Monaco, the small yet luxurious country on the Mediterranean coast, is attracting attention from people around the world looking for permanent residency. Surrounded by France on three sides and the Mediterranean Sea on the fourth, Monaco is known for its wealth, high-quality lifestyle, and unique tax benefits. The country imposes no personal income tax, wealth tax, capital gains tax, or annual property tax for residents, making it one of the most financially attractive places to live.
Monaco offers permanent residency to those looking to live and work in the country. Residence cards are initially issued for one year and renewed annually for three years. After continuous genuine residence, residents can apply for longer-term permits, ultimately qualifying for a 10-year renewable Privileged Residence Permit. Having a Monaco residence also allows travel to the 26 Schengen zone countries.
Eligibility for Monaco residency is straightforward but requires certain conditions. Applicants must be over 16 years old, have accommodation in Monaco, hold a clean criminal record, and possess valid health insurance covering their stay. Non-EU/EEA nationals need a long-stay type D visa from a French consulate. Applicants must also show sufficient financial resources, with a minimum of around EUR 500,000 (approximately Rs 4.43 crore), often through bank deposits or proof of self-sufficiency.
The application process involves several steps. First, applicants should find a local partner or trusted advisor to guide them. They must gather documents including a valid passport, birth certificate, criminal record extract, and an attestation for the initial application. Additional documents may be required for those married, with children, students, or divorced. Applications are submitted in Monaco, followed by an official interview. An application fee of around EUR 80 (Rs 8,302) is payable. Authorities then conduct due diligence and compliance checks before granting the residence card.
While the permit allows residents to live in Monaco, a separate work permit may be necessary depending on the individual’s situation.
Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
