Can I move to Monaco as an EU citizen?
The Allure of Monaco
With its chic casinos, glamorous events, and a reputation as a playground for the rich and famous, Monaco has cast a spell on many aspirants seeking a taste of the high life. From the iconic Casino de Monte-Carlo to the Monaco Grand Prix, this playground of the wealthy offers an unparalleled lifestyle. It comes as no surprise that for EU citizens, the desire to reside in this haven of luxury is palpable.
Disclaimer: As a Monaco real estate agency, we partner with authorized local companies to assist with relocation, residency, and other services beyond real estate transactions. We do not provide legal advice, and our services should not be seen as legal counsel. For specific needs, we collaborate with local professionals. Information on our website and blog is for general purposes only and does not reflect individual legal procedures.
Long-Term Residency
To call Monaco your home indefinitely, the process becomes more intricate. While EU citizens do not require a visa for short stays, if you plan to reside in Monaco for more than three months, you must apply for a Carte de Séjour (residency permit). The application process involves presenting a valid passport, proof of accommodation and financial statements.
Breaking the Financial Barrier
Monaco's favorable tax status has long been a magnet for the global elite. With no income tax for residents and lenient corporate tax laws, Monaco has become a home for the people seeking to optimize their finances. However, this also means that the cost of living is exorbitant, and property prices are the highest in the world.
The Joys of the Mediterranean Lifestyle
Beyond the glitz and glamour, Monaco offers a Mediterranean lifestyle that is second to none. With stunning beaches, world-class cuisine, and a vibrant social scene, the principality has a magnetic appeal. The compact size of Monaco means that everything is within reach, making it an ideal destination for those seeking convenience and luxury.
If you've ever fantasized about living in the lap of luxury on the sun-kissed shores of Monaco, that dream might not be as far-fetched as you think. As an EU or European Economic Area (EEA) citizen, you can pack your bags and head to this glitzy principality with relatively straightforward procedures. Here's what you need to know about moving to Monaco as an EU citizen:
Short Stays (Less Than 3 Months)
For visits not exceeding three months, all you need is a valid passport or identity document that suffices for entry into French territory. You can soak in the glamour of Monaco during this period without any additional permits.
Residing in Monaco for Over 3 Months
If you're yearning to call Monaco your home for more extended periods, you'll need to apply for a residence permit from the Monegasque authorities. To be eligible, you must meet specific requirements:
1. Accommodation in Monaco
To prove you have suitable housing, you can choose from the following options:
- Own a house or apartment in Monaco.
- Be a director of a company that owns properties in Monaco.
- Rent a house or apartment in Monaco for at least 12 months.
- Stay with a close relative, spouse, or partner with whom you live as a couple.
2. Sufficient Financial Resources
To demonstrate financial stability, you should either have a substantial salary as an employee or professional, sufficient savings (usually around EUR 500,000) verified by a Monaco bank, or be supported by a relative, spouse, or partner with whom you live as a couple. The bank reference proving your funds must be translated into French.
3. Good Character
You'll need to provide a copy of your criminal record or equivalent documentation from the last five years of residence in your previous country (or countries). This certificate should be no more than three months old at the time of applying for residence.
4. Other Formal Requirements
Prepare the following documents for submission:
- Valid passport or identity card.
- Birth certificate.
- Marriage/divorce certificate (if applicable).
- Passport or identity card for children under 16 (if applicable).
Meeting the Dream
As an EU citizen, navigating the path to Monaco is relatively straightforward, thanks to the favorable agreement between Monaco and the EU/EEA. With the right accommodation, financial means, and character, you can find yourself savoring the Mediterranean lifestyle and basking in the opulence that Monaco has to offer.
Keep in mind that while the allure of Monaco may be irresistible, it's essential to prepare well in advance and fulfill all the necessary requirements. So, are you ready to take the leap and embrace the splendor of the French Riviera in the heart of Monaco? The adventure awaits!
For further information, please contact MONACO PROPERTIES:
Tel. +377 97 97 33 97
Whatsapp : +33 6 40 62 65 76
Email: info@mpmonaco.com
