Since the Principality of Monaco fits very harmoniously in the territory of the French Riviera, many of our clients, owners or buyers of real estate on the French Riviera, become residents of Monaco.
It's all about tax policy. In France, it is more advisable to enjoy quality of life there, and own a beautiful villa with a sea view, but to remain as a non tax-resident.
If you are a tax-resident in France, then you pay income tax on all your income in different countries. As a resident of Monaco, you are exempt from taxation on your personal income in other countries.
To become a Monaco resident, you don’t need to buy real estate in Monaco, or have any investment funds there. It is sufficient to rent housing that matches the number of people in your household and your income level.
If you are an oil tycoon with 3 children and have rented a cheap studio, then your residence permit is likely to be refused.
Monaco residence registration procedure
You can apply for a special long-term visa for Monaco at the French consulate in your country or directly in Monaco.
Documents for applying for a visa in order to obtain a residence permit in Monaco
- Copy of international passport (must be valid for at least another 15 months).
- Birth certificate with legalised translation
- Police clearance certificate with legalised translation (must be issued no more than 1 month before).
- A signed letter confirming that you have no previous criminal record.
- A covering letter detailing your reasons for wanting to live in Monaco.
- A letter from a bank in Monaco confirming your income, which allows you to reside in Monaco.
- A personal letter confirming that you will submit the above documents for a resident card within 3 months of your arrival in Monaco (the duration of your visa).
- 4 photos 35X45
- Completed application form
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