Monaco: How to Move There? (Residence Permits, Taxes, Citizenship)

How to move to Monaco? (Residence Permits, Taxes, Citizenship)

00:00 Intro
03:06 Monaco and the EU
04:43 How to Move to Monaco (Residence Permit)
06:30 Taxes in Monaco
07:28 Monaco Permanent Residency and Citizenship

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Intro:

Monaco is known for being a place for the Ultra rich. It is also a country that is very, very specific.

First of all Monaco is the smallest country with a coastline in the world. In fact, you can cross it by foot in just a few hours. It is also a principality, being one of the few countries in the world ruled by a prince. Even if it is a sovereign state, it doesn’t have its own currencies, and if you ever need a visa to enter Monaco, you actually have to ask a French consulate or embassy for it.

Monaco is famous for its casino, the Casino de Monte Carlo. The Casino’s history is in itself quite peculiar, as the idea for opening it came as a viable solution to bring revenue to the House of Grimaldi, the ruling dynasty of the country.

Monaco is also famous for its iconic Formula 1 Grand Prix, taking place in the principality since 1929. Bringing even more exclusivity to this tiny, but extreme fortunate principality.

But how come Monaco, as such a tiny nation, can attract so much glamour and wealth. Part of the answer is in its taxes, or lack thereof.

Monaco and the EU

Now, let’s talk about the relations of Monaco and the European Union. Monaco has land borders with just one country, France, which is a founding member of the European Union.

However, Monaco is not part of the European Union, But, at the same time, it is part of a number of other arrangements that are mostly composed of countries which are members of the European Union.

One of these arrangements is the Schengen area. In normal circumstances there are no border controls between France and Monaco. If you don’t need a visa to enter France, you don’t need a visa to enter Monaco. If you have a Schengen visa, you can enter Monaco using that (although it won’t be asked by immigration officers, after all they won’t be checking everyone at the border in normal circumstances).

Monaco also does not have its own currency. It uses the euro. Weirdly enough, it is not the only country that uses the euro single currency and is outside EU. Other examples include Andorra and Montenegro. It is also part of the Single Euro Payment Area, which makes bank transfers quicker among 36 European countries.

How to move to Monaco

Moving to Monaco is definitely not easy. But it is also not impossible to get a residence permit in Monaco.

Let’s check some of the requirements you need to secure your residence permit in Monaco

First of all you need to have proof of a place to stay: that is either through a rental contract of at least 1 year, or if you own real estate in Monaco. Let’s remember here that Monaco is home to some of the most expensive square meters in the world. The average square meter price in Monaco is currently hovering around 45000 euros. Buying is expensive but rent is definitely not cheap either.

Secondly, and the most trickier part is to prove you have funds to live in Monaco:

One of the most straight-forward options to show as evidence you are a self-sufficient person is to deposit the sum of 500k euros into a bank in Monaco.

Taxes in Monaco

One might wonder, why Monaco, such a tiny state, manages to have one of the wealthiest populations in the world. The reason is simple: taxes, to be more specific, the lack thereof.
In fact, there are some taxes in Monaco, but many taxes which are common in other countries, do not exist in Monaco.

The most common tax so to say that exists in Monaco is VAT, which is currently at 20% in the principality.

Monaco Permanent Residency and citizenship

Monaco’s residency system is relatively different from most European Union countries, after all, it is not in the EU. If you lived in Monaco for 10 years, the next time you renew your residence permit you can get one for 10 years, that is the closest the country offers to a permanent residence permit. If you move away from Monaco you must give up your residency card in the country.

If you want to become a Monegasque citizen, bear in mind that this will be no easy task. In order to obtain citizenship in Monaco by naturalization you have among other things, to be residing in Monaco for at least 10 years. But there is also an extra requirement which can be rather difficult. The prince of Monaco has to approve your naturalization requirement.

Monaco does not accept dual citizenship in cases of naturalization. So if you decide to become a citizen of Monaco you have to give up your previous citizenship.

Видео Monaco: How to Move There? (Residence Permits, Taxes, Citizenship) канала traveleconomics