Monaco Residency, The Basics of Living in Monaco

If you are renting, the lease must be for a minimum period of 12 months and have sufficient bedrooms to accommodate the number of individuals applying. For example, to qualify for Monaco residency, a couple should rent a one-bedroom apartment and a minimum of two bedrooms for a family of four. This lease is usually automatically renewed at the end of each lease period. Balkin Estates has extensive experience in both Rentals and Sales. We will walk you through the process of either renting an apartment in Monaco or the process of buying properties in Monaco with ease. 

Monaco Residency Security Check, Safety First

Part of obtaining residency in Monaco requires each applicant to provide a police certificate stating that each adult applicant does not hold a criminal record in the country or countries where they resided for the previous five years. In Monaco, an adult is anyone over sixteen years of age. Therefore, the certificate should be at most three months old at the time of application for Monaco residency.

Monaco Residency Requirements, The Documents

In addition, the following documents must be submitted for each applicant when applying for Monaco residency. The whole process can take up to eight weeks. However, once you have obtained your residency status, the official start date of your residency is the date your lease commences, and therefore residency is retroactive.

• Valid passport
• Birth certificate
• Marriage certificate(s)
• Any previous divorce certificate (or death certificate if the applicant has a deceased spouse.)
• The Police certificate, as described above
• The registered lease for your apartment in Monaco apartment
• Proof of ownership of Real Estate in Monaco if not renting
• The electricity contract for your apartment in Monaco
• The official Monaco residency application forms are completed and duly signed
• Health report for applicants aged 70 years and over

Conditions for Monaco Residency, The Interview 

An official residency interview will be arranged to complete the Monaco residency process, during which all the required documents are submitted. Following this, the Monaco residency application will be processed and authorized. This process will take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non-EU passport holders as they must first apply for a special Visa from the French Embassy in their country of residence, which, once approved and issued (up to sixteen weeks) will then permit the applicant to complete the Monaco formalities within three-four weeks when the residency card will be issued (also known as the Carte de Sejour).

Monaco, Obtaining your Residency

The requirements for applying for Monaco residency are reasonably straightforward. As long as the applicant can provide all the required documents, there is no general reason why the applicant should not be granted Monaco Residency.

Monaco Residency Rules, The Process

The first Monaco residency card will be issued for a period of twelve months, after which the card must be renewed. The card is called a Monaco Carte de Sejour, Temporaire and is renewed annually for the first three years. In the fourth year of continuous Monaco residency, the holder will be issued a three-year card, known as the Monaco Carte de Sejour, Ordinaire. These cards are valid for three years and must be renewed at expiry. In year ten, the holder of a Monaco residency may apply for a Carte Privilege granted at the Monaco authorities' discretion. This particular type of residency is not automatically granted. If not given, the applicant will continue to receive the three-year Monaco residency card.

The Cost of Residency in Monaco, no need to Invest

The cost of applying for residency in Monaco exists in the expense of renting an apartment plus the general cost of living in Monaco. Unlike other countries, applying for residency in Monaco does not require the applicant to "invest" a specified sum of money, nor is it compulsory to purchase a property as a rental property is sufficient.

Monaco is a truly fantastic place to live.

Becoming a resident will allow you to enjoy the many advantages of living in Monaco.