How to become a resident, and then a citizen of Monaco
- Visa issues
- Police, cameras and a minimum of ATMs
- Resident Card + 3 months in Monaco
- Long-term resident card = 6 months in Monaco
- According to the statement
- By naturalization
- By blood (Jus Sanguinis)
- Why are Monaco citizenship so attractive?
- Who can not use the tax laws of Monaco ...
- Bank accounts in Monaco
Beaches, Ferrari, casinos, diamonds, helicopters, yachts, Formula 1, Cote d'Azur , no crime, no taxes. Great!
As the French say: " Pour vivre heureux , vivons cach é ", or "If you want to live happily, live secretly."
Bonjour from one of the coolest places on earth. A corner of Europe where billionaires live, the tiny principality of Monaco is a great place to rest, the best place to live, according to 8000 happy Monegasques - one of the few countries where there is no tax on personal income.
As a resident of Monaco, you are not obliged to spend all your time exclusively within the meager borders of a small state, but you have to prove that you were in the country for some time. It is possible (hypothetically, of course) to install in your apartment electronics running on a timer so that home appliances periodically show your presence. Or you can simply rent your property in Monaco - this will create the appearance of your presence, while you yourself can be in a neighboring country, since the lack of passport control in the Schengen zone contributes to the possibility of "dissolving" in Europe.
Monaco is a completely open country, and if a few years ago it was necessary to stamp a visa and pay for it, you can now just walk into Monaco without a visa, of course, provided you have a Schengen or you are a happy passport holder of one of the European countries.
Police, cameras and a minimum of ATMs
The police in Monaco - everywhere, on every corner, and where there is no policeman, there is a security camera (no doubt, with a policeman standing behind it). The police here issue fines, and it is often possible to see that a law enforcement representative collects rubbish on the pavement and culturally places it in an urn.
Residents of megacities coming to rest in Monaco feel an easy fit of claustrophobia - the country is so small that, for example, finding an ATM that exchanges Russian rubles or Turkish liras can literally be at the other end of the state (that is, within a square kilometer radius). In order to withdraw money, you will have to order a taxi. This is perhaps a rather tough reminder that Monaco is not the most modern European country.
Monaco seems to be a place where people try to get the most for their money by buying cars, luxury yachts and expensive real estate. It does not seem that the locals seek to change the world, inventing something new and introducing innovations; at best, they are taking steps to increase their own wealth.
Of course, there is nothing wrong with striving to live well, but it seems that in Monaco the highest priority is given to money: to preserve and increase capital, invest it in standing projects and find optimal investment opportunities, and at the same time do not invent anything new.
Despite the shift of values in life towards material enrichment, Monaco remains the epicenter of business life, cultural events, sports and is still a magnet for the rich and famous representatives of show business, politics and sports. So, how to get a residence permit in Monaco, and what documents for this provide:
- a valid passport;
- birth certificate;
- marriage / divorce certificates (if any);
- a certificate of no criminal record over the past five years at the last place of residence;
- diplomas of education / confirmation of professional experience and a certificate of income. All documents must be translated into French ;
- a lease of real estate in Monaco for a period of at least one year or certificate of ownership of local housing;
- contract for the supply of electricity to the rented apartment / own housing;
- make a health insurance policy valid in Monaco;
- Fill out an application for accommodation in the form of the Public Security Service ( Surete Publique ).
Resident Card + 3 months in Monaco
Resident status requires the applicant to spend at least three months in Monaco during the year. Keep in mind that all this time the applicant is subject to the tax laws of the country of his citizenship.
Long-term resident card = 6 months in Monaco
The three-month rule applies if the claimant did not receive a carte de s ê jour privilegie and did not become a resident of Monaco. In this case, the applicant must prove that he spends at least six months a year in Monaco.
In Monaco, there are three types of residence permit.
- “ Carte de sejour temporaire ” is the lowest level card, which is good only for one year. Yes, this document gives you the legal right to life in Monaco , but after you have to renew it properly, and also prove that you were in the territory of the Principality for the minimum necessary period of time.
