How to apply for residency to live in Monaco

Monaco, the microstate on Western Europe’s French Riviera, can be very attractive as a place to live – and not merely because it is often named as such in the media. The Good Life France has pointed out various merits of Monaco life, including income tax’s absence, a high level of safety and a wonderful climate. While there are an array of hoops that you would need to jump through if you wished to become a Monaco resident, you could find the process easier than you had expected.

Who can become a resident of Monaco?

While anyone can apply for Monaco residency, the number and variety of people likely to be approved for that residency is not substantial. To make your application, you would need to attend an interview with Monaco’s Police that are known as “Sûreté Publique”.

There is a wide range of things that you would need to show at that interview; hence, you might feel daunted by the prospect of attending it without having thoroughly prepared beforehand. Thankfully, for help, you could turn to the company Monaco Relocation Services. This company offers a broad range of services for people pursuing the goal of relocating to Monaco. MRS can guide you through what could otherwise come across as a bewildering process.

What would you need to show at that interview?

Given Monaco’s glamorous image, doubtless encouraged by the country’s warm climate and popularity with wealthy people, you could be excused for thinking that Monaco must be very expensive to move to. Well, that is at least one perception that wouldn’t be mistaken. Indeed, at the interview, you would need to demonstrate that you have sufficient wealth to support yourself in Monaco without taking up gainful employment – unless you hold a valid work contract.

To demonstrate this, it would be necessary for you to open a bank account that contains sufficient funds for your bank to issue what is called an ‘attestation bancaire’. This is a guarantee showing the applicant’s ability to support him or herself in Monaco.

At this interview, you would also need to have a rental contract that is valid for accommodation in Monaco. Alternatively, you could have the deeds to a Monaco property that you own. Your lease would have to be for a rental period of at least 12 months. Other documents that need to be presented include a completed official Residency Application form, a recent – no older than three months – copy of your birth certificate and, if you are aged over 70, a health certificate.

What happens after the interview?

Once the interview is done and the document has been sent, you will simply wait for your application to be processed. If your application is successful, you will typically have to wait eight weeks for this approval to be made. If you will be living in Monaco for the first time, you will receive a ‘temporaire’ card; other Monaco Residency cards you could later potentially get include ‘ordinaire’ and ‘privilege’ cards.