MONACO: IMMIGRATION FOR FINANCIALLY INDEPENDENT INDIVIDUALS

MONACO: ADVANTAGES OF RESIDENCY

Basking under the perpetual Mediterranean sunshine, Principality of Monaco is a unique place to reside. By the time you have settled in this small country of wonder, you and your family will be able to reap Monaco residency’s multitude of benefits:

1. 1. 1. Visa-free entry to Schengen area;
      2. An exceptional as well as secure infrastructure;
      3. A very attractive fiscal system;
      4. Persons residing in Monaco (except French nationals) do not pay any tax on income, interest or capital;
      5. The population of Monaco is welcoming and united, with more than 30,000 inhabitants and 120 nationalities living in harmony;
      6. The official language is French, although Italian and English are widely spoken;
      7. Monaco enjoys remarkably sunny summers (more than 300 days of sunshine per year) and very mild winters;
      8. The country is known for world-leading social services and health care;
      9. The rule imposed by the late Prince Rainier III was simple: “Monaco must have total security”, which proves Monaco’s determination to become one of the safest places on earth;
      10. Monaco residents from all over the world can place their children in a wide variety of outstanding private or public schools, learning English and French from a young age;
      11. Additionally, your children’s curriculum and diplomas obtained in Monaco are equivalent to French ones in all regards.

MONACO: REQUIREMENTS 

In order to obtain a national monegasque visa type D as a financially independent individual and to relocate to Monaco, you should satisfy the following basic requirements:

1. 1. 1. Demonstrate sufficient financial income to reside in Monaco: bank certificate and statement issued by any bank established in Monaco as well as source of revenue documents;
      2. Proof of accommodation in Monaco (acquired or rented property in Monaco).

Residency card

In Monaco, there are three categories of residence permits for foreigners :

1. 1. 1. A “temporary” residency card (temporaire) is valid for one (1) year and may be renewed;
      2. An “ordinary” residency card (ordinaire) is valid for three (3) years and can be issued to foreigners who have lived in Monaco for three (3) years;
      3. A residency card called “privilege” (privilégié) is valid for ten (10) years, and can be issued after ten years of residence in Monaco.
      4. Minors under 16 may obtain a travel document which is valid for a maximum of 5 years or until the child’s 16th birthday. The Monegasque travel document is issued to make it easier for foreign minors to travel outside of Monaco.

Family Members

A spouse and dependent children under the age of 16 may be included in the application and obtain the same immigration status and residence card as main applicant.

Citizenship

The Prince of Monaco may grant citizenship through naturalization to an applicant who has resided in Monaco for at least ten (10) years.

Regulations

Ordonnance n. 3.153 du 19/03/1964 relative aux conditions d’entrée et de séjour des étrangers dans la Principauté.

MONACO: LIST OF DOCUMENTS

Before submission, all documents should be legalized, authenticated and apostilled in accordance with the Apostille Convention of La Hague, and translated into French. Please be aware that the following list is a sample and the documents required may vary based on client’s case and circumstances:

1. 1. 1. Passport;
      2. ID card;
      3. Police certificate;
      4. Certificate of non-bankruptcy;
      5. Birth certificate;
      6. Marriage certificate/divorce certificate (if applicable);
      7. Curriculum vitae;
      8. Diploma(s);
      9. Medical insurance covering all health risks in Monaco;
      10. Confirmation documents to demonstrate sufficient funds;
      11. Property ownership deed or a lease contract for a property in Monaco.

