Monaco

Monaco Residence Program

Monaco is an attractive place of residence for high-net-worth individuals. The principality is an independent sovereign state and a full member of the UN. French is the official language, while Italian and English are widely spoken. There is a customs and monetary union with France and French VAT applies. One of the main attractions is that there is no income tax for nationals and foreign residents.

Monaco Residency

Applicants are expected to deposit a minimum of €500,000 in a bank account for residency in Monaco. A residency visa application typically takes around three months. There are various compliance and due diligence tests. Applicants will need to prove accommodation by way of a lease or purchase agreement and proof of sufficient funds to live in Monaco (this can be a letter from a bank in Monaco, proof of employment in Monaco, or the setting up of a business in the country).

Monaco Citizenship

Acquisition of citizenship is extremely difficult in Monaco as one must have resided continuously in the country for at least 10 years as an adult over the age of 21 before qualifying. Furthermore, an official letter must be submitted to the prince to renounce any sovereign nationality, and the applicant is not permitted to perform national service abroad.

Residency and Citizenship in Monaco FAQ

Is there a Monaco Citizenship by Investment program?

No. You can apply for citizenship in Monaco after 10 years of residency. However, there is no direct citizenship by investment program. Note that Monaco does not allow dual citizenship so anyone acquiring citizenship in Monaco will need to renounce their citizenship elsewhere. Clients seeking citizenship through investment in Europe within a shorter period and in countries allowing dual citizenship are advised to consider the programs in either Malta or Portugal.

What tax rates apply in Monaco?

Monaco is often considered a low-tax jurisdiction or a tax haven due to its favourable tax policies for individuals. Monaco has a very low income tax rate (less than 1%) and does not impose wealth or inheritance taxes. However, it’s worth noting that there are conditions and restrictions for obtaining residency and taking advantage of these tax benefits.