Monaco Residency Rules Have Changed
Monaco is a magnet for wealthy people all over the world, but recently the residency rules for the principality have changed according to www.relocation-monaco.com
The Application Process
Residents must first establish a bank account in the city, and then deposit sufficient funds in that account for the bank to issue a letter to confirming their ability to support themselves while living in Monaco. Different banks in Monaco have different rules for how large this deposit should be. Deposit amounts range from €100,000 to €1 million per applicant.
Monaco Residency Requirements
Monaco is one of the most exclusive destinations in the world, and because the principality wishes to remain that way, authorities in Monaco insist that every applicant submit a police certificate. The purpose of the certificate is to indicate whether or not an applicant holds a criminal record either in Monaco or in the country in which they have resided for the last five years. In addition, applicants must bring a valid passport, birth certificate, marriage certificates, divorce certificates, the police certificate, their registered lease on a Monaco apartment, their electricity contract with their Monaco apartment, their Monaco residency application forms completed and signed, as well as a health report if they are over 70 years of age.
Once all of these forms have been collected, they will then be scrutinised by the relevant authorities and a decision on whether to grant residency will be made. It should be noted, however, that the process of gaining residence in Monaco can take a considerable amount of time. According to Relocation Monaco, it can take up to eight weeks to issue a new passport for EU citizens, and more than twenty weeks for non-EU citizens. The process for non-EU citizens is considerably slower than for EU citizens because non-EU citizens must first apply for a special Visa from the French Embassy in their home country before they are permitted to apply for Monaco residency.
The Residency Rules
Once applicants have been granted residency, they will then be issued with a residency card that needs to be renewed every year for the first three years of residency. After that, a second card - the Monaco Carte de Resident - is issued, and must be renewed every three years. After ten years of residency in Monaco, residents can apply for a Carte Privilege, granted at the discretion of the Monaco authority.
Why Relocate To Monaco
These changes to the Monaco residency application rules come on the back of all of the advantages that living in the town brings. Monaco has a favourable tax system for its high-income residents, who get to enjoy the city’s secure environment and very low rates of crime. It's a great place to keep a boat, thanks to its large harbour, and it has excellent transport links to the nearby Nice airport. English is widely spoken here, and all of the romantic Mediterranean destinations are practically on your doorstep.
Thanks to services provided by companies like WW Relocation Monaco, it’s now possible to get a one-stop approach to relocation needs. You can read more about these services on their website.
Wendy Wood West
Address: L’Annonciade 17, Ave de L’Annonciade, Monaco, MC98000
Telephone: @377 680 860 248