Chestertons International are experienced in helping buyers find their ideal overseas property, whether for permanent relocation, a holiday home or a real estate investment.
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Monaco has famously been a popular location for affluent individuals, families, entrepreneurs and sportspeople since the late 19th century due to its recreational offerings and its proximity to Paris. More recently, residents have been attracted by Monaco’s status as centre for international banking and finance. As well as the obvious business opportunities that Monaco has to offer, families are also attracted by the first-rate healthcare system, the excellent primary and secondary education and the International University of Monaco. Recreationally, there are many illustrious cultural and sporting events throughout the year including the world’s most prestigious Formula One Grand Prix which is held in the streets of Monaco. Monaco’s reputation as a tax haven is one of the state’s main draws. Residents are not subject to tax on worldwide income, capital gains, property tax or annual wealth tax. Inheritance and gift taxes are levied but gifts to immediate family are tax free.
Applying for Residency
Anyone who is of at least 16 years of age and wishes to reside in Monaco indefinitely or for more than 3 months in a year must apply for a Monaco residence permit from the Monégasque authorities. Nationals of the European Union (EU), European Economic Area (EEA) and Switzerland must apply directly to Monaco authorities for a residence permit. Non EU/EEA nationals must first apply to the French authorities for a long stay visa before submitting an application to the Monaco authorities for a residence permit. The requirements for foreigners settling in Monaco can vary depending on nationality. However, all foreigners must provide:
–– Proof of identity and civil status
–– Proof of accommodation in Monaco i.e. lease or purchase deed
–– A certificate of means from a Monaco bank or an employment contract in Monaco
–– A copy of criminal record information from the country or last two countries the applicant resided in before arriving to Monaco
On submission of the above documents, applicants must make an appointment with the Residents Section. During the appointment the application will be checked and the original copies of the documents reviewed. If the application is approved a residence permit will be issued within eight weeks although this can be longer if the applicant is obliged to obtain a French long stay visa which can take up to three months.
All foreign nationals employed in Monaco must be registered with the authorities and obtain a work permit before taking up a job in Monaco, should the employee change position or employer they must apply for another work permit. Foreign employers must also seek authorisation from the government before starting a business in Monaco.
Any person resident in Monaco and holding a valid foreign driving licence must exchange it for a Monégasque driving licence within a year of acquiring Monaco residency.
The procedure to obtain a residence permit must be adhered to so as to avoid delay or rejection of the application. Chestertons has the expertise and experience to guide you through the initial application process and subsequent renewal should you need to remain.
We provide a full family office service to individuals and their families, and assists in wealth and asset structuring and administration. We provide an integrated service including:
–– Tax, estate and business planning
–– Onshore and offshore corporate, trust and fiduciary activities
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