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How to relocate to the Principality of Monaco?

Relocating to Monaco

Foreigners may visit and reside in the Principality of Monaco up to a maximum period of 3 months without a residency permit or visa. During this three-month period, you are considered a tourist in Monaco.

As a tourist in the Principality of Monaco, the law requires you to hold the necessary travel documents required for entry into French territory. This can be a passport or any identification document accepted for travelling. French citizens must merely be holders of the national identity card. No other formality is required for foreigners who wish to travel to Monaco and to stay in the Principality for a period not exceeding 3 months.

However, if you plan to stay for more than 3 months you must apply for a residence permit called Carte de Sejour (or often referred to as Carte de Residence).

Resident permits are not issued to minors under the age of 16. In some cases, a travel document for a foreign minor may be issued to enable overseas travel.

To extend your stay for a period longer than 3 months, you need to apply for a residence permit.

Once you understand the basic financial prerequisites in which to relocate to the Principality of Monaco, the first step is to find your desired apartment to live in. Without a physical address in the Principality, you cannot apply for a residence permit.

It is highly important to be aware of the housing requirements in Monaco. Each home must have enough rooms to accommodate each adult living there. Therefore, if you are aiming to relocate to Monaco as a couple with a child, you cannot apply for a residence permit with renting or buying a studio apartment. For the application to be successful, you must have a separate room for your child and for you and your spouse.

There are four ways you can prove your Monaco based address:

  • Being the owner of a house or apartment; or
  • Being the director, or unit holder of a company which owns a house or apartment; or
  • Renting a house or apartment; or
  • Staying with a close relative, your spouse, or partner with whom you are living as a couple

The second step is to open a bank account in Monaco. This can be done through a bank or wealth manager if you have sufficient wealth. Alternatively, you can also open a commercial bank account if you are employed by a Monaco based company.

The Monégasque Government does not check how much wealth you actually have; however, it requires a declaration, a written statement from your chosen bank that you have sufficient financial resources in which to live in the territory of Monaco.

Sufficient financial resources, by means of:

  • 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 a relative, spouse or partner with whom you are living as a couple

Many visitors use the initial 3 month period to see how they can adjust their daily routines to a new life in Monaco.

You can also get a great impression of the country, the events, the people and the whole atmosphere. During this time, you can discover the variety of social clubs and networking events, and build up some valuable connections.

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.

Following your case approval, your residency permit will be available for you to collect from the Residents Section office within a maximum of 8 weeks if you are a European Union passport holder. For non-EU passport holders, the administration process can take up to 16 weeks due to the settlement visa request from the French Embassy in their country of residence.

If you leave Monaco permanently, you must surrender your residence permit.

Key points

  • Residency permit is requested if you plan to stay for more than 3 months.
  • The residence permit is called Carte de Sejour (or often referred to as Carte de Residence)
  • Resident permits are not issued to minors under the age of 16.
  • Physical address in Monaco is requested for the application, find your desired apartment. It is highly important to be aware of the housing requirements in Monaco.
  • The second step is to open a bank account in Monaco.
  • The Monégasque Government does not check how much wealth you actually have; however, it requires a declaration, a written statement from your chosen bank that you have sufficient financial resources in which to live in the territory of Monaco.
  • The cost of applying for residency in Monaco mainly relates to the expense of renting an apartment.
  • European Union: Following your case approval, your residency permit will be available within a maximum of 8 weeks.
  • Non-EU passport holders: Following your case approval, your residency permit will be available within a maximum of 16 weeks due to the settlement visa request from the French Embassy in their country of residence.
  • If you leave Monaco permanently, you must surrender your residence permit.

Request information on Monaco residency

In the Principality of Monaco there are different conditions apply based on the nationality.
For your application for Monaco residence permit to be successful, you also need to provide information on your family status.
You, your spouse, children, etc.
The Monégasque Government will require a certificate of good conduct, namely a criminal record check (Certificato penale) information from the country or last two countries in which you have resided in the five years prior to your arrival in Monaco. This Monaco residency security check is required for each member of your family who are also applicants for a Monaco residence permit. In the Principality, an adult is anyone over the age of 18 years for this purpose.
A physical address in the Principality of Monaco is a prerequisite for the application. In addition, it is highly important that the property has sufficient bedrooms to accommodate the number of persons applying.
Please note that many banks in Monaco are part of the Association Monégasque Des Activités Financières (AMAF). Since May 2017, AMAF in Monaco recommends that its members ask for a minimum deposit of 500.000 Euro in case of Monaco residency applications.
For example inheritance, business activity, etc.

Interested to learn more about the Principality of Monaco?

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.

In this book, contributing authors André C Perry, Charlotte Easterbrook and Zsolt Szemerszky have compiled the most important and vital information required to help guide you through the process of relocating to the Principality of Monaco. Being independent experts, they also spiced up the chapters with their personal knowledge on the relocation process to create this in-depth and essential relocation guide.

Living in Monaco

Living in Monaco book is a professional relocation itinerary written by Zsolt Szemerszky.

A comprehensive, objective and brutally honest book about the Principality of Monaco and its living environment. The author intended to hunt down the myth around Monaco and to go beyond gossips.

It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.