Requirements for living in Monaco
The evidence and documentation required to obtain residency in Monaco depend very much on the situation of each individual. However, in all cases, in order to obtain residency in Monaco you will need the following:
- A home in Monaco:
– Purchase of a house or flat
– Being the manager of a company owning a flat
– Renting a house or a flat
– Living with a husband or wife who has a flat at his or her disposal.
- Financial sufficiency (good standing certificate):
– Salary
– Sufficient income as a freelancer
– Sufficient savings (the sum must be guaranteed as sufficient by a Monégasque bank)
– Proof of maintenance by husband, wife, or close relative.
- Criminal record or background check from the countries of origin and residence for the last 5 years before the change of residence to Monaco.
Main obstacles
- Housing cost: Monaco property prices are among the highest in the world. For example, IMSEE reports an average resale price per square metre of EUR 51,967 in 2024 (rents vary widely depending on location and property type).
- Bank certificate: A Monégasque bank must determine financial sufficiency to live in Monaco. The standard minimum deposit required is €500,000, though some private banks may require higher amounts depending on your profile and banking relationship.
- Three months minimum stay: the Monaco authorities ensure that you have been residing in Monaco for at least three months per year in order to renew your residency. They are very strict and proof must be provided by means of electricity, gas, and credit card consumption in the country.
Is it possible to reside in Monaco if you are a non-European citizen?
Nationals of other countries must apply to the French embassy for a type-D visa allowing them to reside in Monaco before they can start the formalities for residence in Monaco.
Therefore, non-EU nationals will have to contact their consulate or the French embassy in their country of residence before starting any other procedure.
What taxes are paid? Is it considered a tax haven?
The general principle of taxation in Monaco is the total absence of any direct taxation, with no personal income tax in Monaco and no corporate income tax for companies operating mainly inside the Principality.
In this respect, individuals resident in Monaco don't pay any taxes in Monaco, as their personal income is taxed at 0%. The exception is French citizens who have to pay taxes in France even though they live in Monaco.
In this respect, there is therefore no taxation on investment income, capital gains, dividends, or income as an employee, freelancer, or director.
Monaco is the ideal place of residence for entrepreneurs with personal or freelance businesses, IT people with patents, large cryptocurrency holders, professional sportsmen (including e-sports), poker players, and of course HNWI.
In fact, we have recently helped people in the cryptocurrency world to relocate to Monaco as they are taxed at 0% on gains on sale or exchange.
Is there any corporate income tax?
Although there is no corporate income tax in Monaco as such, there is direct taxation of the net profits of certain companies.
In this respect, industrial or commercial companies that derive more than 25% of their turnover from outside the Principality, as well as companies whose business in Monaco consists of receiving income from patents or from literary or artistic copyrights, are subject to a 25% tax on profits (reduced from 33.33% in 2022).
