Monaco

Monaco is a vibrant multicultural center for wealthy residents and good mix of international cultures. Monaco has attracted number of wealthy millionaires from Europe and around the globe, because no income, weath or capital gains tax is levied making it a `true tax haven`. Monaco is not yet a member of European Union and EU directives and measures do not apply in Monaco but gets benefits through France.

EU citizens do not require visa to enter Monaco, however if the stay is more than 3 months, they will need to apply for residence permit `carte de sejour`. For non-EU persons or those coming from abroad, a french visa is needed to enter Monaco.

Monaco Immigrant Investor Program

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It is often well said that Monaco is only for `millionaires`.

The minimum investment required is atleast EUR 1 million, of which EUR 500’000 is needed to be deposited in a Monaco Bank, in addition to purchasing of sale deed of property worth EUR 500’000. The property prices start from EUR 500’000 and upwards as the real estate has been in high demand. Accomodations are very expensive as a renting a small flat could cost a minimum of EUR 3’000 and above.

In addition to that you have to spend atleast 6 months in a year. The residence permit takes about 1 month for EU nationals and about 3 months for non-EU nationals.

The main eligibility criteria to obtain residence permit are

Proof of sufficient bank balance accompanied by bank reference.
Proof for accommodation (rental lease contract or sale deed)
Clean criminal police record record.
Work or business incorporation documents.

A personal interview is a must to obtain Monaco residency.

Taxes

Monaco has no income tax, no wealth tax, no local tax, no capital gains tax and very minimal inheritance taxes. VAT is about 30% in Monaco. The country has no double taxation agreement with other countries, which gives living in Monaco high degree of confidentiality and freedom.

Citizenship can be obtained after 10 years of legal stay in Monaco. Dual nationality is prohibited under nationality law.

We assist our clients in immigration, residence, real estate, accomodation, company incorporation, tax planning, insurance in Monaco.