Monaco Golden Visa: program overview
The Principality of Monaco has retained its position as one of Europe’s top-shelf destinations for wealthy individuals for many decades because of its desirable location, solid cosmopolitan economy, low taxes, and luxurious lifestyle that only a few can afford.
By meeting the general eligibility criteria, investors can obtain Monaco residency by investment and enjoy a luxurious lifestyle in one of Europe’s most sought-after destinations.
To be eligible to get a Monaco Golden Visa, investor over 18 and without criminal records fulfils both requirements:
- Rent or purchase real estate. Investor leases or buys a property adequate to accommodate himself or his family.
- Demonstrate financial self-sufficiency. The investor proves he has enough money to support himself without working in Monaco and makes a bank deposit of at least €500,000.
Programs that offer residence permits within months to those who can demonstrate income or personal wealth above a certain level, called “Independent Means Visas”, usually require that the holder not take up employment locally.
Programs that offer residence or citizenship permits within months in exchange for investments, with limited physical presence requirements, called “Golden Visas”. Greece, Cyprus, Spain, and Italy are among the popular countries to gain status in Europe.Monaco Golden visa is a hybrid of independent means and a golden visa.
Monaco Golden Visa features
| Minimum investment | €500,000 |
| Including family members | Spouse and children |
| Accommodation requirements | Lease or purchase a property adequate to accommodate the family or the individual |
| Physical presence requirement | None |
| Application processing time | 3 months |
| Contribution types available | Property investment and bank deposit |
| Time to permanent residency | 10 years |
| Time to citizenship | 10+ years |
The spouse or partner and the children above the age of 18 can obtain a residency card. Children over 18 can participate in the Monaco Golden Visa program if they depend financially on the principal applicant.
In Monaco, becoming a citizen is particularly challenging because you must live there continuously for at least 10 years to qualify. After that, you may apply for permanent residence, “Carte de Privilege”. Applicants may be required to speak at least two languages, English and French or Italian, and have spent 6 months per year within the country during the years preceding the application.
Monaco residency benefits for businesses and individuals
Monaco’s high quality of life, education standards, culture, entertainment, and sports facilities meet everyone’s expectations, from single persons to families with children. The Principality of Monaco offers unequalled and stable benefits to potential residents, thanks to its financial robustness and strict budgetary discipline.
Monaco residency benefits regarding individuals:
- free movement in the Schengen area during 90 days per 6 months period;
- attractive social and tax system in a relatively high housing cost environment;
- strategic location: close to both the French and Italian Rivieras by highway, two hours to London and one hour to Geneva, Zurich, and Paris by flight, and direct connection to the train network.
Monaco residency benefits regarding business relocation:
- a safe, stable and incentivised framework to set up, relocate, operate and restructure any business efficiently, especially in terms of the tax system;
- strict compliance with OECD international transparency standards, coupled with multilateral and bilateral conventions that foster new global business opportunities;
- political stability for easier long-term planning.
On top of that, Monaco has a spectacular climate: with over 300 days of sunshine per annum and mild Mediterranean temperatures, it provides an unparalleled living experience.
Documents to apply for Monaco residency
Required documents for residency application:
- Application form with a photo.
- Proof of accommodation. Property deeds or certificates of free accommodation are required.
- Financial self-sufficiency documents. Applicants must show they have sufficient financial resources to support themselves without relying on employment income within the Principality.
- Birth certificate.
- International passport.
- Documents that prove investor income is legal, for example, an employment contract.
- Certificates of no criminal records.
- Health insurance policy.
- Documentation of payment of state taxes and fees.
- Documents confirming the fulfilment of the investment conditions stipulated in the application.
Application process for Monaco residency permit
Here’s what you should know about the application process to get a Monaco residency permit.
Contact a reputable local agency specialising in assisting with Monaco residency applications.
Collect all necessary documentation before starting your application.
Submit your completed application and all required documents to the Residents Section of Monaco’s Directorate of Public Security.
Once your paperwork has been reviewed and approved, you’ll be invited for an official residency interview.
If you’re from outside the European Economic Area (EEA), you may need to apply for a long-stay visa through your nearest French consulate or embassy.
After completing these steps, applicants will be issued a temporary residence permit valid for one year.
Partnering with experienced professionals who understand the intricacies can help obtain a Monaco residency much more achievable.
Monaco real estate: a high-demand, limited-supply market
Monaco is an attractive option for those seeking residency as an investment due to its limited land mass and high demand for luxury properties.
The real estate market is undeniably rebounding after hitting a two-year low related to the Covid-19 crisis. In 2022 its volume was up 18.2% from 2021 to 520 transactions. However, it is still below its level from 2014 to 2016. Value-wise, it rises by 51.8% to an unparalleled level of €3.54 billion.
Main reasons to invest in Monaco property:
- High rental demand. Monaco has a large population of wealthy individuals and increased tourism, leading to a high demand for luxury rentals.
