant documents. This includes:

Securing accommodation in the Principality, either by renting or buying a Monaco property.
Providing proof of funds – typically by depositing a minimum of 500,000 euros in a Monaco bank account – or by demonstrating that you are employed by a Monaco company, that you have formed a new company in the Principality, or are financially supported by a close relative, such as a spouse, in Monaco.
And, finally, providing a police record that demonstrates you are of good character.

It’s important to note that Monaco places no restrictions on foreign nationals owning real estate in the Principality or opening a bank account, making it a relatively seamless process.

Before moving to Monaco from the UK you should also check the latest advice from the UK government. You can also find further information on the Monaco UK embassy website.

What are the benefits of moving to Monaco from the UK?

There are so many benefits of moving to Monaco from the UK. Just some include:

– A favourable tax regime with no personal income or capital gains taxes. Furthermore, there is no direct taxation on businesses unless more than 25% of the turnover is generated outside of the Principality.
– A robust financial infrastructure with a well-regulated and secure financial ecosystem. When you move to Monaco from the UK you will enjoy easy access to leading financial institutions, asset management companies, and family offices.
– Enhanced security, with an incredibly low crime rate, thanks to the world’s largest police force per capita.
– Monaco is the safest country in the world, according to the World Risk Index, which analyses risk based on natural hazards, political and economic security, and environmental factors. In comparison, the UK is ranked 80th out of 193 countries, giving it a medium risk score.
– A luxury lifestyle with Michelin-starred restaurants, lavish resorts and spas, designer boutiques, and exceptional service providers right on your doorstep.
– Tailored to families, with excellent schools, including international schools, playgrounds, sports facilities, and the beautiful Larvotto beach, which is watched over by trained lifeguards.
– A world-class on-demand healthcare system with access to leading consultants. When you move to Monaco from the UK, you’ll never need to worry about waiting times to see a doctor.
– Regular flights to and from key UK airports from the Nice Cote d’Azur airport, just a short distance from Monaco.
– Of course, it would be remiss not to mention the weather! For British nationals, leaving the UK means saying goodbye to the infamous British weather and embracing nearly 365 days of sunshine. Soak up the Mediterranean sunshine at exclusive beach clubs in Monaco and along the French Riviera, or head to the Alps for skiing in winter and outdoor pursuits in the summer.

Moving to Monaco from the UK? Contact La Costa Properties Monaco

La Costa Properties Monaco has demonstrable experience in supporting individuals who are moving to Monaco from the UK by providing real estate expertise and guidance for those wishing to either buy or rent a property in the Principality.

Our portfolio of luxury Monaco apartments for rent and for sale includes properties in some of the most sought-after districts in the Principality, such as Monte-Carlo, La Condamine, and Larvotto, from chic studios to voluminous penthouses. With more than 40 years of real estate expertise, we provide a turnkey solution for those seeking a place to call home when moving to Monaco from the UK. Contact our Monaco real estate agency today or browse our portfolio of luxury Monaco apartments for rent and sale.



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