There are multiple companies offering their supporting guidance for you and your family regarding the relocation in the Principality. Administration assistance and Relocation services are one of the flowering businesses in Monaco.
Any foreigner, except French subjects, who wishes to live in Monaco for a period longer than three months or establish a residence in the territory of the Principality of Monaco must be the holder of a settlement visa.
Supplied with this visa, every foreigner over sixteen years of age is required to request within eight days of his arrival in the Principality of Monaco a resident’s card (Carte de Resident) or residence permit (Carte de Sejour) from the Foreigners’ Section of the Directorate of the Police Service. Do not be confused because the resident’s card and residence permit are actually the same things but many people refer to them with both names.
The residency permit is usually granted for one year only. After the expiration of the one year period you need to request the extension. If the extension is accepted you will receive a new residency permit for further three years.
Until you do not exceed the ten years of continuous residency in the Principality of Monaco you are entitled for three years of residency extensions. After ten years you might be granted a permit for long term residency. In my previous sentence the focus is on the “might” word because there are no guarantees that you will be eligible for the long term residency even if you have spent over tens years in the Principality of Monaco.
Usually there are three ways to relocate in the Principality of Monaco:
- By getting a job in Monaco
- By opening a new business entity in Monaco
- By having the ideal (requested) wealth to afford the living quality in Monaco
The advisors of the Administration assistance and Relocation services are specialised on the last two topics, opening a new business or guiding you if your have the requested wealth.
“When you are choosing an advisor be sure it/he/she actually lives, works and maintains government approved licences to deal in the Principality.”
Unfortunately there are some unofficial advisors from the surrounding of Monaco targeting the wealthy individuals in the hope of gaining some fast profit. Therefore in many cases it is extremely important for your own protection to double-check their licences whether they are allowed and authorised to deal and advice in the territory of the Principality of Monaco or not.
Obviously we do not have to write about the significant risks by accepting any advice from an advisor who is not even located or does not maintain a business licence in Monaco.
Once you are able to successfully acquire your residency permit, which is granted for you and your family, you will have many great benefits in the Principality. However one of the most important thing, which you need to consider is the way of proving that you are actually living for more than six months a year in the territory of Monaco from the date of the issuing of your permit.
Since Monaco offers a zero personal income tax the Government does not check the period of your stay during the first ten years. Obviously they have no reason to do that, since it does not matter how much time you spend in the territory of the Principality of Monaco your personal wealth is tax free.
However in many cases your country of origin requests hard evidences regarding the days you spend in Monaco. It is an obvious process because your wealth is an important tax source for your country of origin. Therefore it might happen that they will try to prove that you are not living in Monaco for over six months in a year.
This could be also important for you if you would like to relocate in Monaco and to find your final home in the territory of the Principality. Even if Monaco authorities do not really check the period of your stay in the first years, it could be really crucial after ten years when you will apply for a long term residency for a naturalisation. Always take this into consideration.
After ten years the Monégasque authority will check the whole period of your stay. There are many methods for this, but one of the basic one is that they check the meter tendency of your water and electricity invoices going ten years back. This can ensure an initial indicator for the authorities regarding when your apartment was really used for living.
In many cases your final residency permit depends on the way you can prove your long term stay in Monaco. It is something you have to consider when you are acquiring for residency in the Principality of Monaco.