INTRODUCTION TO MONEGASQUE RESIDENCY

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The Monegasque Residence

Many companies and foreigners want to open an office in Monaco. If the climate, the comfort of life, the security and the tax advantages of the Principality are a dream come true for most of them, settling in the exclusive city-state is something that can not be done on a whim. Here are some details about the Monegasque residency application.

The first thing to understand is that the procedure varies depending on your nationality. Citizens of the European Economic Area (EEA) only need a valid identity card or passport to apply for a permit. Nationals of non-EEA countries, on the other hand, must apply for a settlement visa in Monaco, which is issued by the French authorities. Minors from non-EEA countries must also obtain a visa.

Future Monegasque inhabitants must have a property that meets the needs of their family. Anyone wishing to obtain a residence permit must present documents attesting to a signed and registered lease. Given the scarcity of private leases in Monaco, real estate companies are the first line to call to find an apartment to rent or buy.

Applicants must also be able to demonstrate that they have the financial resources to live in Monaco in order to submit a successful application. While the creation of a bank account in the Principality is not mandatory, it nevertheless facilitates the process. In terms of social security, the Monegasque Government's Social Services Compensation Fund covers the health expenses of family members. If you have children, the residence gives you access to a range of childcare services, including public crèches, which are accessible to children from the age of three. Due to Monaco's global focus, all kindergarten children receive rigorous English lessons. The advantages of living in Monaco are undeniable. While the Principality can no longer claim to be a tax haven, its tax policy remains very attractive: all residents of Monaco, with the exception of French nationals, are exempt from income tax.

In addition, there is no property tax or housing tax. Civil registry services collect only 1% of the annual rent free of charge on any registered lease. Companies, on the other hand, owe no tax and are exempt from income tax for the first two years if they do not generate more than 25% of their turnover abroad, with progressive taxes for the following three years if they do not make more than 25% of their sales abroad.

Any person over the age of 18 and residing in the Principality for more than 10 years may apply to change nationality. The Sovereign Prince assesses whether she deserves the status of Monegasque citizen. Persons wishing to begin the naturalization process must submit their application to the Sovereign and meet two important conditions. Applicants must not be enlisted in the army of their home country and must be prepared to renounce their current nationality. In addition, any adopted person has the possibility of retaining his Monegasque nationality until the age of 18.