MONACO: PROCESS

Below is a general process should you decide to proceed with an immigration application in Monaco under the program for Financially independent person:

1. 1. 1. We recommend to begin with a comprehensive consultation regarding the conditions to immigrate to Monaco;
      2. You may gather your personal documents that will have to be legalized;
      3. Ours worn translators will be able to translate all your documents into French;
      4. You may travel to Monaco, open a bank account and rent/buy a property (otherwise we can represent you by proxy);
      5. We guide you in order to obtain a comprehensive health insurance valid in Monaco;
      6. We will prepare your immigration file and you may apply for a long stay visa at the French or Monaco authorities. The visa is delivered by a consular service a few weeks later;
      7. You may travel to Monaco and we will apply your documents at the “Direction de la sûreté publique”;
      8. Once your immigration visa is validated, you may obtain a residence card, which is your legal residence status in Monaco;
      9. Dependent children under the age 16 years old may obtain a travel document valid for up to five (5) years;
      10. The first three (3) residence permits are valid for a period of one (1) year, and may be renewed annually;
      11. We may assist you in exchanging your driver’s license into a Monaco one;
      12. Upon the expiration of your third residence permit, we may assist you to apply for a resident card “ordinaire”, which is valid for three (3) years and may be renewed for another three (3) years upon expiration;
      13. After living in Monaco for at least ten (10) years, you may be eligible to apply for a permanent residence card “privilégié”, which is valid for ten (10) years;
      14. Once the permanent residence status is obtained, you may be eligible to apply for Monaco citizenship.

MONACO: IMPOSITION

The lack of income tax dates back to an Ordinance by Prince Charles III in 1869. Taxation in Monaco is one of the benefits available to investors and wealthy individuals all over the world. In Monaco there is no wealth tax, annual property tax and council tax.

Monegasque nationals and foreign residents in the Principality (except French citizens) are not liable for income tax.

Tax on inheritance and gifts applies to assets that are located in the Principality of Monaco, regardless of the domicile, residence or nationality of the deceased person or donor.

The rate of taxation is 33.33 %, while capital gains from asset sales as part of business activities may, under certain conditions, be exempt if they are re-invested in the firm.

Firms created in the Principality and falling within the scope of corporate income tax that carry on a genuinely new business are exempt from tax for a period of two years and subsequently benefit from a favorable regime for the three following years, namely:

1. 1. 1. First & second year: no corporate income tax,
      2. Third year: the tax is calculated on 25 % of profit,
      3. Fourth year: the tax is calculated on 50 % of profit,
      4. Fifth year: the tax is calculated on 75 % of profit,
      5. Sixth year: the tax is calculated on 100 % of profit.

MONACO : TYPES OF COMPANIES

MONACO: TESTIMONIAL

We are a family with 2 young children, and our family business was doing well at home. We have a few friends living in Monaco and have been to the tiny principality countless times to visit. Both my husband and I adored the lifestyle at the quaint yet bustling city of Monte-Carlo, and our children loved the sunny Mediterranean weather.

So we decided to move to Monaco, after learning that was actually possible during a consultation with Inimex. They proposed for us to get the residency in France first with their wealthy individual program and then apply for Monaco residency once we are in France. Guess what? It worked so well that I was shocked! The entire process was so fast that our family obtained our Monaco residency within the year.

Now my husband and I have fully embraced our life in the luxurious city state. Our children go to very prestigious private schools and speak fluent French and English, and we travel very often to the neighbouring countries of France and Italy. We bought a big house and some nice cars. We do not have to worry about any crime as the city is very safe and my husband drives his car around without any hesitation, unlike the area where we come from. Inimex also helps us renew our residency every year, so we really had nothing but great experiences with our move to Monaco.

MONACO: OUR SERVICES

1. 1. 1. Residence permit in Monaco for wealthy individual;
      2. Residence permit in Monaco for entrepreneurs;
      3. Set up a company, business and financial plans;
      4. Assistance in: open a bank account in Monaco, medical insurance coverage, school registration for children, exchange of driver’s license, etc.;
      5. Translator, guide, assistant;
      6. Legal service in corporate, banking, immigration and administration law;
      7. Renting / buying a property in Monaco;
      8. Renewal of residence permits in Monaco;
      9. Application for permanent residency in Monaco;
      10. Application for Citizenship of Monaco.