Welcome to the glamorous world of Monaco! If you're a digital nomad, expat, or a location-independent worker looking to enjoy the sun-soaked lifestyle of the French Riviera, becoming a tax resident in Monaco might be the perfect move for you. This step-by-step guide will walk you through the necessary procedures to establish your tax residency in this luxurious principality.
Step 1: Secure Accommodation in Monaco
To begin the process, you must first secure accommodation in Monaco. This can be done either by purchasing a property or renting an apartment. Ensure that the rental agreement or property purchase contract is in your name, as it will be required for your residency application.
Step 2: Open a Bank Account in Monaco
Next, you will need to open a bank account in Monaco. Most banks in Monaco will require proof of accommodation, a valid passport, and potentially a reference from your current bank. The process can take a few weeks, so it is advisable to start this step early.
Step 3: Obtain a Long-Stay Visa
If you are not a citizen of the European Union, you will need to apply for a long-stay visa. This can be done at the French consulate or embassy in your home country. The visa will allow you to stay in Monaco for more than 90 days, which is essential for establishing residency.
Step 4: Apply for Residency Permit
Once you have secured accommodation, opened a bank account, and obtained a long-stay visa (if applicable), you can apply for a residency permit. This involves submitting an application to the Monaco Town Hall (Mairie de Monaco) along with necessary documents such as proof of accommodation, bank statements, and a valid passport. The residency permit is typically issued within a few months.
Step 5: Reside in Monaco
To maintain your tax residency, you must spend at least 183 days per year in Monaco. This is crucial to demonstrate your commitment to living in the principality and to fulfill the requirements for tax residency.
Legal References
- Law No. 1.362 of 3 August 2009
- Sovereign Ordinance No. 3.153 of 19 March 1964
- Law No. 1.312 of 29 June 2006
Useful Links
