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Monaco has the world's second-highest GDP nominal per capita at US$153,177. It also has the world's lowest poverty rate and the highest number of millionaires and billionaires per capita in the world. Since 1870, Monaco has not levied a personal income tax on its residents.
Considering the location of Monaco, which is easily accessible by plane, boat or train, it is very common for residents to work and even live in other countries in Europe. Residents do not pay capital gains taxes and the government does not levy net wealth taxes
Monaco Residency Benefits
- Visa-free travel throughout Schengen Area
- Fast-track application process
- No physical stay required
- No income tax
- No capital gains tax
- No double taxation
- Business friendly
- High standard of living
- Excellent location
- Apply for citizenship after 10 years
Route to Monaco Residency
The applicant must have appropriate accommodation available in the Principality, and either be employed in Monaco or obtain an attestation from a Monaco bank that they have adequate funds to support themselves without working. This typically means having over €1 million in a bank in Monaco.
Applicants must be at least 16 years of age.
Background checks on the reputation of the individual are undertaken by the authorities, and evidence of a non-criminal record must be obtained.
Non-EEA nationals must obtain a long stay visa from France before making an application.
Monaco Residence Permit Application Process
- Month 1
Submit Residence Permit application
- Month 2
Attend appointment with Residents Section
- Month 2-4
Residence Permit approved
Complete the form below to find out more about how you could enjoy the Monaco lifestyle in as little as 60 days after applying.