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Two square kilometers densely compressed – Monaco is the second smallest country in the world. Beyond the casinos, beaches and Grand Prix, the principality of Monaco offers ample benefits to individuals who would like to settle in this glamorous country. There are many factors that make Monaco a desirable location to settle for those who are looking for a high-quality, extremely secure environment and a tax-advantaged lifestyle. One of the most significant advantages is the absence of personal income tax for residents. Along with our collaborators in Monaco, we rely on the immigration laws of the Principality of Monaco (“Conditions d’entrée et de séjour des étrangers dans la Principauté”). In light of this, our team handles two successful immigration programs that are intended for financially independent individuals and entrepreneurs. In light of this, Inimex assists individuals in the many aspects of immigration. Whether it is to inform you on the latest regulations, to offer you effective solutions to your needs or to guide you during your relocation to Monaco. Our team will be assisting you in navigating the complexities of the immigration process, ensuring a smooth transition into your new European life. Living in Monaco offers several notable benefits. Discover the opportunities of obtaining a residency permit in Monaco with the professional help of Inimex.
Our services
Services offered in Monaco
 Legal consultation: Access to immigration lawyers in Monaco. Expert advice on visa type, eligibility and application process. Review documents and ensure compliance with immigration laws. |
Document assistance: Help in gathering, translating and notarizing necessary documents, ensuring all paperwork meets the specific guidelines of Monaco. |
| Bank account opening: Reflecting on the Principality’s focus on financial security and compliance, we assist to open a bank account. Dealing with a financial advisor and compliance department ensuring a smooth process. |
Status updates and Follow-ups: Monitoring the status of the visa and residence permit applications and providing updates to clients. If there are additional requests for supplementary information or documents, these services ensure timely responses to such queries. |
| Renewals: Application for extending a residence permit, including change of status and family reunification. |
Relocation services: Beyond the immigration application, some services assist with relocation, including finding housing, schools, medical coverage, and other to help adjust to the new environment. |
Advantages
Advantages of living in Monaco
Residence permit
Access to a Monaco residence permit with the right to establish yourself and reside in Monaco for 12 months. A pathway to permanent status and citizenship by naturalization after 10 years of regular and uninterrupted residence in Monaco.
Safety
The rule imposed by the late Prince Rainier III was simple: “Monaco must have total security”, which proves Monaco’s determination to offer a very secure environment for its visitors and residents with a high police presence.
Banking
Monaco offers a very solid and extensive banking infrastructure. Additionally, the country continuously displays strong growth in its economy.
EU free movement
Travel freely to all countries members of the Schengen area. As a Monegasque resident you can benefit from a more favorable process to obtain a visa to Canada, USA, New Zealand, Australia and other destinations.
Quality of life
Monaco offers a high quality of life. The population is welcoming and united, with more than 30,000 inhabitants and 120 nationalities living in harmony. The pleasant climate, excellent healthcare and privileged location make Monaco one of the best places to relocate to.
Tax regime
Monaco is particularly attractive to high-net-worth individuals looking to optimize their tax liabilities. Certainly, Monaco offers an appealing fiscal system to its residents as there is no tax on investment income, capital gains and dividends. There is also no wealth tax or property tax.
Permits
Residence permits
01 | Residence Permit for Financially Independent Individuals
Securing a Monaco residence permit allows financially independent individuals to enjoy the luxurious lifestyle offered by this prestigious destination. This permit grants the right to reside in Monaco for 12 months, with the possibility of extension, and provides a pathway to permanent status and citizenship through naturalization after 10 years of continuous residence.
To obtain a national immigration visa type D and a residence permit in Monaco as a financially independent applicant, certain specific criteria must be met:
- Financial Resources: Demonstrate sufficient financial resources to reside in Monaco without seeking employment. This typically requires presenting bank statements or other financial documents that reflect substantial savings or a stable income from external sources, such as investments or pensions.
- Confirmation of Residence: Provide evidence of residence in Monaco, you must demonstrate ownership or rental of a property within the principality, and present utility bills registered in your name.
- Bank Account: Open a bank account in Monaco and deposit a substantial amount of money.
