Monaco Residency Permit (Carte de Séjour)

Overview:
Monaco does not offer a direct citizenship-by-investment program. However, it grants a prestigious long-term Residency Permit (Carte de Séjour), which, over time, may lead to naturalization.

Processing Time:
The initial residency permit application process typically takes 2 to 5 months. The first card is valid for 1 year and is renewed annually. After three annual renewals, a 3-year permit can be issued. Following 10 years of continuous residence, a privileged 10-year permit becomes available.

Pathway to Citizenship:
Naturalization is possible after 10 years of continuous, legal residence. The applicant must demonstrate integration into the Principality and respect for its laws; the final decision is at the discretion of the Sovereign Prince of Monaco.
Monaco does not recognize dual citizenship; new citizens are generally required to renounce their previous nationality.

Eligible Family Members:
Spouse and dependents may obtain residency alongside the main applicant, subject to proof of financial means and adequate housing.

Key Benefits:

• High level of safety, developed infrastructure, and quality healthcare.
• No personal income tax, no inheritance tax, and no wealth tax. Taxes apply primarily to companies conducting business outside the Principality.

Physical Presence Requirement:
Authorities expect a resident to spend a minimum of 90 days per year in Monaco and be able to substantiate their residence (via utility bills, payment records, etc.). Prolonged absence may lead to non-renewal of the permit.
Financial & Investment Requirements:
Applicants must demonstrate financial self-sufficiency. Common requirements include:

• A substantial bank deposit in a Monaco-based bank (commonly starting from €500,000).
• A lease or property purchase: Monthly rent typically starts from €3,000–5,000; property purchase prices are significantly higher.
• Additional documents: police clearance certificate, comprehensive health insurance, a signed personal statement, and proof of the legal origin of funds.

Taxation:
Residents do not pay personal income tax or wealth tax. VAT and corporate tax are applied only in limited, specific cases.

Important Note:
Naturalization is a discretionary sovereign decision. Many foreign nationals choose to remain permanent residents indefinitely to retain their original passport rather than seek Monegasque citizenship.