Nestled along the Mediterranean Sea, Monaco stands as the world’s second-smallest country, bordered solely by France. This exquisite principality boasts an exceptional quality of life, a mild climate, robust personal security, a contemporary and effective infrastructure, and a remarkable feature – residents are free from income or capital gains taxes.
Monaco permits foreign individuals to invest in the country and, in exchange, acquire residency in Monaco.
- Visa-free travel within Europe’s Schengen Area
- Secure and appealing lifestyle on the French and Italian rivieras’ doorstep
- High standard of living in a diverse society with top-notch sports, cultural, and educational amenities
- Residency extended to the primary applicant’s spouse or partner and financially dependent children
- Favorable tax structure, including the absence of income, capital gains, or wealth taxes
- Stable real estate market with promising investment prospects
- Excellent accessibility by road, sea, and air via the nearby Nice International Airport
In order to be eligible for residency, applicants must meet the subsequent investment and requirements:
- Invest EUR 500,000 into a local bank account, supported by a bank attestation letter validating the deposit.
Moreover, candidates are expected to fulfill the following criteria:
- Attain a minimum age of 16 years
- Provide a clean criminal record certificate
- Demonstrate ample financial resources for sustaining life in Monaco
- Furnish proof of accommodation (either a lease or purchase agreement)
|Non-refundable processing fee||€10,000|
|Security deposit (refundable after 10 years)||€500,000|
|Annual renewal fee||€2,000|
In addition to these fees, you will also need to pay the following costs associated with relocating to Monaco:
- Property purchase costs (if applicable)
- Rental costs (if applicable)
- Cost of living (e.g., food, transportation, utilities)
- Legal fees
- Medical examinations
- Visa fees
Please note that these are just estimates and the actual fees and costs you incur may vary depending on your individual circumstances. It is important to speak to a qualified immigration consultant to get a more accurate estimate of the fees and costs you will be required to pay.
How long does it take to become a resident in Monaco?
For non-EU citizens, the process to obtain Monaco residency typically takes four to six weeks. EU citizens enjoy a shorter duration as they do not need to apply for a long-stay visa in advance.
Is healthcare free in Monaco?
Monaco’s public healthcare, managed by the Caisses Sociales de Monaco (CSM), automatically covers citizens and long-term residents who contribute to the system. French and Italian citizens can access public healthcare with evidence of contributions to their home country’s state healthcare system. Visitors can receive treatment at public hospitals and clinics but must cover the expenses if they lack state insurance contributions.
What is Monaco’s education system like?
Monaco’s education system aligns with France’s curriculum. It includes four public schools and two secondary schools, with compulsory attendance for students aged six to 16. After secondary school, students can choose between two higher education institutions: Lycée Albert 1er, specializing in secretarial studies and accounting, and Lycée Technique et Hôtelier, focusing on hospitality, business, and specialized education. Monaco’s schools are under contract with and approved by the French national educational authority, following French timetables, teaching programs, and tests.
Make Monaco your second home
39,244 (2023 est.)
GDP (per capita):
$115,700 (2023 est.)
GDP (purchasing power parity):
$7.672 billion (2023 est.)
Capital city: Monaco-Ville
Time zone: UTC+1 (CET)
Total area: 2.02 sq km (0.78 sq mi)
Languages: French (official), Monegasque (official), Italian, English
Currency: Euro (EUR)
Main industry: Tourism, financial services
Schengen/EU: Monaco is not a member of the European Union, but it is a member of the Schengen Area.
- Tax Benefits: Monaco residents enjoy zero income, capital gains, and wealth taxes.
- High Quality of Life: With excellent healthcare, education, safety, and Mediterranean climate.
- Ideal Location: Easy access to France, Italy, and international travel via Nice Côte d’Azur Airport.
The materials contained in this page are provided for general information purposes only and are not intended to provide legal or other professional advice. Processing times and costs will vary depending on a number of factors. CitizenMatch is not responsible for any changes to the time and cost estimates; we can provide specific information on an individual basis. All rights reserved.