Monaco Residency Requirements: What Does It Take To Be a Resident of Europe’s Tax Haven

Monaco is a popular destination for high-net-worth individuals who want to combine the pleasures of the luxurious French Riviera lifestyle, the benefits of a largely tax-free jurisdiction, and the convenience of living within easy reach of major European cities. 

To enjoy all that Monaco has to offer as a resident, you will have to meet financial and administrative requirements that make Monaco’s residency among the most exclusive ones in the world.

In this article, we’ll examine the Monaco residency requirements to help you determine whether the country is a viable destination for your second residency. You’ll also learn about the:

• Benefits of becoming a resident of Monaco
• Types of residency permits you can get
• Process of becoming a resident in the country
• Prospects of obtaining citizenship in Monaco

Monaco Residency Benefits: Why Become a Resident of Monaco?

Monaco owes much of its appeal to its highly tax-efficient regulatory landscape. The country imposes no taxes on:

• Personal income
• Wealth and property
• Capital gains
• Gifts or inheritance with a foreign situs

As an individual, you can be liable for taxes on gifts and inheritance located in the country. These rules don’t apply to French citizens, whose tax liability is determined by a convention between the two countries.

If you plan to open a company in Monaco, it will be subject to corporate taxes if it makes 25% or more of its income from foreign sources. 

To become a tax resident of Monaco, you must spend at least 183 days in the country during a year. Without a residence permit, you can stay in Monaco for up to three months a year, making the permit necessary if you plan to move to the country to benefit from its tax system. 

In addition to its tax policies, Monaco is an attractive country to settle in for the following reasons: 

• It’s one of the safest countries in the world, with a significant police presence and an extensive network of security cameras
• It has a well-developed healthcare system serviced by the Centre Hospitalier Princesse Grace public hospital and a number of private hospitals and clinics
• As a resident of Monaco, it offers you the freedom to travel within the Schengen Area without a visa
• It is well-connected with the rest of Europe and the major nearby transport hubs, such as the Nice airport, making it a good base of operations for Europe and North Africa

Monaco Residency Requirements

Monaco doesn’t have a Golden Visa program. If you want to become a resident of the principality, you will have to be older than 16 and meet the three main Monaco residence permit requirements: 

1. Accommodation in the country 
2. Ability to support yourself financially 
3. Good character and no criminal record

1. Accommodation in the Country

If you want to become a resident of Monaco, you will have to prove that you have accommodation there. The regulations recognize several possible arrangements for meeting this requirement: 

• You can own a house or an apartment in the country
• You can rent a house or an apartment
• You can be a director or a unit holder in a company that owns suitable property in the country
• You can stay with a spouse, partner, or close relative

You should note that Monaco has one of the most expensive real estate markets in the world.

The average price per square meter is around EUR 57,500 (USD 6,200/sqft) if you’re looking to purchase. The average rental is priced at EUR 125 per square meter (USD 13.5/sqft) per month, with the market showing a 9.1% growth in average rental prices in 2025.

2. Ability To Support Yourself Financially 

When applying for Monaco residency, you will also be required to provide evidence that you have sufficient funds to support yourself while in the country. You can do so by: 

• Showing that you have a sufficient salary or other type of professional income
• Demonstrating sufficient savings in a bank in Monaco
• Being supported by a spouse, partner, or relative in the country

As Monaco has a high cost of living, you should also expect the required funds to be significant. For example, if you choose to meet this residency requirement by showing sufficient savings, you will need to deposit EUR 500,000 (USD 580,000) into a local bank account. 

3. Good Character and No Criminal Record

To meet the good character requirement for a Monaco residence permit, you must show that you don’t have a criminal record. 

You can do so by providing the appropriate document issued by the police authorities from the last country in which you resided in the five years preceding your application. The document cannot be older than three months at the time of applying for residence in Monaco.

Monaco Residence Permit Types and Duration

You can be issued four types of residence permits in Monaco: 

1. Temporary residence permit (carte de séjours temporaire), which is valid for a year
2. Ordinary residence permit (carte de séjours ordinaire), which is valid for three years
3. Privilege residence permit (carte de séjours privilégié), which is valid for 10 years
4. Residence permit for the spouse of a Monégasque national, which is valid for five years

You can be issued a temporary residence permit without previously being a resident of Monaco. For the remaining residence permit types, however, you will have to satisfy the following criteria: 

Type of Permit	Previous Residency Requirement
Ordinary residence permit	3 years
Privilege residence permit	10 years
Spouse of a Monégasque national permit	1 year

How To Apply for a Monaco Residence Permit

The Monaco residence permit application process is partially administered by French consular offices. If you’re a citizen of a European Economic Area country or Switzerland, the application process will be slightly less complicated, but you will still have to apply for a residence permit to settle in the country. 

