To settle in Monaco
Any foreign person over the age of 16 who wishes to reside in Monaco - more than 3 months per year - must apply for a residence permit issued by the Monegasque authorities, pursuant to the Franco-Monegasque Neighborhood Convention of 18 May 1963 and Ordinance n. 3.153 of 19/03/1964 concerning the conditions of entry and residence of foreigners in the Principality
Become a resident of Monaco
The main requirements for becoming a resident of Monaco are:
- Rent or acquire a property in Monaco,
- Justify a good character by providing an extract of criminal record or equivalent issued by the country of origin, and
- Open a bank account with a private bank in Monaco.
The applicant is free to acquire or rent real estate. In the case of a rental, its duration must be at least 12 months to obtain the residence card. The size of the property must match the need of the home. A copy of the contract of acquisition (notarized title deed) or lease (which must be registered with the Monegasque Directorate of Tax Services), and an electricity bill must be provided as part of the application procedure.
The following documents must be provided:
- A valid passport (as well as for children under 16, if applicable), including a long-stay visa if necessary;
- A birth certificate;
- A certificate of marriage or divorce (if applicable);
- A certificate of good conduct (criminal record) issued by the authorities of your former jurisdiction; this document must cover the last five years of your old place of residence. If you have not lived there for five years, you must obtain a similar certificate issued by the competent court of your previous residence;
- Your CV and general information about you, including your sources of income;
- A valid health insurance card in the Principality of Monaco;
- A completed copy of the official application form.
In all cases, you must present the originals of all the requested documents, in French, English or Italian. This usually involves the translation of documents by a qualified translator.
You must deposit, in an account opened with a local private bank, a sufficient amount of money (minimum 500.000 €) to prove that you are able to meet your financial needs. This private bank will issue a letter of reference that you can present to the authorities.
The main wealth management banks are present in Monaco. More than 35 banks and subsidiaries of foreign banks are located in Monaco. Monegasque banks' private banking services are efficient and accustomed to managing large portfolios as part of their wealth management services.