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Monaco is consistently ranked as one of the best places to live in the world, and if you own Monaco real estate, you know why. Monaco has a good standard of living, pleasant weather, excellent personal security, a contemporary and efficient infrastructure, and no income or capital gains taxes.
The Province of Monaco is the world’s second-smallest country, located on the Mediterranean Sea with France as its only neighbour. Monaco is a desirable destination for high-net-worth individuals. The principality is a sovereign state that is a full member of the United Nations.
The official language is French, but Italian and English are also frequently spoken. France has a customs and monetary union, and French VAT is applied. One of the most appealing features is that both nationals and foreign residents are exempt from paying income tax.
Monaco’s population is made up of Monaco nationals and expats from France, Italy, the United Kingdom, the United States, Canada, Australia, and South Africa, making it a true home away from home for many international nationals.
Monaco does not have a minimum investment requirement for residency. An application for a resident visa usually takes three months. Various compliance and due diligence tests exist. Applicants must show proof of residence, such as a lease or purchase agreement, as well as proof of sufficient funds to live in Monaco.
It can take up to three months for a visa application to be approved after it is submitted to the appropriate French consulate. After receiving a visa, an individual must apply for a carte de résident at the central Monaco police station’s Service des Étrangers (Foreigners’ Section). A visa holder must fill out an application form and show it, together with other supporting documents, during a Service des Étrangers interview to obtain a carte de résident. It takes eight to ten weeks to complete the process.
There is no minimum investment requirement. Citizenship is exceedingly difficult to obtain because one must have held a Monegasque residency permit for at least 10 years as an adult over the age of 21 in order to qualify. Applicants must also submit a formal letter to the Prince renouncing any other sovereign nationality they may possess.
Non-EU nationals can apply for Monaco investor visas to get citizenship and, eventually, the ability to live anywhere in the European Union. To be considered for residency in Monaco, candidates must show proof of housing, sufficient income to support themselves and their families, and excellent moral character. Permanent residency in Monaco allows EU and non-EU nationals, as well as their families, the right to live permanently in the Principality.
Never have getting citizenship and residency been so easy, right?. Wrong! Cause we got you covered with everything you need in order to achieving your dream