List of the different conditions for living in Monaco
Moving to Monaco is a dream for many people around the world. Whether for its exceptional security, its mild climate all year round, its incomparable quality of life or its advantageous tax system, the Principality attracts a demanding public. But like any prestigious destination, living there requires meeting certain specific criteria. This guide has been designed to accompany you step by step, offering you a clear vision of the legal and practical conditions to be met to become a Monegasque resident. If you want to embark on this adventure, you've come to the right place.
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First of all, it is important to understand that Monaco does not issue tourist visas or temporary permits to test life there. To officially reside, you will need to obtain a residence permit issued by the Public Security. And for this, three conditions are essential :
1. Proof of accommodation in Monaco
To be eligible for Monegasque residency, it is imperative to prove that you have accommodation located in the Principality. But this requirement is not limited to providing an address: the Monegasque authorities analyse the size, suitability and coherence of the accommodation in relation to your personal and financial situation. We offer you a selection of apartments for rent in Monaco but be careful, this one must meet your needs.
A studio can be suitable for a single person, but a couple with children will need to prove that they have an apartment with several bedrooms. In the same way, a person with a high income will not be able to claim residence by renting a maid's room: the property must be proportionate to your profile and your financial standing.
Three options are accepted:
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rent an apartment (with a lease registered with the Mortgage Office),
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buy a property in Monaco (notarial deed required),
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be accommodated free of charge (signed certificate of accommodation + supporting documents from the owner).
Among the documents to be provided: rental lease, deed of purchase, utility bills (water, electricity, internet), certificate of housing insurance, certificate of accommodation if applicable.
➡️ Our dedicated guide How to rent an apartment in Monaco explains in detail all the steps involved in finding, renting or buying a property in the Principality.
2. Have sufficient financial resources
To be allowed to reside in Monaco without a local professional activity, it is essential to demonstrate that you have the financial means to support yourself. This can be done in three ways:
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By an employment contract in Monaco (with an Average Salary in Monaco)
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By the possession of regular personal income (pensions, dividends, etc.)
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By opening a bank account in Monaco with a substantial deposit
The bank account option is one of the most frequently chosen. Indeed, many banks require a minimum to live in Monaco with often asking for an initial deposit of €500,000 minimum, sometimes more depending on the client's profile (up to €1 million or more in some private banks).
Once the account has been opened, the bank can provide you with a bank certificate letter, which is essential for your residency application. This document proves that you have sufficient and accessible resources in the Principality.
Opening an account follows strict rules:
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Complete KYC file (Know Your Customer)
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Identification documents, proof of residence and source of funds
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Interview with a bank advisor
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Variable lead times (1 to 3 weeks on average)
📝 Good to know: your bank account in Monaco will also be useful for other practical procedures such as subscribing to public services (electricity, water) or receiving your bank details for direct debits.
💡 As each institution has its own criteria, it is strongly recommended to compare several banks before choosing the one that will support you. It is for this reason that we have written an article with a list of banks in Monaco that can help you in your choice.
3. Present a clean criminal record
You will need to present an extract from the criminal record for each country in which you have resided for the last 5 years. This document must be less than three months old at the time the application is submitted. This is a fundamental criterion of acceptability.
Types of Monaco Residence Permits
In Monaco, there are several types of residence permits, each adapted to the duration of your installation and your personal situation. Here are the main cards issued:
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Temporary Resident Card (1 year): first card issued to any new resident. It is valid for one year and can be renewed twice, subject to proof of effective residence on Monegasque territory.
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Ordinary Resident Card (3 years): after three years of continuous residence in Monaco, you can apply for this card valid for three years. It is renewable twice. It offers more stability.
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Privileged Resident Card (10 years): accessible after ten years of continuous residence (1 + 1 + 1 + 3 + 3 + 3), this long-term residence card is renewable indefinitely and offers maximum stability.
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Residence permit for Monegasque spouse: for foreigners married to a Monegasque and residing in the Principality for at least one year. Valid for 5 years.
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Movement Document for Foreigners Minors (DCEM): children under the age of 16 do not receive a residence permit. This document allows them to travel and justify their residence in Monaco.
What are the steps to become a Monegasque resident?
We detail in our dedicated article at the bottom of the page how to obtain residency in Monaco, which is based on an official procedure, but relatively simple provided that you are well accompanied. Here are the main steps :
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Gather all the necessary documents: proof of accommodation, financial proof, criminal records, etc.
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Make an appointment with the Public Security
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Have an individual interview with the Monegasque authorities
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Receive a response and, if accepted, obtain a residence permit valid for one year
And for citizens outside the European Union?
If you are a national of a country outside the EU, EEA or Switzerland, you will need to obtain a long-stay visa (D visa) from the competent France consulate in your country of residence before starting any procedure in Monaco. This visa is a prerequisite for settlement. If you are a citizen of a country outside the European Union, you can consult our dedicated article explaining how to apply outside Europe to obtain Monegasque residency.
