With its unique geographical location along the Mediterranean Sea, boasting 300 days of sun throughout the year, high quality of living, and advantageous tax regime, Monaco is one of the most internationally sought-after places to live.
Living in Monaco offers many undeniable lifestyle and business advantages. Monaco is gaining in popularity as a place not only to do business and raise children, but also as an ideal place to retire. The Monaco Residency Permit program is a very clear, simple and efficient program that allows high-net worth individuals to relocate with their family to Monaco on a long term and stable basis. It is not intended as a path to citizenship, but it does constitute a real option for those who truly desire to settle down on the prestigious Rock.
The Monaco Residency Permit allows applicants to live and work in Monaco (a tax free territory), and grants visa-free access to the entire Schengen area (26 countries in Europe).
One in three Monaco residents is a millionaire. With a uniquely favourable tax system (zero income tax, zero wealth tax, no capital gains tax, no net wealth taxes, etc) and friendly business environment that strongly encourages entrepreneurship and innovation, it is no surprise that Monaco is home to some of the most successful businessmen. Aside from the tax benefits, businessmen and investors alike are attracted to Monaco for its superb scenery and glamorous lifestyle.
Monaco is also considered one of the most ideal environments to raise a family and also to retire, as it is one of the safest places in Europe, offers a health care system that is second-to-none with many world-class and award-winning surgeons as well as an exceptional schooling system, notably the International School of Monaco where the majority of its graduates attend the world's best universities.
There are many more compelling reasons to consider living in Monaco but, here are a few:
- A strong legal system and excellent infrastructure
- English is widely spoken
- 2 hours away from all the main European capitals
- Competitive real estate market
- Beautiful mountains with four ski resorts within two-hour drive
- Secure and stable leadership in the heart of Europe since 1297
- No obligation to reside permanently in Monaco
To be eligible for the Monaco Residency Permit, the investor must deposit at least EUR 500,000 into a reputable local bank, and purchase or rent a property in Monaco as place of residence. There is no donation, and no mandatory property investment. There is also no education, work experience or language requirements.
The process to acquire the Monaco Residency Permit takes on average around 6 months - but can vary depending on the investors specific circumstances including their nationalities.
Potential investors would be well advised to contact experienced immigration lawyers to assist.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
