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Monaco Residency Rules • Back To All Pages »

Preparing Your Monaco Retirement life

With lovely landscapes, beautiful climate, low crime rates, and luxurious living accommodations, it is possible to realise why someone may wish to relocate to Monaco. Nevertheless, it is not as easy as packing everything up and moving to the principality. There are specific facts to consider, as well as documents that need to be finished. Let's analyze what you need to do if you're planning on moving to Monaco for retirement.

Open a banking account

Just before emigrating, or quickly after your appearance, you need to open a banking account with a Monaco area financial institution and you might be required to make a preliminary deposit of anywhere from €300,000 to €1 million. When your bank account has been available for 7 to 10 days, the bank will issue you with a message (a bank attestation) which should be given to the Surete Publique (Immigration Office) making sure that you've got adequate money to support yourself while residing in Monaco. When you plan to work in Monaco, you should also supply a copy of your employment contract. Clearly, that is unlikely to become a problem in case you are intending to retire.

Signing a lease

When seeking residency, you must bring proof of a One year lease. Searching for a flat to rent or purchase can be achieved with the assistance of an estate broker, just as you would if you've been looking elsewhere. However, you should be aware that three months' rent must be paid upfront, in addition to one more three months' rent as well as a security deposit. For everybody who is looking for further information with respect to Monaco Residency Rules this particular web-site Monaco Residency Requirements features a whole lot more blog posts on the subject of How To Apply For Mc Residency.

Applying to the Surete Publique

This needs to be carried out in person. Together with your bank attestation plus a copy of your approved 12 month lease, you will need to have the following papers to be able to proceed:

  • Certified duplicate of your Birth Certificate
  • Valid Passport
  • Marriage or Separation certificates if applicable
  • A statement detailing your academic and professional history, as well as explanation of how all of your belongings have been acquired. It is necessary that this be sent in in French.
  • Certificate from your last country of residence validating you have didn't have criminal history for the last five years. A statement attesting to this will 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 finished residency application forms available through the Surete Publique. Bear in mind these forms are obtainable in French.

The interview process

Right after it is confirmed that you've got all the needed documentation, an interview will be appointed with one of the officials in the Surete Publique. Your application is going to be processed after the meeting has taken place. If you are accredited, a notice from the Surete Publique is going to be sent to the address on the application with guidelines on how to collect your Carte de Sejour (residency card). The complete process usually takes around 3 months to finish.

Your first card is legal for just one year. After one year is up, it should then be renewed every 3 years. If you are living in the country for at least 12 years, the Surete Publique could consider you eligible for a 10 year card. Otherwise, you are able to continue to renew your three year card when it is required.

The Carte de Sejour provides the legal right to be in Monaco for over three months, and the requirements stipulate that you must spend at least 3 months of every year in Monaco. Just to be considered for the 10 year card, you must stay in the country for at least 6 months out of the year.

Although it may be a complicated process, when accomplished, retiring to this beautiful country is certain to be a wise decision.