30th January 2018
Monaco is tempting for countless reasons, its climate, lifestyle, and beaches. People visit Monaco for its scenery, food and to experience the marina full of yachts, but if you are thinking of relocating to this fascinating independent city-state, then follow our guide for some insider tips.
In order to apply for residency in Monaco, you need to submit an application and have an interview with local police. While there is no charge for the application, there are a number of steps to the application that do require certain funds. First, you will need to demonstrate you are wealthy enough to support yourself without employment unless you already have a valid work contract. To do so, you need to open up a bank account with enough funds in it. You also need to rent a property in Monaco for a minimum of 12 months and present a valid contract.
In the application, you need to prove a number of things and present certain documents including your birth certificate, your passport, your marriage certificate (where applicable) and your health certificate (if you are over the age of 70). You also need to complete a security check before being interviewed by local police.
Normally the application will take eight weeks to be approved. There are three type of Monaco Residency cards: the Temporaire card, which is valid for the first 12 months, the Ordinaire, which follows three consecutive Temporaire cards and is valid for three years and renewable three times, and the Privilege card, which follows the other two cards and is valid for ten years.
Deciding exactly where to live when you move anywhere is always a difficult decision. The prime residential real estate market is in Monte Carlo, which is famous for its casino, however, if you head east or west of here, the prices will drop by around 10-15%.
Carré d’Or is the heart of Monaco and perfect for those wanting to be right in the centre. Alternatively, the Jardin Exotique is situated on the hills that separate Monaco and France, and from here you will experience breathtaking panoramic views. The Larvotto, the vibrant beachfront, or Monaco Ville, the old town are also much sought after areas. There’s really is something to suit everyone in Monaco.
Much of the available property in Monaco is apartments, including everything from small studios to luxury penthouses, and only a small amount of the properties are villas or houses. The apartments overlooking the harbour or the Formula 1 circuit are the most sought after and the most expensive. The luxury villas and townhouses are also some of the most expensive property in Monaco.
There you have it, our guide to moving to Monaco. For more information and guidance for your move, please don’t hesitate to get in touch with Monaco Relocation Services today.