Our objective is to share the benefit of our experience and provide attractive choices for you and your family in Monaco. Caroline Olds Real Estate offers advice and several useful publications on how to benefit from Monaco government initiatives and private services that are offered to new residents who have come to live in Monaco. We can help with the following when considering moving to Monaco: How to obtain a residence permit in Monaco, buying and registering a business, recommendations for good restaurants and schools, introductions to residents’ clubs and associations, information about concierge services, medical and beauty centres, places to buy English books and beautiful furniture at good prices.
The Principality offers a wide range of support services for new residents and settling down to life in Monaco should be a wonderful experience in a beautiful environment with an excellent infrastructure, superb weather, schools, fitness centres, a wide range of cultural activities that include the opera, theatre, film and the arts, and a host of services for children (schools and other activities).
In addition to the well-known galas (the Rose Ball in March and the Red Cross Ball in August) there is a rich sporting calendar that starts with the supercar show ‘Top Marques’ in April followed by the Monte Carlo Tennis Masters, the Cannes Film Festival in May, the Formula 1 Grand Prix, the International Show Jumping of Monaco and the Yacht Show in September. Monaco is also constantly vibrant with international conferences, conventions and exhibitions.
The Principality of Monaco is an independent sovereign state. Set in the heart of Europe, on the Côte d’Azur, it has a resident population of approximately 36,000 and occupies just over one square mile on the Mediterranean coast.
About 22% of the population is Monegasque, the remainder being a cosmopolitan mix of French, Italian, British and most other European nationalities as well as American, Australian, African, Russian and Middle Eastern nationals.
Though French is the official language, English, Italian and, increasingly, Russian are widely spoken and understood both in business and socially. English is the preferred foreign language for children in the highly rated local schools and is the predominant language in Monaco’s International School.
There are two main laws in Monaco that regulate real estate leases, Law 887 and Law 1291.
The scope of their application is quite restricted. Nevertheless, if you are planning to buy real estate in order to lease it to a third party or you are interested in renting an apartment, it is advisable to understand these laws so that you are aware of your rights and obligations.
The laws concern apartment rentals in certain buildings and does not affect purchases and sales, where the owner intends to occupy the property himself.
Monaco welcomes foreigners wishing to become resident although, given its physical size, some degree of control is exercised.
For any individual over sixteen years old who wishes to spend more than three months in Monaco, a Monegasque residence card must be obtained. The procedure to become a resident will depend upon whether or not the individual is a national of a state in the European Economic Area (the EEA) which covers the European Union states, Liechtenstein, Norway and Iceland. To this list must be added Switzerland.
A non-EEA/Swiss national is obliged to obtain a long stay visa from the French authorities before making an application in Monaco for a residence card.
There is no income tax, capital gains tax or wealth tax in Monaco on individuals resident here (save that certain French nationals who choose to reside in Monaco will continue to be taxed in France as if resident in France).
Gift/estate/succession duty is due by residents and non-residents alike but only on Monaco-based assets at rates of up to 16%: disposals of such Monaco based assets to direct heirs and spouses are taxed at 0%.
Monaco’s principal tax revenue comes from VAT applied in accordance with French rules. The Principality operates a tax on the profits of any commercial or industrial business conducted from Monaco. This tax applies regardless of how the business is structured: it applies therefore to private individuals, unlimited liability companies, branches and limited liability companies alike, in the same way.
The Monegasque authorities are keen to see Monaco develop as a business and commercial centre particularly in certain fields such as banking, portfolio asset management, fund management, private equity, ship management, luxury goods, financial services and clean industries such as the pharmaceutical industry.
The Monegasque authorities take a keen interest in vetting and approving who may carry on a business activity in Monaco (of an industrial, commercial, professional or artisanal nature) and any individual or corporate body wishing to do so must first obtain authorisation from the Monegasque authorities.
The exact process to be followed to obtain a business licence will vary according to the entity and activity for which approval is being sought.
What kind of business? Monaco has an established reputation in ship management, private banking, financial services, asset and fund management and entrepreneurial activity.
Monaco also takes regulation of these activities very seriously and, aside from standard authorisation to carry on the activity being required, various other specific regulations will apply to certain activities.
There is no law that states you must work with an agency, but if you want to make the process as quick and painless as possible, you will. That said, here are the basics of relocating to Monaco.
Before you can think of relocating here you must open an account with a Monaco bank. The initial deposit will be either €500,000 or €1 million, depending on the bank. Once the account is opened and funded the bank will issue an official attestation indicating you have sufficient funds to support yourself.
You can rent or purchase property to live in after relocating to Monaco, but you must have your accommodations settled, and provide proof thereof, prior to moving. If you purchase a property you must provide proof. If you rent you must show a lease for a minimum of 12 months.
In order to relocate to Monaco you will need the following:
Anyone who wishes to relocate to Monaco must fill out the residency application in person. This is where an experienced agency like Caroline Olds can be of enormous help in setting up appointments, preparing and (when necessary) translating documents and accompanying you to the official interview.
Every day we field calls from people interested in relocating to Monaco. We tell them each the same thing: if they work with the right agency the process can be relatively straightforward. If they try to go it alone the process can seem decidedly Byzantine.
Once your application has been successfully submitted expect it to take at least 2 months to hear back. For non-EU applicants, it may take 5-7 months. In either case, the experienced team at Caroline Olds stand ready to help.