Monaco Residence Permit for non-EEA nationals

Monaco Residence Permit: Private Residency for non-EEA nationals

Located on the Mediterranean Sea with France as its only neighbour, Monaco is the second smallest country in the world after the Vatican city.
Monaco is highly reputable as the residency programme of choice for the world’s wealthiest for its excellent standards of living, high level of personal security, modern and efficient infrastructure and no income/capital gains tax.
Out of a population of 35.000 residents, only 22% are Monegasque, and the rest are a cosmopolitan mix of residents from the Americas, Europe, the Middle East, Australia and South Africa.
Requirements to become a resident in Monaco are not very strict; an applicant is not required endeavour any investment, but must be able to prove sufficient funds to live in Monaco by, either a letter from a bank in Monaco, proof of employment in Monaco, or the set up of a business in the country.
Residents of Monaco (with the exception of French citizens) are not subject to income, capital gains tax or wealth tax, giving Monaco an excellent score. A residency permit in Monaco allows visa free travel to all Schengen states.

Following submission of the application, it usually takes up to three months for the application to be approved.

Acquiring citizenship in Monaco is extremely difficult, as one must fulfill a physical residence requirement for at least 10 years as an adult over 21. The applicant is also required to renounce any sovereign nationality. 

Monaco Residence Permit features  
Visa Type Private Residency (for non-EEA nationals)  
Time Frame 6 weeks – 6 months
Requirements Proof of sufficient funds: confirmation by a local bank, employment or business setup; proof of accommodation; no criminal record  
Minimum Investment None  
Taxation No income or capital gains tax (for non-French residents), no inheritance tax in direct line, low rates in general   
Years to qualify for Citizenship 10 years but not easy to obtain  
Language for Citizenship N/A
Permanent Residence Yes
Other requirements None
Dual Citizenship No

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