Monaco Residency Requirements Explained
What are the Monaco residency requirements? If you would like to relocate to this principality along the Côte d’Azur and join famous Monaco residents such as Lewis Hamilton and Sir Philip Green, there are some prerequisites to satisfy to receive your Monaco residence permit. Here’s what you need to know about the process.
What are the basic Monaco residency requirements?
There are three primary conditions you must meet for you to have your residency application accepted. First and foremost, the Monégasque authorities are looking for you to ensure you have sufficient funds. Since you will have to present documentation proving that you have adequate funds to support yourself in the country, we recommend you first open a bank account in Monaco. Most banks will require minimum deposits between €500,000 and €1 million. Once the account is opened, which generally takes between 10 and 15 working days, the bank can provide you with an attestation letter to present to the authorities. If you have a job offer, you would have to show the employment contract as well.
When it comes to accommodation, the Monégasque authorities require the property you are going to purchase or rent be adequate for every member of your family. That means renting a flat is not enough to secure residency. In practice, if you want to move your family of four, the house or flat must have enough bedrooms and space to fit everyone. If you were only interested in residency for you and your partner, then a pied-à-terre would be deemed an appropriate dwelling.
Then, as with every residency process, all Monaco residency applicants must prove their identity and their good character. As such, you will have to present background checks from the country or the last two countries you lived in during the five years before your residency application.
How does the application process work?
When it comes to securing a Monaco residency interview, the process you must follow will differ based on whether you are a citizen of a European Economic Area (EEA) country or not. You can apply for the permit with the Residents Section in Monaco once you’ve successfully filled out your application and gathered your documents.
Required application documents for EEA nationals
You must present original copies of:
- Contract or most recent electricity bill for your accommodation
- Documentation proving you have sufficient funds
- Documents that register proof of identity, which are:
- Birth certificate
- Valid identity card or passport
- A background check(s) from the country or last two countries you have lived in during the previous five years
- The application forms. If you are staying with someone, you must apply using the Certificat d’ hébergement à titre gratuit form, which is a document certifying that you are staying in a dwelling for free. For all other cases, you download the application forms for applying for a Monaco residency card that accompany the documents listed above.
Required documents for non-EEA nationals
The papers are the same as for EEA nationals but to request a Monaco residency interview, the route to go through will depend on whether you have been a French resident for at least one year or not. If you have been a resident of France for at least a year, you must apply to transfer your French residency to Monaco at the French embassy in Monaco.
If you have not already been residing in France, you must visit your local French consulate and apply for long-stay visa type D. If you happen to already be in Monaco, you can also file an exceptional appeal to apply at the French embassy in Monaco. However, you must have a visa to apply for a residence permit in Monaco.
For both EEA and non-EEA applicants, please note that if your documents are not in French, Italian or English, you must include a translation.
How long does it take to have your application approved?
After your Monaco residency interview at the Residents Section and your case is approved, you will be able to pick up your residence permit in no more than six weeks. You are initially issued a temporary Monaco resident card (Carte de Residence Temporaire) that is valid for one year. You can then renew the card for up to three years, after which you can receive a Carte de Residence Ordinaire that is renewed every three years. After a decade, you can apply for a Carte Privilege long-term residency permit. If your application is denied, you can still keep renewing the Carte de Residence Ordinaire. If you have children under 16, note that they cannot receive a Carte de Residence. Nevertheless, you can apply for a travel document valid for international travel that recognises their residency in Monaco.
Are you ready to begin applying for residency?
Our team of Monaco residency and relocation experts are ready to help you properly process your application. Whether you want to enjoy the Monaco lifestyle, frequent the Casino in Monte Carlo, or take advantage of Monaco’s privileged position as an epicentre for business and the HNWI family office industry, we’ll prepare your case. From choosing an adequate home and opening a bank account (which we recommend you do first), we’ll make sure you take care of everything you need to receive your permit successfully. Start your application process today.