- Health Insurance: Possess a medical insurance that covers all health risks in Monaco during the validity of your stay.
- Good Character: Absence of a criminal record. You will need to provide a criminal background check from your country of citizenship and from your current country of residence and possibly from any country where you have lived.
Once these requirements are fulfilled, you can apply for a residence permit in Monaco, which initially is granted for 1 year and can be renewed subsequently for 3-year periods.
After 10 years of continuous residence in Monaco, you may be eligible to apply for a 10-year card.
Each residence permit renewal requires you to demonstrate continued compliance with the financial and residential requirements.
When applying for a residence permit in Monaco as a financially independent applicant, it is essential to provide a thorough set of documents verifying your socio-economic status. Any documents issued in a foreign language must be translated into French and duly legalized.
- The following is a standard list of the required documentation:
- Valid international passport.
- Police certificate.
- Certificate of non-bankruptcy.
- Birth certificate.
- Marriage certificate, divorce certificate (if applicable).
- Curriculum Vitae.
- Health insurance that covers all health risks in Monaco.
- Bank reference letter from a bank in Monaco confirming that you have opened an account with them and possess sufficient funds to support yourself financially.
- Bank statements from your Monaco bank account demonstrating that you have sufficient financial resources to sustain your stay in Monaco.
- Evidence of your income, which may include business incorporation documents, an employment letter, certificates of dividends, investment portfolio statements, pension slips, and tax returns.
Our professional services are meticulously designed to streamline the immigration process, minimize errors, and enhance the probability of a successful application. We cater to the diverse needs of individuals worldwide, ensuring a positive transition and comprehensive preparation for securing a residence permit in Monaco.
The process of obtaining a residence permit in Monaco as a financially independent applicant involves several steps. Here’s a breakdown of the typical process:
Preparation and Documentation: Before initiating your application, we prepare a detailed list of documents based on your specific situation. We ensure you gather all necessary documents, including proof of accommodation, financial resources, health insurance, and a clear criminal record. Documents issued in a foreign language must be translated into French and properly notarized. A dedicated team member will assist you throughout this process, preparing your application file and pre-filled application forms.
Open a Monaco Bank Account: To open a bank account in Monaco, we will guide you through the entire process. Once your account is established, you will be required to deposit a significant amount. Additionally, the bank may need to issue a reference or confirmation letter to support your application.
Apply for a residence permit or a Long-Stay visa: The application process for a residence permit in Monaco varies depending on your nationality. EU/EEA or Swiss citizens do not require a visa to enter Monaco and can apply directly for a residence permit at the “Direction de la sûreté publique.” Non-EU/EEA citizens must obtain a long-stay visa (type D visa) from Monaco Consular services or from France, depending on the responsible authority in your country of citizenship or of residence. This visa serves as your entry permit to Monaco for the purpose of applying for a residence permit.
Processing: The application process can take several weeks to several months, depending on various factors such as the completeness of your application and the workload of Monaco authorities at the time.
Issuance of a Long-Stay visa or of a Residence Card: If your application is successful and you applied in Monaco, you will be issued a temporary residence permit, valid for 1 year. If you applied outside of Monaco, you will be issued a long-stay visa, which allows you to enter Monaco and begin the process of applying for a residence permit. The first residence permit can be extended annually for the first 3 years.
Extension: After the initial three-year period, you can apply for a residence permit called “ordinaire,” which is a 3-year renewal. Each renewal will require you to demonstrate continued compliance with the financial, accommodation, and other requirements.
Long-term Residency: After 10 years of continuous residence, you may be eligible to apply for a permanent residence status called “privilégié,” which is a 10-year card.
Travel document for minors: Minor children under 16 years old can obtain a travel document, valid for a maximum of 5 years or until the child’s 16th birthday. The Monegasque travel document is issued to facilitate travel outside of Monaco for foreign minors.
Citizenship: To become a naturalized citizen of Monaco, you must have resided in Monaco for at least 10 years. This residency must be proven through the possession and renewal of residence permits. It is important to note that dual citizenship is not recognized in Monaco.
The standard Value Added Tax (VAT) rate is the same as in France, currently at 20%. The VAT applies on goods and services.
