DIVERSITY IN CULTURE
ATTRACTIVE DESTINATION BORDERING FRENCH & ITALIAN RIVIERA
GREAT ACCESSIBILITY BY ROAD, SEA, AND AIR
BUSINESS OPPORTUNITIES – STABLE REAL ESTATE MARKET
TOP-NOTCH SPORTS, CULTURAL, AND EDUCATIONAL FACILITIES
NO INCOME, WEALTH, OR PROPERTY GAIN TAXES LEVIED
The Principality of Monaco, in Western Europe, is known as the ‘Billionaires Playground.’ The country ranks among the wealthiest countries of the world. Monaco is an independent sovereign state and a full member of the United Nations. It has a robust economy with the most progressive business and technology sector. Monaco is a tax haven with no income tax, property tax, or capital gains tax levied. Monaco is in a customs and monetary union with France. Therefore, French VAT applies. The native language of Monaco is Monegasque. However, French is the official language, while Italian and English are widely spoken as well. The country is regarded as a favorite for the wealthy, with substantial business opportunities, perfect climate, and luxurious infrastructure.
Approval can take up to three months, once a visa application is submitted to the relevant French consulate. On obtaining the visa, an individual must apply for a carte de résident at the Service des Étrangers (Foreigners’ Section) of the central Monaco police station. To obtain a carte de résident, a visa-holder must complete an application form and present it, with other supporting documents, at an interview at the Service des Étrangers. The process takes eight to ten weeks.
Acquiring citizenship is extremely difficult because, before qualifying, one must have held a Monegasque residence permit for at least 10 years as an adult over the age of 21. Citizenship can be acquired after living for 6 months of the year for 10 years in Monaco. You must renounce any foreign nationality you possess as Monaco does not offer dual citizenship.