Residence Permit and Citizenship in Monaco

Validity of residence permit and permanent residence

1. The first time a residence permit card is issued for one year, then extended for three years.

2. The subsequent residence permit card is issued for three years. If desired, it can be extended for another three years.

3. After six years of residence in Monaco, the applicant is entitled to receive a long-term card (similar to permanent residence), which allows you to live in the country for ten years.

The card can be renewed an unlimited number of times for the next ten years.

4. After the expiration of the first long-term card (after ten years), the applicant can apply for citizenship. However, this will have to confirm integration into the economy and society of the Principality.

Residence permit conditions in Monaco

The applicant must stay in Monaco for at least 183 days a year.

Otherwise, the extension of the residence permit may be denied.

Advantages of residence permit in Monaco

The ability to travel around Europe without a visa.
tax incentives. There is no tax on income, real estate, property and capital gains for foreign dividends in the Principality. It is allowed to own yachts and cars without having to pay taxes. There is also no double taxation.
Residence permit for investment

One of the most popular options for obtaining a residence permit is buying a home. Real estate in Monaco is constantly growing in value and at the same time is not taxed.

The applicant must invest in real estate at least 500 thousand euros.
The spouse of the applicant and children are also eligible for a residence permit.
If the applicant obtains a residence permit on the basis of an employment contract, business in Monaco, university studies or on the basis of financial independence, he must prove the availability of housing in Monaco.

There are several ways to do this:

Purchase real estate in the amount of 500 thousand euros and provide the necessary documents.
Rent accommodation for a year or more and provide a lease agreement.

Own corporate property. The applicant must confirm that he is the owner of the company.
Live with relatives or spouse who have accommodation in Monaco.