Monaco Residency – easy process?

Contributed by EBC Corporation SAM [www.ebc-trust.com]

The process can seem confusing and complicated, mainly because there are several stages and various documents needed. However, with the advice and guidance of an expert through the application process it will reduce time and make it as simple as possible.

Anyone has the opportunity to stay in Monaco for a period not exceeding three months without going through any formalities other than those necessary to travel to France.
If you wish to make Monaco your primary residence it is necessary to obtain a Monégasque residence card, which is called a “Carte de Séjour”.

Here is a top line guide to the Monaco Residency process:

For nationals of the following countries or if you hold a French “carte de sejour” then you can apply directly via Step 2 and ignore Step 1:

Germany, Austria, Belgium, Bulgaria, Cyprus, Denmark , Estonia, Finland, France, Greece, Hungary Iceland, Italy, Latvia, Lithuania, Liechtenstein, Luxembourg, Malta, Norway, Netherlands, Poland, Portugal, Czech Republic, Romania, United Kingdom, Slovakia, Slovenia, Switzerland and Andorra.

Step 1: Request a Long-Term Visa for the Principality

France administers visa applications on behalf of Monaco. An application is submitted during an appointment at the French Consulate in the country where you have been resident during the preceding six months. There are numerous documents needed to complete this stage of the application.

The visa has to be approved by the French authorities, and this can take between 3 and 6 months. You will be informed by letter and must then go to the Consulate to have the visa stamped in your passport (in some cases it is possible to have the authorisation sent to the French Consulate in Monaco where the passport may be stamped).

Please note: If you intend to set up a business in Monaco, a formal application must be made and completed in French.

The next stage is then the application for a residence card (“Carte de Séjour”) (This application must be made to the Residents Section of the Directorate of Public Security within eight days of arrival in the Principality.)

Step 2: Apply for a Carte de Séjour

EU nationals and nationals of other countries listed above or if you already hold a French “carte de sejour “can apply directly to the Residents Section of the Directorate of Public Security in Monaco for a residence card ("Carte de Séjour").

Any person over the age of 16 years can apply for the residence card ("Carte de Séjour"). You will have to go the Residents Section of the Directorate of Public Security and ask for an application form. This will be provided if you can present a valid passport (and if required your visa).

An appointment for an interview will be fixed within 3 to 5 weeks of applying. A response for the issue or otherwise of the residency card will be sent to you within 2 to 6 weeks following the interview.

Again, there are various forms and proofs needed at this stage. The main documents being (a) proof of accommodation either by showing you have a valid lease on a property or title to a property in Monaco and (b) obtaining a letter from a bank in Monaco confirming you have sufficient funds to live in Monaco.

At the interview you will be asked questions about your education, qualifications, work experience, details of children, their ages and schooling, your parents, and other family members.

How EBC can help you?

We can help you with the whole process

• Assist you with the preparation of your application dossier;
• Attend the interview in Monaco with the Police when applying for your visa;
• Introduce you to local estate agents to help you find a property to buy or rent;
• Introduce you to local banks in order to open an account and obtain the necessary bank letter;

Want to consider Monaco more?

We at EBC have been based in Monaco for over 35 years advising and guiding private individuals and corporations to thrive financially and manage their assets effectively.
EBC is able to provide clients with a range of services that include:

• Assistance with relocation and the establishment of private individuals and families in Monaco.
• Advice in connection with the relevant tax and legal matters.
• Handling the practical and compliance aspects of setting up a business in Monaco.
• Advice on tax, legal and associated considerations in the purchase, sale, rental or mortgaging of property in Monaco.
• Assisting in the creation of legal structures - personal or through corporate vehicles - to facilitate the efficient acquisition and holding of property in Monaco.
• Advice on the establishment and uses of a Monaco Law 214 Will Trust for Monaco residents on their Monaco based assets as a useful way of dealing with the forced heirship rules.
• Formation of companies from other jurisdictions.
• Establishment of offshore trusts and foundations.

For more information on why you should consider Monaco and how we can help you– private or business, then please contact Richard MacLellan or visit our website: www.ebc-trust.com

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