The lack of income tax dates back to an Ordinance by Prince Charles III in 1869. Taxation in Monaco is one of the benefits available to investors and wealthy individuals all over the world. In Monaco there is no wealth tax, annual property tax and council tax.
Monegasque nationals and residents in the Principality (except for French citizens) are not liable for income tax.
Tax on inheritance and gifts applies to assets that are located in the Principality of Monaco, regardless of the domicile, residence or nationality of the deceased person or donor.
The rate of taxation is 33.33 %, while capital gains from asset sales as part of business activities may, under certain conditions, be exempt if they are reinvested in the firm.
Firms created in the Principality and falling within the scope of corporate income tax that carry on a genuinely new business are exempt from tax for a period of two years and subsequently benefit from a favorable regime for the three following years, namely:
- 1st & 2nd year: no corporate income tax,
- 3rd year: the tax is calculated on 25 % of profit.
- 4th year: the tax is calculated on 50 % of profit.
- 5th year: the tax is calculated on 75 % of profit.
- 6th year: the tax is calculated on 100 % of profit.
02 | Residence Permit for Entrepreneurs
Monaco is renowned for welcoming ambitious individuals. With a wealth of opportunities designed for the exceptionally affluent, Monaco offers an ideal setting for launching your next venture.
Here is a streamlined overview of the requirements for establishing a business in Monaco, along with information on the types of businesses eligible for the immigration program for entrepreneurs.
General Requirements for Establishing a Business in Monaco:
- Preliminary Authorization: Obtain authorization from Monaco authorities to create a business that contributes positively to the country’s economic future and sustainability.
- Financial Proof: Provide evidence of sufficient financial resources to support yourself and your family during the initial residency period in Monaco.
- Accommodation Proof: Present confirmations of accommodation, such as a long-term lease or purchase agreement in Monaco with utility bills registered in your name.
Types of Businesses for Immigration Program for Entrepreneurs:
- SARL (Société à Responsabilité Limitée): A limited liability company requiring a minimum share capital of EUR 15,000, at least two partners, and engaged in commercial activities.
- SNC (Société en Nom Collectif): A collective company that must have at least two partners, all of whom engage in commercial activities and can participate in trading.
- SCS (Société en Commandite Simple): A partnership with both active and limited members, requiring at least one active partner and one limited partner.
- SAM (Société Anonyme Monégasque): A minimum share capital of EUR 150,000 is required; trading activities are not mandatory.
- Sole Trader: You operate as the sole active member of the company.
When applying for a residence permit in Monaco as a financially independent applicant, it is essential to provide a thorough set of documents verifying your socio-economic status. Any documents issued in a foreign language must be translated into French and duly legalized.
- Below is a standard list of the required documentation:
- Valid international passport.
- Birth certificate.
- Marriage certificate, divorce certificate (if applicable).
- Curriculum Vitae.
- Police certificate.
- Certificate of non-bankruptcy.
- Medical insurance valid in Monaco.
- Business and financial plans outlining the proposed business in Monaco.
- Bank reference letter from a Monaco bank confirming that you have opened an account and possess sufficient funds to support yourself financially.
- Bank statements from your Monaco account demonstrating that you have sufficient financial resources to sustain your stay in Monaco.
- Evidence of your income, which may include business incorporation documents, an employment letter, certificates of dividends, investment portfolio statements, pension slips, and tax returns.
Additional Requirements:
- Permit Application: Regardless of the selected business type, a permit must be filed to gain preliminary approval from Monaco’s relevant authorities. Inimex can assist with obtaining the permission.
Our professional services are meticulously designed to assist our clients in their immigration process, minimize errors, and enhance the probability of a successful application.
Preparation and Documentation: Before initiating your application, we assess your profile and prepare a detailed list of documents based on your specific situation. We ensure you gather all necessary documents, including proof of accommodation in Monaco, adequate confirmation of financial resources, justifications of your business in Monaco and a clear criminal record. Documents issued in a foreign language must be translated into French and properly notarized. A dedicated team member of our team will assist you throughout this process, preparing your application file and pre-filled application forms.