- After two renewals of the first level card, you can receive the “ carte de sejour ordinaire ”. This document is already much more impressive, and is suitable for those who plan to stay in the country for more than a year.
- “ Carte de sê jour privilegie ” is the highest level of a residence permit, which requires to spend half a year in the country. Today in Monaco there are about 30,000 people possessing this document. They also say that in order to obtain it, it is necessary to own two of three languages: French, and also Italian or English, but this information is not confirmed at the official level.
Before you begin to study information on obtaining citizenship, you need to know that dual citizenship is strictly prohibited and is not recognized by the Principality of Monaco, so you will have to renounce the existing citizenship of your country.
According to the statement
Upon reaching the age of 18, a person born in Monaco from parents also born in Monaco, or from someone whose ancestors on the main line were Monegasques, but refused to citizenship of Monaco, can make an application for citizenship. At the same time, it is necessary to submit evidence that the Principality was the applicant's legal or actual residence in childhood.
To obtain a Monaco passport through naturalization, you will need to meet the following criteria and send an official request:
- renounce any foreign citizenship and not work in the public service of another country;
- at the time of filing of the application to continuously live in Monaco for the last 10 years (starting from the age of 18).
While the ten-year period is the minimum for filing an application, current legislation provides for specific provisions that allow the Prince or the ruling Prince to make an exception and grant citizenship if His Grace considers that the applicant is “worthy of this honor.”
By blood (Jus Sanguinis)
Monaco citizenship is automatically granted to a child under 18 years of age if his father or mother obtained citizenship through naturalization, or if his mother of any other nationality outlived her late husband, a citizen of Monaco.
Why are Monaco citizenship so attractive?
Are you a foreigner? Come here and live a few years, spend less than 90 days during the year in your home country and can be exempt from capital gains tax.
Besides the fact that this is a glamorous place with warm beaches, excellent gastronomy and a power public, there are no restrictions for foreigners opening a bank account or wanting to buy property in Monaco .
It is worth remembering that in the direct taxation of the country there are a number of exceptions:
- any companies that work and receive income from patents and rights to literary or artistic works are taxed at 33.33% of the profits;
- any companies earning more than 25% of their turnover outside the Principality, and companies whose activity is to generate income abroad, are also forced to pay taxes.
Keep in mind that none of the points can not be considered professional advice. As always, consult a tax advisor before taking drastic steps.
Who can not use the tax laws of Monaco ...
Monaco provides and will continue to provide preferential taxation. Thus, residents will be able to reduce the taxable base in other countries to a minimum.
Probably worth clarifying ...
If you live in a country whose law involves paying taxes on income earned in any part of the planet, then a residence permit in Monaco can help in your tax situation. Therefore, it is likely that US citizens are not likely to get any benefit from the tax perspective of the Principality. They will need to renounce their citizenship to eliminate the tax burden, but even then there are laws requiring declaration and further taxation.
In addition, French citizens who cannot prove that they lived in the Principality for 5 years until October 31, 1962, are subject to income tax, even if they permanently live in Monaco. Eritrea and the Philippines are two more countries (except the US) whose citizens are required to pay taxes around the world.
Bank accounts in Monaco
At the moment, about 60 billion euros are stored in banks in Monaco, 70% of which are owned by non-residents.
Since 2014, one of the requirements of residency is to have a bank deposit in the minimum amount of 1 million euros.
If you want to open a business, request a residence permit or wish to clarify how to obtain citizenship of Monaco , you can contact the department of "international procedures" of the Chamber of Economic Development CDE
Address: 2 rue de la Leta
MC 98000 Monaco
Phone: +377 97 98 68 68
As stated earlier, you also need to make a deposit with a local banking institution. Size varies depending on the status you are applying for.
Given the required size of the deposit, as well as the price of real estate in Monaco and the cost of living in the Principality, we can conclude that Monaco is not the budget option. However, depending on your tax situation, legal residence in Monaco can save you millions.Why are Monaco citizenship so attractive?
Are you a foreigner?