December 11, 2020
Residency in Monaco offers a lot of advantages: a favourable tax structure, an extremely high standard of living, 300 days of sunshine each year, and much more. Anyone over the age of 18 can reside in Monaco less than three months a year without needing a residency permit. But what if you want to obtain a Carte de Séjour (residency card) to fully become a Monaco resident?
Along with an assortment of documents detailed below, permanent Monaco residency will only be granted if you can demonstrate good character, proof of accommodation, and financial self-sufficiency. Some 10 years after getting your Monaco residency status, it will be possible to apply for citizenship.
Follow the steps below to understand the journey of obtaining your Carte de Séjour. Please note that you can contact the Monaco Welcome Office to find out more.
The first documents needed for the Monaco residency application are the application form and proof of ID. For EU/EEA nationals, this means you will show your national identity card or passport, birth certificate, and criminal records from the past five years. For non-EU/EEA nationals, you will also need a visa. Moreover, any additional documents relating to your current situation have to be submitted, such as a divorce certificate or proof of student status.
As we mentioned before, you will need to show your accommodation arrangements and your financial status. These documents need to be translated if they are not in Italian, French, or English.
Proof of accommodation may include a Monaco long-term rental agreement or proof of real estate ownership, for private or corporate properties. If you are living with relatives or close friends, they will need to sign a copy of their contract to include in your application.
Your financial status can be proven in one of five ways: a bank letter confirming an amount of 500,000 euros or over; proof of employment in Monaco; proof of pension; government documents authorising a business activity on the Monegasque territory; or proof of financial support from a relative.
Once you have submitted your Monaco residency application form you must wait to see whether it is deemed valid and eligible.
The next step to becoming a Monaco resident is the interview at the government’s residency office. The aim of the interview is to conduct a thorough and comprehensive background check. They will also use this opportunity to check the original documents of everything you have provided so far in your Monaco residency application. Questions surrounding your education, work experience and family situation will be asked, and you may be required to submit additional documents to support your case.
Once the interview is over and your case is approved, you should receive your Carte de Séjour that grants you Monaco residency within six weeks. First, you will receive the basic residence permit or Carte de Séjour Temporaire, which is valid for a period of one year and can be renewed twice. Next, you will get your Monaco resident card – most commonly referred to as the Carte de Séjour Ordinaire – which is valid for three years and can be renewed once. After this, you can apply to receive your permanent residence card or Carte de Séjour Privilégié, which is valid for ten 10 years.
Becoming a Monaco resident allows you to take full advantage of everything the Principality has to offer, including its selection of beautiful homes and properties. Get in touch to find out more.
