Monaco represents an attraction for people with high net income as there are no income taxes for Monegasque nationals and foreign residents.

The requirements for residence application are not as strict as they are thought to be. The main condition for granting the residence permit is to prove that you have sufficient means to afford the lifestyle, the rents and prices for real estate (roughly in the region of 400,000€). The residence permit can be obtained when:

1. the applicant has been offered employment by a company registered in Monaco;
2. the applicant files a request to establish a new business in Monaco — the residence request will depend on the approval of the business license application;
3. the applicant is a retired individual and is able to show sufficient financial means of existence.

The procedure

The application procedure and the necessary documents vary with the period of time the applicant intends to stay in Monaco and with the applicant's nationality.

When the intended stay does not exceed 3 months

The necessary document is that required when entering the French territory — passport or identity document.

French nationals only need the national identity card issued by the French administration.

When the applicant intends to set up a residence in Monaco

For EU nationals (with the additions of Norway and Iceland)

These applicants are exempted from the procedure of applying for the visa.

The applicant presents himself with the necessary documents to the Residents Section of the Directorate of Public Security located at 3, rue Louis Notari in the Principality.

The necessary documents:

• identity proof — passport;
• legal record — for applicants convicted for a serious criminal offense, a residence permit will not be granted.
• a sworn statement stating that they have never been convicted;
• a work document endorsed by the Employment Department of the Principality / a request for authorization to set up a business or a company / a letter from a bank proving the existence of sufficient means of existence;
• a medical certificate;
• evidence proving accommodation in Monaco/ownership.

In 4-6 weeks a “carte de séjour” will be issued, initially one-year valid. It must be renewed annually for the next two years. After this period of time, the permit will be granted for 3 year periods and after a 9 year residence permit, the applicant is entitled to a 10 year valid residence permit. This type of permit entitles the applicant to apply for citizenship.

For non-EU nationals

Applicants must apply for a visa to the French Consul with territorial jurisdiction with the same set of documents as the ones above and these ones added:

• nine photographs,
• a photocopy of their passport,
• nine copies of the application form for a long-stay visa.

The visa procedure will take at least three months. After it is issued, the applicant will be required to attend an interview with the Monegasque authorities.

The “carte de séjour” will be issued within about two weeks from the date of interview.

For non-EU foreign nationals who come from France

There are 2 cases:

1. Applicants that have been residing in France for at least one year must hand in the application to set up residence in the Principality to the French Consulate-General in Monaco.
   Necessary documents:
   
   • the application,
   • an individual detailed information note,
   • a photocopy of their residence permit in France,
   • a photocopy of the passport.
2. Applicants that have been residing in France less than one year must submit an application for a visa to set up residence in the Principality to the French Consulate-General in their place of residence immediately preceding their settlement in France. The required documents are the same as above.