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Monaco Residency Requirements • Back To All Pages »

Organizing Your Monaco Retirement

With beautiful sights, beautiful weather, low crime rates, and luxurious living accommodations, it is possible to realise why someone may wish to retire to Monaco. However, it is not necessarily as simple as preparing everything up and moving to the principality. There are particular aspects to consider, together with forms that need to be completed. Let's examine what you should do if you're planning on moving to Monaco for retirement life.

Open up a banking account

Before emigrating, or quickly after your arrival, you have to open up a banking account with a Monaco area bank and you may be asked to make an initial deposit of about €300,000 to €1 million. Once your account is available for 7 to ten days, the bank will issue you with a letter (a bank attestation) which must be shown to the Surete Publique (Immigration Office) verifying that you've got adequate funds to support yourself while residing in Monaco. In the event that you intend to work in Monaco, you should also supply a duplicate of your employment contract. Obviously, that is unlikely to become a problem in case you are planning to retire.

Signing a lease

When seeking residency, you have to provide evidence of a Twelve month lease. Searching for an apartment to rent or buy can be done with the aid of an property agent, just like you would if you were looking somewhere else. However, it is important to be aware that three months' rent has to be paid in advance, in addition to another three months' rent along with a security downpayment.

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Applying to the Surete Publique

This must be carried out in person. Along with your bank attestation plus a duplicate of your signed 12 month lease, you will need to get the following files to be able to proceed:

  • Certified copy of your Birth Certificate
  • Valid Passport
  • Matrimony or Divorce certificates if applicable
  • A statement listing your academic and professional history, as well as explanation of how all your possessions have been acquired. It is actually required that this be submitted in French.
  • Certificate from the last country of residence confirming you have didn't have criminal history for the past 5 years. A statement proclaiming to this can be extracted from the police force in your past home country.
  • Valid health insurance that covers Monaco.
  • The electricity contract for your rental apartment or purchased property.
  • Fully completed residency application forms accessible via the Surete Publique. Remember these forms are only obtainable in French.

The interview process

Following it is validated that you have all of the required paperwork, an interview is going to be scheduled with one of the officials in the Surete Publique. Your application will be processed right after the appointment has taken place. If you are accepted, a message from the Surete Publique will be delivered to the address on the application with guidelines on how to collect your Carte de Sejour (residency card). The complete process normally takes around three months to finish.

The first card is legitimate for one year. Right after twelve months expires, it must then be renewed every 3 years. If you live in the country for a minimum of 12 years, the Surete Publique might deem you entitled to a ten year card. If not, you are able to continue to renew your 3 year card as and when it is required.

The Carte de Sejour provides the right to stay in Monaco for over ninety days, and the specifications state that you must spend a minimum of 3 months of each year in Monaco. In order to be considered for a 10 year card, you have to reside in the country for no less than 6 months out of the year.

Although it may be a difficult process, when finished, retiring to this beautiful country is bound to be a wise decision.