Monaco is one of the wealthiest locations in the world and with its attractive tax structures, it's no wonder it's a mecca for the rich and famous…but can just anyone move there?
Our Senior Client Director in France, Joanne Leach explains that it can be surprisingly simple……
"The hardest part can be finding somewhere you want to live" says Irene Luke, Partner of Savills Monaco.
'Monaco's property market is the most expensive in the world and demand is high. Rent can be between 2,000€ for a small studio with no view, to 180,000€ per month. Most prospective buyers or tenants will stay for a week or two, giving them chance to explore and view properties available.'
You can rent for short periods but if you wish to apply for a Carte de Residence the minimum commitment is one year.
How soon can you apply for residential status? - and what does it bring you?
You can apply for a Carte de Residence once you have an address in Monaco (either bought or rented a property for a minimum of a year). You must also agree to live there for more than three months of the year. For tax residency you need to live there either at least 183 days of the year or for Monaco to be the country in which you spend the most time each year.
You will then be permitted a permit de residence for 1 year, if approved, which you can renew the following year, each time you renew you get a permit for a longer duration.
In the aftermath of Brexit (unless an alternative arrangement is agreed) for UK nationals, the timescale is likely to be lengthened by the time it would take to first apply for a long stay visa for France.
There are 30 banks to choose from in Monaco, all with varying costs and minimum amounts. The private banks minimum requirement is between 1m€ and 10m€, the retail banks can be very little. The costs also vary depending upon the service.
You must be able to prove that you have enough funds on your account to be able to support yourself whilst living in Monaco. 500,000€, is a figure banded around by the banks but this isn't set by Monaco. If you clearly have an income to support yourself or employed in Monaco or have a business in Monaco this can be very little.
Apply for a Permit de Residence with the local police to be interviewed for your residency to be approved. The entire process from start to finish can be turned around as quickly as two to three months, if your paper work is in order and you can prove sufficient funds to support yourself there.
Monaco has become home to a variety of different people; some come just for the season starting with the Rose Ball, or the F1 Grand Prix , others to work. Then there's the celebrities and professional athletes, for which the town has become synonymous. Each application is unique and depending upon the activity required, it can take variable amounts of times to complete.
Mary-Rose McLean Head of Legal, Corporate and Yachting Services, of Moores Rowland, advisers in International Tax and Law adds;
'Should you wish to set up a business, there is a Welcome Office in Monaco that offers a free service to help you obtain the required authorisation. Unlike the UK, such an authorisation is required before you can start any commercial activity. From the submission of the complete application, the authorisation should be granted within two months.
Neither the residence permit nor business application require professional advisors but you can retain the services of a company to assist with the paper work, translations and provide international tax and legal advice in setting up your business etc in the most efficient way. While Monaco does not impose personal income or capital gains tax - business profits are potentially taxable. Monaco is a great place to live but it isn't completely free of tax depending upon your activity'.
The cost of the professional advice required to expedite applications depends upon the work and the advice needed but hourly fees are similar to that which you would expect in London.
How expensive is it to live in Monaco? The biggest cost is renting or buying property. The cost of living is similar to the nearby, Cote d'Azur. If we use the cost of a cappuccino for comparison, then the average price is roughly 3.5€, a beer in a pub is 4.95€, a litre of milk 1.43€ and lunch around 25€.
Tickets for Formula 1 on race day start at 120€ for general admission. In the weeks preceding there's also the historic Grand Prix, which for children under 16 is free and adults, on the big race day, prices start at 100€. Naturally, pit lane passes and VIP entry can go for much, much more.
How much does it cost to get from A to B in Monaco? Nice international airport is 30 minutes away, quicker by helicopter, with excellent links to London and the rest of the world. To Nice airport assuming no delays 90€. Uber is not permitted in Monaco.
Getting around Monaco, there is a regular bus service that can get you about easily, anywhere for 2€. There aren't many taxis and when you get one, anywhere in Monaco it's a fixed fee of 15€, should there be traffic or delays there will be extra, up to 60€ per hour.
Monaco has excellent health care system focusing on prevention and screening. Their management of Covid-19, also, has been praised by many living there. The majority have reportedly been relieved to be allowed to have some freedom to continue working and retain an element of normality with live concerts, lunches and dinners permitted with only curfews imposed.
There are several private hospitals and a general hospital for the public, the Princess Grace, which has an emergency department and has advanced specialities including oncology, cardiology, and geriatrics. A major Project is underway to build the New Princess Grace Hospital with yet further advanced facilities targeted to be ready in 2026.
They have the third highest proportion of doctors to population in the world with minimal waiting times.
If you're moving to Monaco without employment you have to have private health insurance. The cost of insurance varies according to you past illnesses, your age and other variables. Medical costs can be expensive, for example a full VIP health check at the Princess Grace is 4,000€. The European Health Insurance Card does not provide health cover in Monaco.
Our guide here is intended as a starting off point for those seriously considering a move to Monaco. Our office in Nice can help you to arrange your financial affairs, if moving to Monaco (or France) from the UK.
As with any move we would recommend that you take advice. Please don't hesitate to get in touch. https://strabenshall.co.uk/contact-us/*Thank you to Irene Luke and Mary-Rose McLean for their contribution to moving to Monaco. To get in touch with Irene, contact her at +377 97 70 42 00 email@example.com and Mary-Rose contact her on +377 97 97 00 67 Mary-Rose.McLean@mri.mc
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