A safe haven for successful people
Monaco has the world's second-highest GDP nominal per capita at US$153,177. According to the CIA World Factbook, Monaco has the world's lowest poverty rate and the highest number of millionaires and billionaires per capita in the world.
It has been governed under a constitutional monarchy since 1911, with the Sovereign Prince of Monaco as head of state. The executive branch consists of a Minister of State as the head of government, who presides over a five-member Council of Government.
Since 1870, Monaco has not levied a personal income tax on its residents. Considering the location of Monaco, which is easily accessible by plane, boat or train, it is very common for residents to work and even live in other countries in Europe. Residents do not pay capital gains taxes and the government does not levy net wealth taxes.
Monte-Carlo, its major district, is home to an elegant belle-époque casino and the ornate Salle Garnier opera house. The marina is home to the world’s largest and most luxurious superyachts. Residents enjoy a standard of living which is amongst the highest in the world.
Monaco Residence Permit Requirements
The applicant must have appropriate accommodation available in the Principality, and either be employed in Monaco or obtain an attestation from a Monaco bank that they have adequate funds to support themselves without working. This typically means having over €1 million in a bank in Monaco.
Applicants must be at least 16 years of age.
Background checks on the reputation of the individual are undertaken by the authorities, and evidence of a non-criminal record must be obtained.
To view the official government website for this programme, please click here.
Monaco Residence Permit Application Process
- Month 1
Submit Residence Permit application
- Month 2
Attend appointment with Residents Section
- Month 2-4
Residence Permit approved
Eric G. Major
"I've spent the past 25 years helping private clients to successfully relocate around the world. A second residency or citizenship can seem like a big undertaking, but we'll be by your side to provide the guidance and support to make the journey enjoyable and stress-free."