Monaco has long held a magnetic pull for those in search of an exceptional quality of life. Nestled between the Mediterranean and the Alps, the Principality offers a rare blend of safety, political stability, mild climate and an unmistakably international lifestyle. Yet while many dream of calling Monaco home, becoming a Monegasque resident is a carefully structured process that requires preparation, clarity and commitment.
Residency in Monaco: More Than Just an Address
Living in Monaco for more than three months a year requires an official residence permit issued by the Monegasque authorities. Since 2011, the Monaco Welcome Office has served as a key point of contact for newcomers, guiding individuals and families through each stage of relocation.
All foreign nationals aged 16 and over must apply for a residence card if they wish to settle in the Principality. The process is transparent but thorough, reflecting Monaco’s desire to welcome residents who are genuinely motivated to integrate into life on the Rock.
Who Can Apply: EU, EEA and Non-European Nationals
For citizens of the European Union and the European Economic Area, the procedure is relatively straightforward. A valid passport or national identity card is sufficient to begin the residency application process, with no visa required.
For non-EEA nationals, the journey starts earlier. Before submitting any application in Monaco, an establishment visa for Monaco must be obtained through the French authorities. This requirement also applies to minor children accompanying their parents, underscoring the importance of planning well in advance.
Finding a Home in the Principality
Securing appropriate accommodation is one of the most decisive steps in becoming a Monaco resident. Applicants must demonstrate that their housing corresponds to the size and needs of their household. A signed and officially registered lease is required before a residence application can be filed.
Given Monaco’s limited real estate market, private rentals are rare. As a result, local real estate agencies play a central role, often working with the same properties and dossiers. Navigating this competitive market successfully is usually impossible without professional support.
Financial Stability and Daily Life in Monaco
Beyond housing, applicants are expected to demonstrate genuine financial independence. While opening a bank account in Monaco is not strictly mandatory, it is strongly recommended and significantly facilitates the process.
Healthcare coverage for residents is managed through the Monegasque social security system, ensuring access to high-quality medical services for the entire family. For those relocating with children, Monaco offers a full range of childcare options, including nursery schools from the age of three. Reflecting the Principality’s international outlook, intensive English language education begins at an early age, alongside the French curriculum.
Why Choose Monaco? The Advantages of Residency
Although Monaco is no longer considered a tax haven, it remains one of Europe’s most attractive fiscal environments. Residents benefit from exemption from personal income tax, with the notable exception of French nationals, who remain subject to French taxation under a bilateral agreement.
Property owners and tenants also enjoy a favourable framework: there are no property taxes or local housing taxes. Only a 1% registration duty on the annual rent, plus charges, applies to registered leases.
For entrepreneurs, Monaco offers additional appeal. Companies that generate less than 25% of their turnover abroad are exempt from corporate income tax. New businesses benefit from a two-year exemption from profit tax, followed by a gradual taxation regime over the next three years.
A Small Country with a Global Outlook
With a population of just over 38,000 residents representing dozens of nationalities, Monaco remains one of the most cosmopolitan places in the world per square kilometre. Becoming a Monegasque resident is not simply a legal status—it is an entry into a tightly knit, internationally connected community where lifestyle, security and opportunity intersect.
For those ready to embrace its pace and standards, Monaco offers far more than an address. It offers a way of life.
