The Principality of Monaco is not an EU member State, but it is inside France, which is one of the most powerful countries of the European Union.
Obtaining the right of living in Monaco is the ultimate immigration target for wealthy applicants from all over the world.
Key benefits of the Principality of Monaco for immigrants:
- no income tax
- no capital gain tax
- no wealth tax
- no inheritance tax.
Monaco is an absolute gay-friendly jurisdiction. Same-sex couples can settle in a civil union, or they can marry in France, and their relationship will be accepted in the Principality.
Monaco did not launch a typical residency by investment program, instead of it, the self-sufficient residence solution is the option. It is worth to mention that Malta has a similar scheme for EU and third country nationals.)
An important advantage of the scheme from Monaco that the candidates may apply from any French embassies. Moreover, the successful applicants do not have to start a business or paying tax in Monaco.
Requisites for the residence permit of Monaco:
- the applicant must be qualified
- the applicant must prove that he/she and the dependent family members are self-sufficient (confirmation of foreign sourced income)
- Lease contract or the certificate of ownership of a residential real estate in Monaco.
The process of immigration is simple, fast and straightforward. After the interview organised by the closest French embassy, they issue the residence permit ("Carte de Séjour")in 30 workdays for the successful applicants. After living ten years in Monaco, the "temporary resident" can apply for the permanent residence permit (privilégié) and status in Monaco. At the same time, permanent residents of Monaco may apply for the citizenship.
There are four types of residence permits in the Principality of Monaco:
Temporary Permit: one year permit (it can be renewed two times.)
Ordinary Permit: three-year permit, it is available only after three years of temporary residence in Monaco (it can also be renewed only two times.)
Privileged Permit: ten-year permanent residence permit, available after at least ten years of residence
Permit for Spouse of Monegasque National: the applicant must be a spouse or partner of a citizen of Monaco.
It 's important to know that without professional assistance it is not an easy task to obtain the residence permit and move to Monte Carlo, you will need professional help during the application process. The mini-state is extremely expensive, and the successful immigrants all have local referrals or contacts, who can help them to enjoy the right of being domiciled in one of the most luxurious countries of Europe.
However, Monaco is not the most affordable EU immigration solution, but the quality of life outshines the cost of living:
- A three bedroom apartment`s monthly rental fee is app. 16,250 euros in the city centre.
- The yearly fee in an international school is more than 12,000 euros.
- Crime is so low that statistically almost not exists.
- The quality of life is among the highest of all countries.
Read more about Monaco residency here!