Monaco Residency
Establishing Your Life in the Principality
The Three Pillars of Monaco Residency
To be granted residency in Monaco, every applicant over the age of 16 must satisfy three cumulative criteria:
1. Proof of Accommodation: You must demonstrate that you have a home in Monaco that is “appropriate” for the size of your household. We assist in ensuring your housing documents meet official requirements, whether through:
– A Registered Lease: A minimum 12-month rental contract, officially registered with the Monaco Tax Services.
– Property Ownership: A notarized deed of ownership or a certificate of shares in a Monégasque real estate company.
– Free Accommodation: A certificate of free housing provided by a close relative who is already a resident.
2. Proof of Financial Self-Sufficiency: You must prove that you can support yourself and your family without being a burden on the state. We coordinate the necessary proof based on your situation:
– Bank Attestation: A formal letter from a Monegasque bank confirming a sufficient deposit.
– Employment: A valid Monegasque work contract.
– Business Ownership: Evidence of managing or owning a local company.
– Third-Party Support: A formal pledge of financial support from a spouse or partner.
3. Proof of Good Character: A clean criminal record (or equivalent) is required from your country of origin and any country where you have resided for the past five years. We guide you through the process of obtaining these documents and ensuring they are correctly apostilled and translated.
The EBC Monaco Residency Roadmap
1. Strategic Introductions & Foundations: Before a file can be submitted, the foundations of residency must be laid. We act as your local liaison to ensure these are handled efficiently:
– Banking: We provide personal introductions to local private banks that align with your financial profile. We support you through the “Know Your Customer” (KYC) process and facilitate the issuance of the mandatory bank attestation.
– Property: We coordinate with our network of trusted local estate agents to help you identify suitable properties to rent or buy. We ensure that any lease or deed meets the specific “minimum size” requirements set by the Sûreté Publique for your household.
2. File Preparation: We compile and meticulously review every element of your file—from birth certificates and apostilles to the final lease and bank letters—ensuring absolute accuracy and compliance before submission.
3. Submission & The Official Interview: We manage the scheduling and filing of your application. We also provide guidance on what to expect during your mandatory residency interview with the Sûreté Publique , ensuring you are prepared to discuss your professional and personal links to the Principality.
4. Biometrics & Issuance: After the administrative review, we coordinate your final appointment for biometric capture. Your first Carte de Séjour (Temporary) is typically issued within 6–10 weeks of your interview.
FAQ
How many days must I spend in Monaco to maintain my residency?
To maintain a valid Carte de Séjour , you are generally expected to reside in the Principality for at least three months per year. However, if your goal is to obtain a Certificate of Domicile for tax purposes, the requirement is typically a physical presence of at least 183 days per year . EBC can provide guidance on how these requirements apply to your specific situation.
Is there a minimum amount required for the bank deposit?
Monaco does not set a single “official” figure in the law, but the bank must attest that you have “sufficient means” to live in the Principality. In practice, most Monegasque banks require a minimum deposit starting at €500,000 , though this can vary significantly depending on the bank and your overall profile. Through our strategic introductions, we help you find the banking partner best suited to your needs.
Can my children obtain a residency card?
Children under the age of 16 are not issued a standard Carte de Séjour . Instead, they are issued a Travel Document ( Document de Circulation ). This allows them to reside in Monaco and travel within the Schengen area under their parent’s; residency status. Once they turn 16, they can apply for their own residency permit.
How long does the entire process take?
Once your file is complete and your interview with the Sûreté Publique has taken place, it typically takes between 6 and 10 weeks for the card to be issued. The preparation phase (gathering documents, opening the bank account, and finding a property) varies depending on the client’s pace.
Ready to start your relocation to Monaco?
EBC Monaco simplifies the administrative process and guides you through every step, from document preparation to settling in Monaco.