- Appreciation potential. Monaco’s Real estate prices have historically increased steadily, offering the potential for long-term capital growth.
- Tax exemptions. There are no taxes on income and property.
Monaco’s strategic location along the Mediterranean coast also offers its residents easy access to other European destinations, with visa-free travel within the Schengen Area.
Property investing in Monaco may be a viable choice for those looking to gain monetary returns and experience an extravagant lifestyle.
Monaco taxation system
Monaco’s fundamental tenet of taxation is the complete absence of direct taxes, including personal and corporate income taxes, for businesses doing business there.
Residents of Monaco are exempt from paying taxes in this regard because the country has a 0% personal income tax rate.
That’s what makes Monaco the ideal spot for those wanting to make the most of their funds:
- no personal income tax. Residents are exempt from paying personal income taxes on their worldwide earnings;
- no wealth tax. There is no wealth tax levied on assets held by residents, both within and outside the Principality;
- no local taxes. Monaco has no levies imposed upon its inhabitants at any level whatsoever - municipal nor regional alike;
- no property tax. Owning real estate in Monaco comes without the burden of annual property taxes that can be pretty hefty elsewhere around the globe;
- no capital gains tax. Profits from selling assets like stocks or properties are not subject to capital gains tax.
Monaco residence permit disadvantages
Though Monaco does offer a path to citizenship, dual citizenship is not permitted. So foreign passports must give up the first citizenship.
The naturalisation process in Monaco is at the discretion of the Sovereign Prince.
Monaco is home to the world’s most expensive real estate market, with high transaction costs. In 2022, residential prices in Monaco increased by an average of 9% in 2021.
Other European states with residency-by-investment programs
Many EU and Schengen Area states offers Golden Visa programs. You can be eligible for EU residency and citizenship through EU Golden Visa programs through capital transfer, real estate acquisition, or donation.
Greece provides non-EU citizens with several investment options in exchange for a residence permit. The minimal investment amount is €250,000.
Most frequently, investors choose to purchase real estate. This kind of investment is returnable — five years after obtaining the residence permit, investors can apply for permanent residency or citizenship by naturalisation and resell their property.
In 7 years after residency approval, applying for a Greek passport will be possible.
Italy allows investors to obtain Italian residency in just a few months.
The amount of funds to be invested in getting residency depends on the chosen investment option:
- An innovative startup investment — €250,000.
- A business investment — €500,000.
- A philanthropic donation — €1,000,000.
- Purchase of government bonds — €2,000,000.
Participation in the Investment Visa for Italy program allows obtaining Italian citizenship by naturalisation in 10 years.
Portugal Golden Visa allows foreigners to obtain residence permits in return for an investment of €250,000+ in supporting arts and restoring cultural heritage.
If an investor holds a residence permit in Portugal for five years, they can apply for Portuguese citizenship. They are not required to reside in the country permanently.
Key takeaways
- Monaco is an attractive place of residence for high-net-worth individuals. The Principality is an independent sovereign state and a full member of the UN.
- Applicants must deposit a minimum of €500,000 in a bank account for residency in Monaco. A residency visa application typically takes around three months.
- Investing in Monaco has numerous advantages, from proving your financial self-sufficiency to enjoying a favourable tax system and a well-developed financial centre.
- Applicants must prove accommodation through a lease or purchase agreement and proof of sufficient funds to live in Monaco.
- Acquisition of citizenship is complicated in Monaco, as one must have resided continuously in the country for at least 10 years as an adult over 21 before qualifying.
Frequently Asked Questions
To obtain Monaco residency, applicants must deposit at least €500,000 in a Monaco bank, prove financial self-sufficiency, secure accommodation, and have a clean criminal record.
Due to strict requirements, Monaco residency can be challenging, but the process becomes more manageable with expert guidance.
Monaco does not offer direct citizenship through investment, but obtaining residency via investment can lead towards eventual naturalisation after meeting eligibility criteria.
Monaco does not allow dual citizenship, so anyone acquiring Monaco citizenship must renounce their citizenship elsewhere. Clients seeking citizenship through investment in Europe within a shorter period and in countries allowing dual citizenship are advised to consider the programs in Malta, Cyprus, Greece and Italy.
A comfortable lifestyle in Monaco typically requires several million euros for real estate investments and daily expenses.
Monaco residency offers tax residency, visa-free access to the European Economic Area, and a luxurious lifestyle with investment opportunities.
The Monaco residency process involves submitting a residency application, undergoing an official residency interview, and obtaining a temporary residency permit before receiving a residency card.
Eligibility criteria for Monaco residency include owning real estate, holding corporate real estate, having sufficient financial resources, and meeting income tax and wealth tax requirements.
Monaco offers investment opportunities in luxury real estate, the Monaco Grand Prix, and the Monaco Yacht Show.