Here’s how to apply for a residence permit in Monaco: 

1. Secure accommodation and funds
2. Gather the necessary documents
3. Apply for a long-stay visa
4. Submit your residence application

Secure Accommodation and Funds

Before applying for a residency permit in Monaco, you must ensure that you meet the residency requirements. Besides arranging for accommodation in the country, you should also make sure you can demonstrate that you meet the financial requirements and have a valid reason for requesting a longer stay. 

You can do this by:

• Finding employment in Monaco
• Opening a company in the country
• Transferring the requested funds to a Monégasque bank
• Securing support from a spouse, partner, or relative

Whichever pathway you choose, you should also open a bank account in the country before proceeding with the application process. 

Gather the Necessary Documents

The general documents you will have to prepare before applying for a long-stay visa or a Monaco residence permit include:

• Your passport
• A recent passport-sized color photograph of yourself
• A birth and marriage/divorce certificate
• A CV stating the reasons for wishing to settle in Monaco and the origins of your funds
• A criminal record certificate

The supporting documents you should submit to prove you have accommodation in Monaco depend on the type: 

Type of Accommodation	Supporting Documents
Property owned by yourself or a company	Notarized property deed, and the company’s articles of association and proof of shares held, if applicable
Real estate you rent	Registered tenancy agreement
Spouse’s, partner’s, or relative’s real estate	Certificate of free accommodation, and their rental agreement or property deed

The supporting documents for sufficient funds will also depend on how you plan to satisfy the requirements: 

Source of Funds	Supporting Documents
Self-employment or a managing position in a company	Relevant Trade and Industry Directory entry or a Kbis registration entry for businesses in France
A business opened in Monaco	A confirmation of your business application’s admissibility from the Business Development Agency
Employment in Monaco	A certificate authorizing employment in Monaco or another proof of employment
Retirement	Documents proving you have a pension
Support from a spouse, partner, or relative	A declaration of financial support and documents proving that the person who supports you has sufficient funds
Other cases	A bank certificate showing sufficient funds

Apply for a Long-Stay Visa

If you’re not a citizen of an EEA country or Switzerland, you will be required to apply for a long-stay (type D) visa before applying for residence in Monaco. 

You can submit the application to the French consular office nearest to your place of residence. The application form is available online on the France-Visas website and must be printed and signed before submission. 

The documents you will need at the time of application include all those required when applying for residence in Monaco. 

Submit Your Application

Monaco offers you two options for submitting your residency application: online and offline. 

If you want to submit the application, make sure you have all of your supporting documents in a digital form. When you’re ready, you can proceed to apply via Monaco’s specialized portal.

To apply for residence offline, you will need to obtain an application form from Monaco’s Residency Section or online, complete it, and submit it along with your supporting documents. Applications can be submitted in person to the Residency Section or via registered mail.

Can Residency Lead to Citizenship in Monaco?

It is possible to become a citizen of Monaco as a long-term resident. However, citizenship is treated more as a privilege you might be granted under certain conditions than a right you acquire through residency. 

Ordinarily, Monaco admits individuals into citizenship in two cases: 

1. They’ve been born to Monégasque parents
2. They’ve been married to a Monégasque citizen for at least 20 years

If you don’t meet either of the two criteria, but you’ve been a resident of the country for at least 10 years, you can still apply for citizenship. 

The process is highly discretionary, with the final decision resting solely with the country’s Sovereign Prince. The criteria that will be used to examine your citizenship application include:

• Your familial ties within the country
• Your integration into the economic, societal, and cultural life in the country
• Your worthiness of being granted citizenship

During the process, France will also be consulted regarding your possible citizenship. The two additional criteria you have to meet to become an official citizen are:

1. You have to be exempt from military service in your home country
2. You have to renounce your original citizenship

Whether your plan includes obtaining citizenship or remaining a resident of Monaco, you should think carefully before adding Monaco to your global wealth strategy. With many of the country’s benefits easily offset by the high costs of living and property, residency in the country isn’t suitable for every situation. 

For assistance with determining whether acquiring citizenship in Monaco fits your circumstances, contact Nomad Capitalist.

Obtain a Monaco Residence Permit With Nomad Capitalist

Nomad Capitalist is an advisory firm that focuses on global mobility and wealth preservation. We’ve helped more than 1,500 clients obtain second residency, legally reduce their tax burden, and make strategic investments abroad to achieve greater financial freedom and build a global life.

Our flagship service is the Action Plan, a step-by-step blueprint for reaching your financial and lifestyle goals. When developing a Plan, we will take into account your situation and desires to create a realistic strategy that aligns with your needs, capabilities, and projected timeline. 

Here’s what partnering with Nomad Capitalist looks like:

1. We ask you to fill out a form to help us determine whether we’re a good match
2. We schedule a 45-minute onboarding meeting to learn more about your circumstances and goals
3. Our agents create an Action Plan and present it to you for approval
4. We administer the Plan over a 12-month period
5. You continue receiving support even after the Plan was implemented

Nomad Capitalist can help you determine whether a residency in Monaco is the best option for your financial or global mobility strategy. If so, we will help you obtain it and provide critical support throughout the process.