The Five Core Requirements
All five must be met before an application can proceed.
Accommodation in Monaco
You must have an established, genuine place of residence in the Principality — either owned or rented. There is no minimum property value or size requirement in law, but the accommodation must be suitable for habitation and registered as your principal place of residence. A hotel room or temporary accommodation does not qualify.
Bank Account with a Monaco Institution
Applicants must open an account with a bank established in Monaco. In practice, private banks require a deposit that demonstrates financial self-sufficiency — typically €500,000 to €1,000,000 or more, depending on the institution and your financial profile. The deposit does not need to remain in Monaco permanently, but it must be demonstrably available. Banks conduct full KYC and anti-money-laundering due diligence before accepting new clients.
Clean Criminal Record
A certificate of good character (extrait de casier judiciaire or equivalent) from every country of prior residence is required. Serious criminal convictions are an absolute bar to residency. Minor historical matters may be reviewed on a case-by-case basis.
Valid Health Insurance
Proof of comprehensive health insurance covering medical expenses in Monaco is required at the time of application. Once you are an established resident, you may choose to join the Monaco social security system (CAMTI) if you have employed income, or maintain private international health coverage.
Proof of Sufficient Financial Means
Beyond the bank account, authorities wish to confirm you can support yourself without recourse to employment in Monaco. This may be demonstrated through investment income, dividends, pension income, or documented business interests. There is no published minimum income threshold — Monaco evaluates overall financial profile.
Types of Monaco Residence Card
Residency progresses through three card types based on duration of continuous residence.
Issued on initial approval. Renewable annually for the first three years. During this period you must maintain continuous residence in Monaco.
Issued after three consecutive years of lawful temporary residence. Renewable thereafter every three years.
Issued after ten consecutive years of ordinary residence. Confers the most stable status and is renewable every ten years.
The Application Process
Six stages from initial preparation to receiving your carte de séjour.
Secure Accommodation
Purchase or sign a lease on a property in Monaco. The address will be your registered residence throughout the application. Your notaire or agent can provide a certificate of ownership or tenancy that the application requires.
Open a Monaco Bank Account
Approach a Monaco-based private bank or retail bank and initiate the account-opening process. This can take several weeks due to KYC requirements. Banks you may approach include Société Générale Private Banking Monaco, BNP Paribas Monaco, Julius Baer Monaco, CMB Monaco, and others. The account must be operational and funded before you submit your residency application.
Gather Documentation
Assemble the full document set required by the Direction de la Sûreté Publique:
• Valid passport and at least three photocopies • Birth certificate with apostille • Certificate of good character from every country of prior residence (criminal records check) • Proof of accommodation in Monaco (title deed or lease) • Three most recent bank statements from your Monaco account • Proof of financial means (investment portfolios, pension statements, company accounts) • Comprehensive health insurance certificate • Six recent passport photographs • Completed residency application form (available from the Direction de la Sûreté Publique)
If documents are not in French, certified translations are required.
Submit Your Application
Applications are submitted in person at the Direction de la Sûreté Publique, 3 Rue Louis Notari, Monaco-Ville. The authority reviews applications and may request additional documentation or invite you for an interview. Processing typically takes several weeks to a few months.
Collect Your Residence Card
Once approved, you will be notified to collect your carte de séjour temporaire. This initial card is valid for one year and must be renewed annually for your first three years. At each renewal, you will be expected to demonstrate continued residence (utility bills, bank statements showing Monaco activity, local service subscriptions).
Establish Genuine Residence
Monaco residency requires actual presence. The Principality is vigilant about ensuring cardholders genuinely live there rather than merely holding administrative status. You should spend the majority of your time in Monaco, use Monaco addresses for correspondence, and ensure your local activity is demonstrable. Cardholders who spend fewer than 183 days per year in Monaco risk review of their status.
French Nationals: Important Tax Exception
Under the 1963 France-Monaco convention, French nationals who relocate to Monaco remain fully subject to French income tax on their worldwide income. This convention was introduced specifically to prevent French citizens from avoiding French tax by crossing the border. The zero-income-tax environment applies to all other nationalities. British, American, Italian, Russian, and other non-French nationals benefit from Monaco's full fiscal regime.
Frequently Asked Questions
How long does it take to get Monaco residency?
Processing time after submitting a complete application typically ranges from a few weeks to several months, depending on the complexity of your financial profile and whether additional documentation is requested. The longest part is often the preparatory phase — opening a Monaco bank account and gathering certified documents can take two to three months.
What is the minimum deposit required to open a Monaco bank account?
Banks do not publish fixed minimums, but in practice private banks in Monaco typically expect a deposit or portfolio of €500,000 to €1,000,000 or more for a new private banking client. Retail banking options (BNP Paribas Monaco, CMB Monaco) may accept clients with lower balances, but approval is not guaranteed.
Does buying property in Monaco guarantee residency?
No. Purchasing property in Monaco gives you the right to apply for residency and provides the required accommodation proof, but it does not automatically confer residency status. The application is assessed on financial means, criminal record, health insurance, and overall profile.
Does Monaco have a golden visa or investor visa programme?
No. Monaco does not have a formal golden visa or investor residency programme. Residency is obtained through the standard application process at the Direction de la Sûreté Publique, assessed on the criteria above. There is no minimum investment threshold that bypasses the standard process.
How many days per year must you spend in Monaco to maintain residency?
Monaco law does not specify a published minimum stay in days, but the Principality expects cardholders to be genuinely resident. Most advisors recommend spending at least 183 days per year in Monaco and being able to demonstrate local activity through utility usage, banking transactions, local appointments, and correspondence.
What tax benefits does Monaco residency provide?
Monaco residents pay no personal income tax, no capital gains tax, no wealth tax, and no inheritance tax on assets passing to direct heirs. These have been the rules since 1869. Note: French nationals are subject to a bilateral tax treaty with France that limits their tax advantages, as France taxes its nationals on worldwide income regardless of Monaco residency.
Can French nationals benefit from Monaco's tax regime?
Only partially. Under the 1963 France-Monaco bilateral convention, French nationals who move to Monaco remain subject to French income tax. The exception applies to French citizens who resided in Monaco continuously before 13 October 1962 (and their descendants). All other nationalities benefit fully from Monaco's zero income tax environment.
Can Monaco residence be inherited or passed to family?
Children of Monaco residents do not automatically inherit residence status. Each family member must apply individually. However, established residents who have children born in Monaco may find the process for their children's applications more straightforward over time. Spouses apply separately.