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The Complete Guide to Monaco’s Golden Visa (Residency by Investment)

Monaco is a small but wealthy country on the French Riviera, known for its glamorous lifestyle, tax benefits, and high quality of life. Many people dream of living in this exclusive and prestigious location, but how can they achieve it? One of the ways is through the Monaco residency by investment program, which offers a fast and flexible path to obtaining a residence permit in the principality. This program allows foreigners to become residents by making a significant investment in the country.

By becoming a resident of Monaco, you can enjoy many advantages, such as visa-free travel within the EU Schengen area; no income, wealth, or capital gains tax; a secure and attractive environment; and access to excellent education, health, and cultural facilities.

In this post, MonacoAdvisers will share with you some tips and the most important elements of the Monaco residence by investment. If you are looking for a way to enhance your lifestyle, diversify your portfolio, and secure your future, the Monaco residency by investment program might be the perfect solution for you. Continue reading to understand how you can achieve it.

Residence in Monaco by investment requirements

The current regulations in Monaco do not grant residence permits for the mere fact of conducting a local investment in Monaco, like real estate and business investments. Hence, a direct investment of any type in Monaco should not directly ensure the applicant successfully gets a residence permit. Although, as we address below, a local investment may indirectly help in the process of getting a residency in Monaco.

Any residence applicant must prove he or she has sufficient financial means to live in Monaco. The options are:

  • Applicant opens a bank deposit in Monaco. Generally, €500,000 is required by local banks.
  • Applicant is an employee or a self-employed carrying out his or her activity in Monaco.
  • The applicant is an (executive) director of a company operating in Monaco. For instance, a Monaco company incorporated and operated by the applicant. Monaco offers different legal structures for companies, making Monaco attractive for a wide range of activities and wealth management.
  • The applicant is a retired person with sufficient pension income and savings.
  • The applicant is financially supported by a third person in Monaco, including parent and other relatives, spouse, or the person with whom the applicant lives as a couple.

Hence, based on the current means to prove the existence of sufficient financial support, executing an investment into real estate in Monaco or establishing a business in Monaco through a local company may be a gateway to getting recurrent income and supporting the existence of said sufficient financial means to live in Monaco as, for instance, a director of a Monaco company or a self-employed individual running economic activities or investments locally.

If you are considering investing in or operating real estate in Monaco, you should know that prices start from €500,000 and upwards. The real estate market in Monaco remains the most expensive in the world. The average price per square meter in the best neighborhoods varies from €50,000 to €100,000.

In addition to the high price of square meters, buying a property would also imply assuming some material costs, for instance:

  • Registration and notary fees are generally at 4.5% of the purchase price.
  • Agent’s fee is generally at 3% of the purchase price.
  • Generally, a deposit of 10% of the purchase price is paid upfront to reserve the property.
  • Lawyer fees for paperwork and due diligence may vary from 2% to 4% of the purchase price.

Please note that some of these costs (e.g., agents and lawyers) would be increased as a result of the VAT. VAT in real estate transactions is 20%.

Similarly, the Monaco rental market has experienced a bumper year in 2023. Although rental prices depend on the district, a real estate rental activity may help to secure recurrent income and, therefore, sufficient financial means to reside in Monaco. For instance, monthly rental prices go from €4,200 to €30,000 in Monte-Carlo / Carré d’Or; €2,000 to €25,000 in Larvotto / La Rousse; and €2,300 to €26,000 in Fontvieille.

On the other hand, getting a residence by investment does not require proof of minimum education or work experience.

Who would be covered under the residency by investment?

The residence permit would cover the applicant, his/her children who are financially dependent, and the spouse. The residence permit would not cover minors under the age of 16, they can apply for the so-called document de circulation pour mineur étranger.

Please note that the applicant’s ascendants would not be covered by the residency permit.

What are the benefits of becoming a resident of Monaco

Monaco offers a high quality of education standards and culture. In addition to that, Monaco offers unequaled and stable financial and economic benefits thanks to its financial robustness and strict budgetary discipline. Needless to say, the residence permit would allow its holder to work in Monaco.

Other benefits at the hands of foreigners wishing to get a residence in Monaco by investment are:

  • A safe and stable framework to set up and operate a business.
  • Free movement within the Schengen area.
  • Attractive social and tax system.
  • Strategic location by plane and car.
  • Political stability.

What are the steps to get the residence and what documents should be provided?

The application process varies depending on the nationality of the applicant:

  • If the applicant is an EU/EEE/Swiss national, the applicant can directly apply for a residence permit in Monaco. Applicants may skip applying for a long-term visa.
  • If the applicant is not an EU/EE/Swiss, the applicant must follow a more complex process. Ensuring, in the first stage, a long-term visa (type-D).

Generally, the required documents for the residence application are:

  • Application form with a photo, plus documents supporting the compliance with the investment conditions in Monaco.
  • Proof of accommodation in Monaco. Since the foreigner would be getting residency by investment, the applicant must ensure:
    • A deed to a house or apartment in Monaco supporting that the applicant is the owner; or
    • Proof supporting that the applicant is the director or shareholder of a company that owns a house or apartment in Monaco.
  • Financial self-sufficient documents supporting the fact that the applicant has sufficient financial resources. Please see above the different available options to support the financial means.
  • Other general documents like passport copy, photo, birth certificate, health check, and insurance, among others, would be required during the application process.

What is the duration of the residence permit?

There are three types of residence permits:

  • Temporary residence card, valid for 1 year and renewable twice.
  • Ordinary residence card, valid for 3 years and renewable twice.
  • Privileged card, valid for 10 years and renewable without limit.

Applicant must get and exhaust the temporary and ordinary residence permits to opt for the privileged permit.

Would a resident by investment in Monaco pay taxes there?

Becoming a resident in Monaco means that the individual would be subject to the Monaco tax rules. However, becoming a resident in Monaco does not imply paying any income and gain tax since Monaco does not have any direct tax.

MonacoAdvisers has advised and helped several foreigners moving to Monaco. Assisting them with the application for the residence permit by investment. Our presence and local contacts in Monaco make us the perfect partner to trust at the time of addressing questions related to residence permits in Monaco.

If you have any questions and would like to receive tailored advice on how to move to Monaco, you can write to us at o [email protected] or through the contact form.

Picture of Andreu Capmajó
Andreu Capmajó

Tax director

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