Moving to Monaco: housing, finances and criminal record among eligibility criteria
Several conditions must be met in order to move into accommodation in Monaco © Pixabay
Living in Monaco appeals to many people, but settling in the Principality cannot be done on a whim and requires meeting strict conditions.
As outlined in a TV Monaco report, four requirements must be fulfilled in order to settle in the Principality. Applicants must first have accommodation suited to the size of their household, whether through ownership, rental, or free lodging. From a financial standpoint, there are two possible options: proving active professional income or making a bank deposit in Monaco of at least €500,000. The final requirement is to provide a clean criminal record covering the previous five years of residence. Once these prerequisites have been validated, the application for a residence permit can be submitted.
A tiered residence card system
The initial residence card, renewable annually, remains the most commonly requested by new arrivals. After three years of legal residence, residents may apply for a three-year temporary card. As noted in the TV Monaco report, the ten-year permanent residence card is only accessible after renewing the three-year temporary card three times — in other words, after twelve consecutive years of residence in the Principality. These administrative procedures have remained largely unchanged for several years.
In response to the growing number of applications, the National Council is considering the introduction of a “premium” residence card. This new category aims to better regulate migration flow to the Rock.