There are different ways to relocate to Monaco with or without money. Also situations can arise where even if you have a strong financial background, your application may not be granted. Yet on the other hand, others without sufficient funds or jobs are accepted to be residents of the Principality of Monaco. So how can you be a resident without being a millionaire?
Let’s start with a clarification. Tax evasion is a crime in many countries, however tax avoidance is not. Tax avoidance means that it is within your rights to pay only the amounts required by law, and nothing more. And as we know based on the law the personal income tax is 0% in the Principality. So being a Monaco resident and a Carte de Sejour (residence card) holder you have the legal right to pay 0% tax.
One of the very first questions people ask is how much money they need to relocate into the Principality. In addition, this question often creates the biggest illusion about the truth, since there are multiple ways to relocate to the Principality of Monaco.
The Principality of Monaco does not set financial limitations required to relocate and to live in the Principality. Despite all of the presumptions, it is not regulated, allowing for local banks and wealth managers to develop tailored approaches for individuals looking to relocate.
However in May 2017, The Association Monégasque Des Activités Financières or AMAF association in Monaco recommended that its members ask for a minimum deposit of 500,000 Euro. Therefore many banks and wealth managers using this amount as a suggested guideline.
However there are different ways to relocate to Monaco with or without money.
Typically the Monegasque authorities are looking for three basic things:
- 1., Proof of address in Monaco
- 2., Clear criminal record
- 3., Sufficient financial resources
In this articles we would like to highlight this third one, the “Sufficient financial resources”.
The definition of Sufficient financial resource is quite broad, it can be
- A salary; or professional income (independent commercial activity or through a company); or
- Sufficient savings (the sum which is judged sufficient depends on the banking establishment in Monaco providing the reference); or
- Being supported by family or a relative,
- Being supported by a spouse or partner with whom you are living as a couple.
Only one of these, the sufficient savings requires the suggested 500,000 Euro.
Unlike other countries offering residency programs, applying for residency in Monaco does not require the applicant to “invest” a specified sum of money in Monaco, nor is it compulsory to purchase a property, as renting accommodation is sufficient.
The cost of applying for residency in Monaco mainly relates to the expense of renting an apartment, added to the general cost of living in the Principality.
Monaco Wealth Management is working with the some of the most experienced advisors in the Principality of Monaco. Since 2010 we gained a member base of 9,000 Monaco residents, and our trusted advisors have over 3,000 people informed and guided on business and residency matters. If you have any questions about Monaco residency we are happy to assist you in English, French, Italian and Spanish. Please feel free to contact us at email@example.com.
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Monaco: The Essential Relocation Guide
“Monaco: The Essential Relocation Guide” This comprehensive book is dedicated to all current and future residents of the Principality of Monaco.
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