Country Profile:

Located on the French Riviera in southern Europe, Monaco is a diminutive sovereign city-state and is widely recognised as one of the most expensive and wealthiest places in the world. Its robust economy is underpinned by the famous Monte Carlo Casino and a flourishing tourism sector. Furthermore, the absence of personal income tax draws a substantial influx of affluent individuals seeking tax benefits.

Capital: Monaco

Population: 39,050 (190th)

Ethnic groups: Monégasques, French, Italians, Occitans

Area: 2.08km²(194th)

Offical Language: French

Currency: Euro

GDP per Captial: $115,700 (3rd)

How To Immigrate To Monaco:

In essence, for foreigners looking to relocate to Monaco, there are primarily two methods: acquiring a work permit, or making a local bank deposit exceeding 500,000 Euros while also making investments in the property market.

Visa Policy:

Monaco does not have an independent visa system, instead, it follows the same visa policy as France. This means that if you’re eligible for visa-free entry or you hold a visa for France, you can similarly gain access to Monaco. However, it’s mandatory for any foreign nationals intending to stay in Monaco for a period exceeding three months to notify the government of Monaco and secure a residence permit.

Citizens of the European Union, Switzerland, and foreign citizens who have a visa-free agreement with Schengen countries can freely enter and exit Monaco.

Residency By Investment:

For foreigners wishing to obtain a Monaco residence visa through investment, they must be deemed of good character by the Monaco government, deposit more than 500,000 Euros in a local bank (ideally around 580,000 for non-EU residents), and either rent (with a contract of over a year) or purchase a property locally to demonstrate the ability to live in this luxurious city.

Additionally, applicants must also meet basic conditions such as being at least 16 years old, having no criminal record, and passing a brief interview with an immigration officer.

The applicantion process is almost 2 to 5 months. The residence visa, Carte de Sejour, is valid for one year and can be renewed three times. After that, it can be converted to a three-year visa, Carte de Resident Ordinaire, and renewed indefinitely.

Work Visa:

For a foreign national to apply for a Monaco work visa, comprehensive backing from a local employer is a necessity. The application process can be broken down into three primary steps:

1. The employer is required to submit a job vacancy application to the Monaco Employment Service.

2. Once the Monaco Employment Service validates the employment agreement, the applicant must present this contract, along with a range of identity and qualification documents to the Service, while also paying the requisite visa fee.

3. The applicant then applies for a French D-type long-stay visa to enter Monaco. Upon arrival, they should apply for a residence visa from Monaco’s Department of Public Safety.

Taxation:

Monaco levies no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax on individuals. Corporate tax and inheritance tax are minimal in comparison to other countries.

Naturalization:

After residing locally for 10 years, foreigners can apply for Monaco’s permanent residence: Carte de Privilege. Other prerequisites include being able to speak two out of three languages among English, French, and Italian, and residing locally for at least half a year each year.

After legally residing in Monaco for 10 years in permanent residency status, foreigners can also apply for Monaco citizenship. This process involves submitting an application directly to the monarch, who then has the authority to either approve or reject the submission.

Passport Power:

Monaco does not recognize dual citizenship, and passports are extremely scarce, with only 6,000 valid circulating in 2009.

The Monaco passport is ranked 16th globally, and holders can travel freely (visa-free or with a visa upon arrival) to 174 countries and regions around the world.

Useful Links:

Monaco Public Service of the Prince’s Government：https://en.service-public-particuliers.gouv.mc/