How To Get A Golden Visa For Monaco

Monaco has become an increasingly popular choice with high-net-worth individuals due to its low taxes, luxurious lifestyle and great weather.

Located right next to France, it’s home to gorgeous nature, luxury hotels and a high standard of living.

Whilst Monaco doesn’t have an official Golden Visa programme, it does have a Residency by Investment Program called the carte de séjour, which is a similar offering.

Through this, individuals are able to gain residency proving they have the necessary funds and own a property in Monaco. However, it’s worth noting that having money alone does not guarantee residency. Let’s explain why…

What You Need To Qualify For Monaco Residency By Investment (Carte de séjour)

To apply for the Carte de séjour, you will need about €10,000 for processing. However, you will also need to prove:

Finances

To qualify for residency, applicants must show proof of either:

• Deposit at least €500,000 in a Monaco bank account. However, it’s worth noting that many private banks will ask for a minimum deposit of €1,000,000.
• Show proof of employment in Monaco or proof of local business activity there.
• Have a secure source of income (e.g., a pension, investment or financial support from someone that lives in Monaco).

Accommodation 

Applicants must provide proof of accommodation through:

• Property ownership in Monaco. Note, properties usually start at around €500,000 due to high demand.
• A rental lease for at least 12 months that is registered with the local tax department (monthly rents range from €4,000 to €30,000).
• A certificate of accommodation if staying with a close relative.

Character 

Applicants must have a clean criminal record from the last two countries of residence over the past 5 years.

They must also be over 16 years of age and commit to living in Monaco for more than 3 months every year.

How To Apply

UK residents will need to apply for their residents’ permit through the French Consulate.

Then, they will need to attend an interview once documents have been submitted. Once this has happened, it takes the consulate around 6 weeks to do all the necessary checks and authentications.

The card is usually ready within 3 months, making it a quick and easy process as long as you have everything you need.

The Cost Of Living in Monaco

Monaco is one of the most expensive countries to live in globally, making it appealing for high-net worth individuals.

According to Astrantia Consulting, a 1 bedroom apartment in Monaco is likely to set you back €1M – €2M, with some apartments selling for as much as €40M.

Rent is also high, with a one bedroom apartment renting for €4,000 – €6,000.

However, Monaco also has an amazing healthcare system, is well connected to France and is home to nearly 16,000 millionaires – making it a highly luxurious environment.

Tax Benefits of Living in Monaco

One of the reasons Monaco has become so popular with high-net worth individuals is the tax benefits.

The taxes include:

Income tax: 0%

Corporate tax: 25% (if over 25% of revenue is generated outside of Monaco)

Real estate tax: 4.5%

Rental tax: 1%

VAT: 20%

Inheritance tax: 0% for parents and children, 8% for brothers and sisters.

Becoming A Citizen in Monaco

Becoming a citizen in Monaco is possible, but only if you’ve been in the country for over 10 years as an adult over the age of 21.

Once those 10 years have passed, applicants can apply to become citizens. This will give them full EU free movement rights, as well as the right to reside in Monaco permanently (though the passport must be renewed every 5 years).

However, it’s worth noting that Monaco does not have a dual citizenship programme. This means that anyone applying to be a citizen must renounce their other passports through a letter to the prince of Monaco.

It is also an incredibly difficult process, with many applicants being rejected.

Is Monaco Residency Worth It?

Monaco is a great place to live for high-net-worth individuals who are looking for:

• A tax-free place to live.
• Luxury lifestyle.
• Secure and safe environment.

However, the high amount of investment needed to meet the visa requirements, as well as the high cost of living in the country makes it an expensive option.

Ultimately, if you have the right level of capital and are looking for a safe and luxury country to live in, Monaco is the right place for you!