About Monaco
Monaco, officially the Principality of Monaco is a sovereign city-state and microstate in Western Europe, which is located on the French Riviera. It is bordered by France and the Mediterranean Sea. Although not formally a member of the EU, Monaco uses the Euro as its only currency and engages in several EU policies, including those related to customs and border control.
Monaco is the second-smallest independent state in the world and the most densely-populated country in the world. As well as not imposing income tax on residents, Monaco has a long standing tradition in private banking and fiduciary services.
Since 1929, it has hosted the annual Monaco Grand Prix, which is a Formula One motor race that is widely regarded as one of the most prestigious global motorsport races.
Residence in the Principality of Monaco
Moving to Monaco is easier than many people think and becoming a resident of Monaco has many advantages. Depending on your personal circumstances, Monaco could be the place for you. Monaco is a mythical place in many ways, but what sets Monaco apart in our opinion is the unique combination of the following features:
- Extremely safe country: Monaco is the safest country in the world, providing a very secure environment for its residents and their families.
- Tax friendly: Monaco is a tax friendly jurisdiction (zero income tax, zero capital gains tax, zero inheritance tax for direct heirs, zero wealth tax).
- Excellent health care: Health care is one of the best in the world. Monaco has the world’s highest life expectancy.
- Education: Good local and international schools in Monaco.
- Good for business: Friendly business environment for Monaco residents, enjoying an international reputation on par with international financial centres such as London, Geneva and Singapore.
- Climate and landscape: Warm Mediterranean climate, sandy beaches, spectacular landscape right in the heart of the Cote d’Azur and Provence, with Italy and the Alps on your doorstep.
- Strategic location: Nice Airport only 30 minutes by car or bus and seven minutes by helicopter. Nice is France’s second international airport with direct flights to all European countries, the US, Israel and Dubai.
- English is widely spoken.
- Glamorous life style: Monaco offers a world renown cosmopolitan international lifestyle with everything the world has to offer under one roof.
- A Country with a buzz: Cultural activities, international forums and major sporting event throughout the year.
How to become a Monaco resident
For most high net worth individuals interested in making Monaco their main residence, moving to the Principality is relatively straightforward. However, Monaco is only interested in real residents who want to become true members of the community. The requirements also vary depending on the nationality of the applicant. Moreover, the requirements to become a resident of Monaco are not set in stone, that is why it is strongly recommended to use a specialist firm to handle your application for residence on your behalf.
Shorex has been working with the Principality of Monaco for the past 20 years. We can assist you all the way to become a resident of Monaco. The whole process takes approximately three months.
We will handle your application and guide you every step of the way and ensure you smoothly reach the key milestones to becoming a resident, which broadly speaking consist of:
- Opening a bank account in Monaco and demonstrating that you have sufficient financial resources.
- Renting or buying a property in accordance to the size of your family.
- Providing proof of good character.
- Filing an application with the Princely Government of Monaco.
- Attending an interview with the authorities.
For non-EEA nationals, it is also necessary to apply for a long-stay visa for Monaco at the French Consulate closest to your most recent place of residence.
Next step
To find out more about becoming a resident in the Principality of Monaco:
If you are a Russian speaker please contact:
Inna Iranyi, t +44 20 7482 8102, inna@shorexcapital.com
If you are a EEA National or a French speaker:
Philippe Gelin, t +44 20 7482 8118, pg@shorexcapital.com
If you are a non-EEA National:
Ilona Iranyi, t +44 20 7482 8123, ilona@shorexcapital.com