Monaco: residency, citizenship, tax and living

You can become a resident of Monaco by meeting the country’s residency requirements and submitting an application. Monaco doesn’t have a residency by investment program; instead, you’ll have to demonstrate economic self-sufficiency or support from someone in Monaco, show good character, and arrange for accommodation in the country to be eligible.

Monaco doesn’t prescribe a hard number for meeting the country’s self-sufficiency requirements for residency. In practice, to demonstrate sufficient funds to provide for yourself, you should be prepared to transfer at least EUR 500,000 as a deposit with a local bank. If you plan to start a business, EUR 15,000 is the minimum amount for establishing a SARL.

No. Monaco has a long tradition of avoiding most direct taxation on individuals, which includes income tax, wealth tax, and property tax. The exceptions are French nationals who live in Monaco, who are liable for income taxation as regulated by the 1963 Bilateral Convention between the two countries. Businesses are liable for a business profit tax if they generate more than 25% of their turnover abroad.

It’s possible to become a citizen of Monaco, but the process is highly discretionary. Pathways include citizenship by declaration, available to people married to a Monégasque citizen for 20 years (10 years if married before July 1, 2022) and citizenship by naturalisation, which requires 10 years of residence in the country. Monaco does not recognise dual citizenship, so renouncing existing citizenships is a requirement.