25 Jan Monaco Residence by Investment Program [2023 Guide]
Monaco is one of the most sought-after destinations for high-net-worth individuals seeking residency by investment. This up-to-date Monaco residency-by-investment guide describes the benefits of the Monaco residence-by-investment program and details the investment you need to make.
It covers these essential areas:
- Monaco residency by investment – What is it?
- Benefits of becoming a resident in Monaco
- Monaco residency by investment options
- Monaco residency by investment eligibility requirements
- How to apply for Monaco Residency – Step-by-step
- Monaco residency by investment – Documents required
- What is the minimum investment required for Monaco residency?
- Can you buy residency in Monaco?
Monaco residency by investment – What is it?
The Monaco residency by investment program allows investors from across the world to live in Monaco by making a deposit in a Monaco bank and purchasing or renting property in the country.
The minimum investment for the program is typically €1,000,000, with €500,000 required for bank deposits and a minimum of €500,000 for property investments. You can also demonstrate residency eligibility via corporate investment, employment or having Monaco-based close relatives.
Benefits of becoming a resident in Monaco
Luxury real estate is still booming in Monaco, so investment opportunities are as rich as ever. Once you’ve invested in property here, the benefits are considerable. These are some of the more obvious ones:
- Zero income tax, no wealth, local or property taxes, and no capital gains tax on individuals.
- Continually rising real estate prices, offering a great return on investment – in early 2022, the Real Estate Observatory Report noted that most property in Monaco sells for around 5 to 10 million EUR.
- World-class cuisine, outstanding properties, brilliant marinas and other leisure and entertainment facilities, and famous events such as the Monaco Grand Prix and the Monaco Yacht Show.
- A high standard of living, with world-class private schools, excellent private healthcare and one of the lowest crime rates in Europe.
- A Mediterranean climate, with over 300 days of sunshine a year.
- Fabulous coastline and beaches.
- Freedom to travel around the EU without a visa.
- A harmonious multicultural community living, with over 120 nationalities resident here and English widely spoken.
Monaco residency by investment options
The minimum amount required for a Monaco residency by investment application is EUR 500,000, which must be held in your bank account throughout your residency. You must demonstrate your financial self-sufficiency and buy or rent property in the country too.
Monaco residency by investment eligibility requirements
To apply, you must be over the age of 16 and provide proof of your Monaco property ownership or rental, or evidence that your company owns property in the country. Your spouse and children are also eligible for a residence permit.
There are several eligibility criteria to note, including the following:
- Proof of property ownership can be in the form of purchase documents, details of a planned rental (for a minimum of one year), or a letter and proof of property ownership or rental from a Monaco-based close relative.
- Proof of ownership of a company that holds corporate real estate in Monaco is also acceptable.
- You must demonstrate financial self-sufficiency, proving your ability to live comfortably in Monaco. This can be demonstrated in a number of ways:
- Evidence of your high net worth.
- Proof that you are employed by a Monaco-based company.
- Evidence of your new company formation in Monaco, demonstrating that the company will create at least 10 new jobs.
- A letter of confirmation from a close relative you plan living with.
- Whichever option you choose, you will have to demonstrate sufficient financial resources. This can be provided from the following:
- A regular salary.
- Income from professional activities.
- Profits from a private business venture.
- Substantial financial support from a relative or partner.
- Financial documents demonstrating your wealth.
- You will also need police clearance, and separate background checks will be performed.
- You must reside in Monaco for at least 183 days per year to maintain your residency permit.
Once residency is granted, you can live in Monaco for as long as you wish, providing you maintain your chosen investment and domestic arrangements. After 10 years of permanent residency status, you can apply for Monaco citizenship through naturalisation. However, dual citizenship is not allowed in Monaco, so to become a citizen, you will need to renounce your previous citizenship. This partly explains why, among the 38,000 people who live in Monaco, only 9,000 or so are citizens of the country.
How to apply for Monaco Residency – Step-by-step
Step one – Obtain a visa. Non-EU/EEA citizens require a visa to apply for Monaco residence. If you have been a legal resident of France for over a year, you can apply to transfer your residency via the French embassy in Monaco. Otherwise, you will need a D-type (long-term) visa, applied for via your nearest French embassy or consulate.
Step two – Deposit a sum of no less than EUR 500,000 in a Monaco bank and purchase or rent property in Monaco, supplying proof of your domestic arrangements. This will involve submitting specific documents (listed in the following section of this guide – contact Huriya Private for assistance in this and all other residency-by-investment matters). You will also need a Monaco bank account and medical insurance.
Step three – Provide evidence of sufficient financial resources by supplying relevant documents. If the documents are not in English, French or Italian, they will have to be translated into one of these languages. See the following section for a list of the documents required.
Step four – Make an appointment to register your application at Monaco’s Police Residence Department. At this point you will be asked to submit various original documents for checking (they will be returned to you after the interview). If your application is approved, you can collect the residence permit from the same Department six weeks later, sometimes less, for a EUR 10 fee.
The residence permit is valid for one year, and during this time there is no limitation on how long you must spend in Monaco. After a year, the visa can be extended for three years, after which you can apply for another three years.
After six years of Monaco residence, you can apply for a long-term residence card (similar to permanent residence). This allows you to live in Monaco for ten years, after which you will be eligible to apply to apply for citizenship or extend your long-term residence visa.
Monaco residency by investment – Documents required
There are many different documents required, depending on the nature of your investment or residence route.
Monaco property owners will need to provide evidence of the purchase, along with proof of residence (such as a recent utility bill). If you are the director of a company that owns residential property in Monaco, proof of this can be supplied via a notarised property ownership certificate, the company’s charter of incorporation or a document confirming your directorship.
If you are renting, you will need to show a rental agreement previously registered with the tax authorities.
If you are a company director or manager or you are self-employed, you will need evidence of this. If you are employed in Monaco and seeking an extension to your residency permit, you will require a confirmation letter from the local employment office.
If you are living in Monaco with a resident relative, you will need a letter of consent from the relevant person, along with evidence of property ownership or a rent agreement. If you are retired, you will need documents detailing your pension.
You will also need to show documents proving your financial resources.
There are other documents you will need to produce when applying for residency in Monaco, including:
- A valid passport with a long-term Monaco or French visa.
- Your French residence permit, if applicable.
- Birth and marriage certificates for any partner or children included in the application.
- Police clearance from countries in which you have lived in the previous five years.
- Proof of medical insurance.
What is the minimum investment required for Monaco residency?
To become a resident in Monaco through investment, you will need to deposit at least EUR 500,000 in a Monaco bank and purchase or rent residential property. There are, however, other routes to residency – including company ownership, employment, or local close family members – as detailed elsewhere in this article.
Can you buy residency in Monaco?
Residency in Monaco can be purchased with a minimum EUR 500,000 bank deposit and the purchase or renting of residential property.