Renowned for its unique living environment, Monaco is a country that offers many advantages to its residents. To benefit from these, one of the requirements is to obtain a residence permit or “Golden Visa”. It is reserved for nationals who can prove that they are of good character, have sufficient resources and have a home in the Principality. Find out more about the residency formalities involved in becoming a resident of Monaco.
Conditions for becoming a resident of Monaco
Anyone wishing to establish permanent residency in Monaco must apply for a residence permit or “carte de séjour”. This permit is compulsory for foreign nationals wishing to live in Monaco for more than 3 months a year.
To gain residency in Monaco, you must provide proof of good character in the form of an extract from the criminal record or equivalent. Sufficient financial resources (salary, capital investment, proof of support from a spouse or relative) must also be guaranteed.
The final condition is that you must prove that you have a home in Monaco. To do this, applicants must be able to prove that they have rented, that they have access to or that they have purchased accommodation in Monaco. A foreigner can buy a property in Monaco without any restriction linked to their citizenship.
Residence permits issued by the Monegasque authorities
Depending on the applicant’s situation, several types of residence permits can be issued by the Monegasque authorities:
- The “temporary” permit: valid for 1 year, it is issued regardless of length of residence.
- The “ordinary” permit: valid for 3 years, issued to foreign nationals with 3 years’ residence.
- The “privileged” permit: valid for 10 years, it is issued to people who have been living in Monaco for 10 years.
- The “spouse of a Monegasque national” permit: valid for 5 years, it is issued to anyone whose spouse has Monegasque citizenship.
Obtaining a residence permit allows you to benefit from an advantageous tax system. Monegasque residents do not pay tax on their personal income. This tax exemption is one of the many benefits of living in Monaco. However, it does not apply to French citizens, who will continue to be subject to withholding tax.
How to obtain a residence permit in Monaco
You can apply to become a resident of Monaco online. The first step is to download an affidavit from the Monegasque public service website. You then need to access the remote service to submit the supporting documents in digital format.
To apply on paper, you first need to fill in a form. This document can be downloaded from the Monegasque public service website. Applicants must then submit their application to the residents’ section of the Directorate of Public Safety.
In all cases, an application for a residence permit requires the following documents:
- a certificate of free accommodation, a deed of ownership or a tenancy agreement;
- a valid passport;
- a birth certificate;
- an extract from the criminal record or equivalent;
- proof of sufficient resources.
Nationals of countries outside the European Economic Area must also provide a long-term visa. This document is issued by the French consulate closest to the applicant’s last place of residence. Foreign nationals who have lived in France for more than a year simply need to apply for a transfer of residence.
Becoming a property owner in Monaco is one of the conditions for obtaining a residence permit. If you are considering buying property in the Principality, Coletti Real Estate can help you with your plans. Specialising in Monegasque real estate for over 40 years, our agency offers exclusive properties in Monaco.
