17th November 2017
Moving to Monaco can be a very attractive idea. After all, it benefits from the kind of pleasing sunshine and climate typical of the French Riviera, where the principality is located. Also, the city-state does not impose an income tax on its residents, as The Good Life France points out. However, relocating to Monaco can be much easier said than done. Here is a rundown of many of the things that you will need before you can even consider making the move.
Monaco has a glamorous image and very high property prices that have probably led you to think that the country must be expensive to move to. However, when you look closer at the possibilities and the figures, it could dawn on you that this isn’t entirely the case. It is true that gaining Monaco residency would require you to purchase or rent a property in the principality. However, the hurdle that you would have to jump to do either is surprisingly forgiving.
This is large because of Andorra, another European principality which competes with Monaco for tax exiles, eased its residency requirements in 2012. As a result, to gain Andorra citizenship, you now need to invest at least €100,000 in government bonds, purchase an Andorra property of the same value, or do a combination of both, as The Telegraph explains.
Monaco insists that applicants for residency demonstrate that they will be able to financially support themselves. The proof you need here is a certificate that is issued by a Monaco bank and shows that you have made a deposit of a particular amount. What exactly that amount is will depend on the bank; however, it could be as little as €100,000 or more than €2 million. One of Monaco’s major banks, Societe Generale, can produce that certificate if you deposit just €100,000.
if you want to trim the costs of Monaco residency where you can, you should avoid being too picky about the type of accommodation you opt for. You might be happy with just a one-bedroom apartment – which, in Monaco, could cost you only €180,000 over five years. There would also be that €100,000 deposit to make with the bank; however, overall, you could still be looking at a cost of just €280,000 to become a resident of Monaco.
There remain, however, various other things that you will need for securing that residency. Those include documents among which will be an official Residency Application form that you have filled in, your birth certificate in a copy that is under three months old, and a completed security check document, which also has to be less than three months old.
Here at Monaco Relocation Services, we can help you to navigate the potentially tricky journey towards starting a new life in Monaco. Our website includes many more details about the Monaco citizenship requirements and how to demonstrate that you satisfy them.