Open a Monaco Bank Account: To open a bank account in Monaco, we will guide you through the entire process. Once your account is established, you will be required to deposit a significant amount. Additionally, the bank may need to issue a reference or confirmation letter to support your application.
Apply for a Residence Permit or Long-Stay Visa: The application process for a residence permit in Monaco varies depending on your nationality. EU/EEA or Swiss citizens do not require a visa to enter Monaco and can therefore apply directly for a residence permit at the “Direction de la sûreté publique.” Non-EU/EEA citizens must obtain a long-stay visa (type D visa) from Monaco Consular services or from France, depending on the responsible authority in your country of citizenship or residence. This visa serves as your entry permit to Monaco for the purpose of applying for a residence permit.
Processing: The application process can take several weeks to several months, depending on various factors such as the completeness of your application and the workload of Monaco authorities at the time.
Issuance of a Long-Stay Visa or Residence Card: If your application is successful and you applied in Monaco, you will be issued a temporary residence permit, valid for 1 year. If you applied outside of Monaco, you will be issued a long-stay visa, which allows you to enter Monaco and begin the process of applying for a residence permit. The first residence permit can be extended annually for the first 3 years.
Extension: After the initial three-year period, you can apply for a residence permit called “ordinaire,” which is a 3-year renewal. Each renewal will require you to demonstrate continued compliance with the financial, accommodation, and other requirements.
Long-term Residency: After 10 years of continuous residence, you may be eligible to apply for permanent residence status called “privilégié,” which is a 10-year card.
Travel Document for Minors: Minor children under 16 years old can obtain a travel document, valid for a maximum of 5 years or until the child’s 16th birthday. The Monegasque travel document is issued to facilitate travel outside of Monaco for foreign minors.
Citizenship: To become a naturalized citizen of Monaco, you must have resided in Monaco for at least 10 years. This residency must be proven through the possession and renewal of residence permits. It is important to note that dual citizenship is not recognized in Monaco.
03 | Citizenship of Monaco
Obtaining citizenship in Monaco is a coveted status that offers unparalleled benefits. This exclusive privilege provides access to a secure, tax-friendly environment, exceptional quality of life, and a prestigious international community. The process, while stringent, opens doors to visa-free travel, political stability, and the luxurious lifestyle synonymous with Monaco. Whether through naturalization, descent, or marriage, becoming a citizen of this glamorous principality is a significant achievement, promising a blend of Mediterranean charm and modern sophistication.
All submissions for Monegasque citizenship by naturalization should be addressed to H.S.H. the Sovereign Prince. The Department of Justice, the Minister of State, and other relevant government ministries examine the preliminary application file and present their recommendations to H.S.H. the Sovereign Prince.
Naturalization in Monaco is possible after 10 years of legal residency in the country, regardless of the initial type of residency acquired. All applications must be approved by H.S.H. the Sovereign Prince.
Additionally, the following conditions must be satisfied:
- Community Ties: The applicant must demonstrate ties to the Monegasque community.
- Integration: The applicant must be well-integrated into the economic, social, and cultural life of the Principality.
- Suitability: The Sovereign Prince must deem the applicant a worthy part of the nation.
- Renunciation of Original Nationality: The applicant must renounce their original nationality upon being granted Monegasque citizenship.
- Military Obligations: The applicant must have no outstanding military duty in their country of origin.
There are specific pathways to obtaining Monaco citizenship based on the parentage of the child:
If the child’s father is Monaco citizen:
- The child automatically obtains Monaco citizenship from birth.
If the child’s mother is Monaco citizen, the child my obtain Monaco citizenship if:
- The mother was born a Monaco citizen and retained her citizenship on the date of the child’s birth.
- The mother is a Monaco citizen with Monaco ancestry.
- The mother acquired Monaco citizenship through naturalization.
A foreigner married to a Monaco citizen does not automatically obtain Monaco citizenship. An application for citizenship may only be made if:
- The couple has been married for at least 10 years and has resided together without interruption in the Principality of Monaco (except if the applicant is widowed and has not remarried).
- The Monegasque spouse has retained his or her citizenship at the time of application.
Documents
Examples of documents
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