As an individual over the age of 16, if you wish to reside in Monaco, you must apply for a residence permit. To obtain a residence permit, there are a series of requirements and processes to follow but first, why residency in Monaco?
Monaco is considered one of the best residences for anyone wishing to reside in a safe European location with high-class leisure facilities, a pleasant climate, and a favorable tax system.
Monaco residency offers visa-free travel to the 26 Schengen area countries. And its application process is a fast one.
Additionally, acquiring permanent residency in Monaco enables all the family members of the applicant to live with them.
Conditions for applying for a Residency in Monaco
- Proof of accommodation
To apply for residency in Monaco, all applicants must show proof of accommodation. Proof of accommodation may include acquiring local real estate OR renting an apartment. If it’s renting, the lease must be for a minimum of 1 year and have sufficient bedrooms to accommodate the number of individuals applying.
- Financial requirement
Also, all applicants must confirm financial self-sufficiency to live in Monaco. Financial self-sufficiency may be asserted by depositing a minimum amount imposed by the Monaco government for a residency application into a local bank account in the applicant’s name. The minimum required amount is EUR 500,000.
- Monaco residency security check
To meet the Monaco residency program requirements, an applicant must have a clean criminal record and must be at least 16 years old. The applicant must provide a police certificate as proof of clean criminal record in the country or countries where they have lived during the previous five years, and this certificate should not be more than three months old at the time of application for the residency.
Monaco residency document requirements
Additionally, documents such as a valid passport, birth certificate, and police record, must be submitted by the applicant when applying for residency in Monaco. The police record provided should be from each of the countries where the applicant has resided during the past 5 years.
How to apply for Monaco residency
To complete the Monaco residency process, the steps involved include the following:
- Drafting of the residency permit application and gathering of required documents: applicants must gather all the required documents and submit the required application forms for acquiring residency in Monaco.
- Interview: after submitting the application, within a period of 5 weeks, the applicant will be invited for an official interview that will be conducted in Monaco.
- Approval: upon the completion of the interview, the application submitted by the applicant will be processed and approved.
After the application has been authorized, the applicant will be able to receive his/her residency card.
The requirements for applying for Monaco residency are relatively straightforward as long as the applicant can provide all of the required documents. This process can be finalized within 8 weeks for EU citizens, but for non-EU citizens, it can be around 16-20 weeks.
Monaco residency rules
The first Monaco residency card, which is called the “Carte de resident temporaire” has a validity of one year and is renewable annually for up to 3 years.
After three years, the applicant will then receive the “Carte de Resident Ordinaire”, which has a validity of three years and must be renewed every three years.
And finally, after 10 years of residency, the applicant can then apply for a permanent residency, “Carte de Privilege”, which is granted at the discretion of the Monaco authorities.
With its stable climate and convenient geographical position Monaco is considered an attractive place for residence. To get started with your residency application in Monaco, let’s go ahead and contact your Damalion expert now.
