Monaco Residence

Dr. Antoine Saliba Haig | 12 Nov 2015

default bannerv2

The Principality of Monaco is an Independent state located on the French Riviera and is well known for its reputation as a thriving business and financial centre.  Monaco is considered as one of the most ideal places of residence for anyone wishing to reside in a safe European location with high-class leisure facilities, a pleasant climate and a favourable tax system. Monaco residence holders benefit from no personal income tax, making the principality a main choice for high-net worth individuals wishing to relocate to Monaco as their main place of residence. 

Legal Basis for Monaco Residence

According to the agreement signed on 18 May 1963 between France and Monaco, and to the Sovereign Ordinance no. 3153 of 19 March 1964, anyone wishing to enter into the territory of the Principality of Monaco, and remain for less than three months, must be in possession of a valid document for entering into France. Individuals over the age of 16 wishing to reside in Monaco for a period exceeding three months must apply for a residence permit (carte de séjour) from the local Monégasque authorities.

Eligibility for Monaco Residence 

The procedure to become a resident of Monaco varies on whether the individual is a national of the European Economic Area. A non-EEA national is required to obtain a long stay visa from France before making an application for Monaco residency.

Every applicant must show either a registered rental agreement, or property title of an apartment in Monaco. 

The applicant must also provide alternatively:

  1. A bank reference/certificate issued by a Monaco bank, proving that the applicant has sufficient means for living in Monaco; or
  2. An authorization or a request for authorization to set up a new business activity or a company in Monaco; or
  3. A working permit or  contract of employment registered by the Employment Office of the Principality.

Benefits of Monaco Residence

Benefits of establishing residence in Monaco includes:

  • No personal income tax
  • High Standard of Living
  • Extremely safe
  • Family Members included
  • Business friendly environment

Taxation of New Residents

The Principality of Monaco legislates internally on all matters of taxation. Foreign individuals officially residing in Monaco and people with the Monegasque nationality can benefit from zero personal income tax.  One exception to this rule is that French nationals who are resident in Monaco do have to pay personal income tax to the French authorities.

Monaco does not impose any income tax, wealth tax, local tax, or capital gains tax on its citizens. Additionally, the country collects a corporate income tax and inheritance tax that is minimal in comparison to other countries.

We are able to advise you on the tax and legal implications and requirements of the residence application process and indicate expected time frames based on the specific circumstances and nature of your application.


Request More Information
Please send me legal and other updates

Related Practice Groups