Monaco: Offshore Legal and Tax Regimes
Employment and Residence
Any non-French national wishing to take up employment in Monaco must obtain a work permit from the authorities. To obtain a work permit the foreign national must submit a visa application, a contract of employment and evidence of a fixed address in Monaco. There are no quotas on the hiring of foreign nationals and work permits are not hard to obtain but Government policy is for priority to be given to residents and nationals of Monaco.
Any person wishing to reside in Monaco for more than 3 months must apply for a residence permit. The rules for the grant of a residence permit were agreed with France in 1998 and distinguish between European Union nationals and others.
The procedure is for the applicant to present himself at the local police station for interview with documents in hand proving identity and with a letter from a bank verifying sufficient assets or income to support himself and any dependants during the duration of his stay. A residence permit will not be granted where it is shown that the applicant has a conviction for a serious criminal offence.
A residence permit is usually issued within 45 days from the application and initially is valid for one year and must be renewed annually for the next two years. Thereafter the resident permit is granted for three year periods and after having had a residence permit for nine years an applicant is entitled to one which is valid for a period of 10 years. A 10 year residence permit entitles the applicant to apply for citizenship. Alternatively any person whose father is a national of Monaco can acquire Monegasque nationality as of right.
There are no restrictions on foreigners or locals purchasing real estate in Monaco (except, obviously, your overdraft limit).