Applicants must prove they have sufficient funds to reside in Monaco without needing to work. The most common means of proving sufficient funds is through depositing funds in a Monaco bank and obtaining a letter of evidence from that bank.
Note, there is no mandatory minimum deposit amount set by the Government, whether the amount will be judged sufficient depends on the Monaco bank providing the reference. The average deposit amount, however, is around €500,000 (but can be substantially more)
The residency process in Monaco can be broken down into the following steps:
Who is eligible to apply?
EU and non-EU citizens over the age of 16, of good character, with accommodation in Monaco, and sufficient funds deposited in a Monaco bank.
Which family members can I include in my application?
For residence in Monaco, investors can include the following family members in an application:
Is there a physical presence requirement?
To maintain the temporary residence card, applicants are required to live in Monaco for three months per year. To maintain the ordinary residence card, applicants must also reside in Monaco for three months per year. To maintain the privileged residence card, applicants must reside in Monaco for at least 183 days per year.
How long does the application take to process?
For the temporary residence card, application processing differs according to an applicant’s country of citizenship. The processing time for EU citizens is substantially less as there is no need to apply for a long-stay visa, which can take up to three months to be issued. From the date of the interview with the Immigration Police, EU citizens are expected to be around eight weeks. After waiting approximately three months for a long-stay visa, from the date of the interview, non-EU citizens are expected to wait another two to four weeks.
What is the duration of the residence permit?
The temporary residence card is initially valid for 12 months and can be renewed for another two 12-month periods. After the third year of residence in Monaco, applicants can then apply for an ordinary residence card, giving them permission to reside in Monaco for three years. This card can be renewed for subsequent three-year periods. After nine years of residence in Monaco, an application for a privileged residence card can be submitted. The privileged residence card is valid for a period of 10 years.
Are citizens from certain countries barred from applying?
No banned nationalities are specified.
Is this programme for me?
The following persons may be a good fit for the programme: