Monaco

Monaco is famous for having no personal income tax for residents (except French nationals under a bilateral treaty), no capital gains tax, no wealth tax, and no inheritance tax for direct-line heirs. The principality funds itself primarily through VAT (20%), corporate taxes on businesses deriving more than 25% of revenue outside Monaco, and real estate transactions.

Monaco's position on the French Riviera, excellent security, world-class healthcare, and prestigious reputation make it the destination of choice for ultra-high-net-worth individuals. Despite its small size (2 km²), it offers a sophisticated financial sector, luxury retail, and year-round cultural events.

Monaco does not offer a formal investor visa program, but residency can be obtained by meeting several requirements. Applicants must open a bank account in Monaco with a minimum deposit of EUR 500K , although in practice most banks require EUR 1.0M or more. They must also secure local housing, either through purchase or a long-term rental (typically ranging from EUR 5K to EUR 25K per month depending on size and location), provide clean criminal records (less than 3 months old) from every country of residence in the past 5 years, obtain comprehensive health insurance covering Monaco, obtain comprehensive health insurance covering Monaco, and pass a personal interview with the Monaco authorities (Sûreté Publique). Non-EU/EEA nationals must also obtain a long-stay visa (Type D) for Monaco through a French consulate before starting the application process. Non-EU/EEA nationals must also obtain a long-stay visa (Type D) for Monaco through a French consulate before submitting their residency application.

The initial residency card is valid for one year, renewable for three years, then ten years. After 10 years of continuous residence, permanent residency can be obtained.

It is important to distinguish between the residency card and tax residency. Holding a Monaco residency card does not automatically make you a tax resident. To be considered a tax resident, you must establish your habitual residence in Monaco and spend the majority of your time there. Once these conditions are met, you can apply for a "certificat de résidence fiscale" (tax residency certificate), which is essential for proving your tax status to foreign authorities and avoiding double taxation issues with your country of origin.

Monaco does not grant citizenship to newcomers except through marriage or exceptional naturalization after 20+ years of residence.