Tax residency in Monaco according to your nationality
Each country may impose specific tax rules in the event of a change of residence. To answer the most frequently asked questions, we have dedicated detailed pages to certain nationalities, such as Spain's tax residency in Monaco or Germany's tax residency in Monaco, with clear information on the obligations and benefits.
Other guides, including for the United Kingdom, Italy and the United States, will be available soon.
➡️ Other countries will soon be added, such as the United Kingdom, Italy, and the United States.
Working in Monaco: a direct route to residency
Many people get their residence permit in Monaco through a local employment contract, a criterion that we detail in our guide to working in Monaco, especially with regard to the steps to follow and the documents to provide.
Bringing your family to Monaco: what you need to know
When you become a resident in Monaco, you can bring your family members. It is not a question of "family reunification" in the French or European administrative sense, but of family support based on the same criteria as for the main resident : suitable housing, sufficient resources and legal situation.
- The case of the spouse and children: A spouse (married or a recognized civil partner) can apply for a residence permit, provided that he or she can justify the same information as the main resident. It is possible that resources and housing will be shared, but the size of the property must be adapted to the number of people living there. For example: a couple with two children will need to have an apartment with at least 3 rooms. Minor children under the age of 16 are not issued a residence permit as such, but can obtain a Movement Document for Minor Foreigners (DCEM). This document allows them to travel and prove their residence in Monaco, in particular for schooling, healthcare or travel.
- Other family members: Ascendants (parents) or adult children are not automatically eligible. However, in some cases, a resident may request that they be accommodated or cared for, provided that they can demonstrate that they have sufficient accommodation and sufficient resources.
- Be cared for by a third party who is already a resident: It is also possible to be accommodated or taken care of by a parent who is already a Monegasque resident. In this case, a letter of support is required, as well as all the financial supporting documents of the host (lease or deed of ownership, proof of income or savings, bank certificate, etc.).
Everyday life and integration in Monaco
Living in Monaco is not just about residing there administratively. It also means integrating into a community, enjoying exceptional services and adopting a certain art of living. To make your installation a success, it is essential to understand the practical functioning of daily life in the Principality.
- Health and social coverage: The Monegasque health system is recognized for its excellence. Residents have access to high-level establishments such as the Princess Grace Hospital Centre (CHPG), the Monegasque Institute of Sports Medicine (IM2S) and the Cardio-Thoracic Centre. As an employee or self-employed, you will be affiliated to the Monegasque health insurance fund. Complementary mutual insurance can be taken out for better reimbursement.
- Schooling and early childhood: Education is compulsory from 6 to 16 years old, but children can be welcomed from the age of 3 in nursery school. The Monegasque education system offers bilingual French-English education, European sections and private schools. Nurseries, day-care centres and childminders provide care for the youngest.
- Mobility and transport: Monaco has a highly developed public transport network: electric buses, sea shuttles, Monabike bikes, taxis and secure car parks. You can also exchange your foreign driving licence for a Monegasque licence within one year of moving in. The use of the Monapass application facilitates urban travel.
- Accommodation, services and subscriptions: To subscribe to electricity (SMEG), water (SMEaux) or Internet and telephony (Monaco Telecom), you will need to present proof of address, an identity document and a Monegasque bank details. The majority of procedures are now done online or in a branch.
- Compulsory insurance: As in France, certain insurances are compulsory in Monaco: home insurance for tenants or owners, car insurance for any registered vehicle, etc. The Monegasque Chamber of Insurance brings together authorised agents and brokers.
Integration into local life
Social life in Monaco is active, international and friendly. Structures such as the Club of Foreign Residents of Monaco (CREM), consular networks, sports clubs and cultural associations facilitate meetings and integration in the Principality. Concerts, exhibitions, conferences and charity evenings punctuate a lively local life, reflecting an exceptional quality of life .
Frequently asked questions about the different conditions for living in Monaco
What is the minimum recommended amount to live in Monaco?
There is no official threshold. On the other hand, local banks recommend a deposit of at least €500,000 to support an application for residency without professional activity.
Does the residence permit give access to tax benefits?
The tax status does not automatically follow from the residence permit. You must actually reside more than 183 days per year in Monaco and apply for a tax residence certificate.
Can you get residency without working?
Yes, provided that you can prove sufficient resources. This is the case for many retirees or international investors.
How long does it take to get the residence permit?
Between 4 and 12 weeks, depending on the quality of the file and the time of year.
Do you need personalized support?
At Petrini Exclusive Real Estate, we know that every profile is unique. Whether you are an entrepreneur, retiree, investor or active, we support you at every stage of your installation : search for accommodation, bank contact, administrative formalities, etc.
➡️ Contact our team today for discreet, expert and tailor-made care.
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