How To Get Residency In Monaco | A Complete Guide

Capital: Monaco

Population: 38,423 (2024, 190th)

Ethnic groups: Monégasques, French, Italians, Occitans

Area: 2.08km²(194th)

Offical Language: French

Currency: Euro

GDP per Captial: $115,700 (2015,  3rd)

Country Profile:

Monaco is a microstate located in the south of France. It is the second smallest independent country in the world and one of the most expensive and wealthiest cities globally. Luxurious lifestyle, wealthy residents, and numerous luxury facilities are the hallmarks of this country.

Economically, Monaco is known as a playground for the rich. Its favorable tax system (including exemption from income tax for residents) attracts wealthy individuals and businesses. Tourism is the main economic driver, with the Monte Carlo Casino being a world-famous attraction. The country is also one of Europe’s important banking centers, known for maintaining client privacy.

Visa And Immigration System:

Monaco, as the second smallest country in the world by land area, does not have an independent visa system; its visa policy is consistent with that of France. In short, if you have a Schengen visa or can enter France and other Schengen countries visa-free, you can enter Monaco.

Therefore, traveling to Monaco is not difficult. However, if you want to reside long-term in this most luxurious city in the world, there are only two ways: either work in Monaco or have a deposit of at least 500,000 euros to qualify for an investment residence permit. This means long-term residence requires either employment or significant financial investment in Monaco

Residency By Investment Program:

Overview:

To apply for residency in Monaco through investment, foreigners must meet the following conditions:

1. Be at least 16 years old, in good health, have no criminal record, and be able to pass a brief interview with an immigration officer during the application process.

2. Deposit a large sum of money of no less than 500,000 euros in a local Monaco bank. In fact, 500,000 euros is just the minimum amount; the exact required deposit may vary depending on the applicant’s background and the chosen bank. Generally, non-EU applicants need to deposit at least 580,000 euros to apply for Monaco’s investment residency program.

3. Purchase property in Monaco or sign a long-term lease agreement of at least one year. Monaco is one of the most expensive cities in the world for real estate, with typical property values exceeding 1 million euros. Prime locations can have average prices ranging from 50,000 to 100,000 euros per square meter, making long-term maintenance of local property a significant challenge.

Application Process:

The application process for Monaco’s residency by investment program can be roughly divided into the following steps:

1. Complete Investment: First, you need to apply for a Schengen visa, enter Monaco, open a bank account, make deposit, and purchase or rent property as part of your investment.

2. Submit Application: After completing investment, you can prepare all the required documents and submit your application to the local Public Affairs Bureau within Monaco.

Required documents for this program include:

Applicant identity documents: All main and secondary applicants’ passports, passport-sized photos; birth certificates, marriage certificates, and other documents proving the relationship between the main and secondary applicants.

Application forms.

Proof of investment: Bank deposit certificates and property purchase/rental contracts to prove the investment has been completed.

Health insurance proof: Each main and secondary applicant must purchase valid Schengen-area health insurance annually.

Criminal record certificates: All adult main and secondary applicants must provide criminal record certificates issued by the places they have lived in the past five years.

3. Interview: Generally, three to five weeks after receiving your application, a local visa officer will schedule a brief interview with you.
The interview usually covers your professional background, family relationships, and other relevant factors.

4. Approval: After the interview, the Monaco government will conduct a background check based on your submitted documents and information, which typically takes about 6 to 8 weeks.

Once the background check is passed, you can receive your residency card and continue living in Monaco.

Overall, the entire Monaco residency by investment application process usually takes between three to five months.

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. Your employer submit a job vacancy application to the Monaco Employment Service.

2. Once 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 has not imposed personal income tax on individuals since 1869, so residents do not have to pay personal income tax on their local or overseas income.

The country’s corporate income tax (CIT) system is also very lenient: companies only need to pay corporate income tax at a rate of 25% if more than 25% of their revenue comes from outside Monaco. This means businesses operating solely within Monaco are exempt from corporate income tax. Additionally, newly established companies enjoy a temporary 0% corporate tax rate for the first two years, which then gradually increases each year until it reaches the standard 25% rate from the sixth year onward.

Regarding value-added tax (VAT), Monaco follows the same VAT system as France, with a standard rate of 20%, and reduced rates of 10%, 5.5%, and 2.1% applied to different categories of goods and services.

Permanent Residency & Citizenship:

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.

Monaco passport is ranked 13th globally, and holders can travel freely (visa-free or with a visa upon arrival) to 177 countries and regions around the world. (May 16, 2025)

Useful Links:

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