Obtaining a residence permit in Monaco by buying a property
There are a few people who are looking forward to obtain a residence permit in Monaco by buying a property because a lot of people don’t have sufficient and comprehensive information about obtaining a residence permit by buying a property in this country. In order for a person to buy a property in Monaco he/she needs to have adequate information about the requirements of buying a property in Monaco. Buying a property in Monaco can be done in different ways, i.e. the applicant applying for a residence permit through buying a property in Monaco can buy penthouses, villas, apartments and….
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About Monaco
Monaco is a small town located in southwestern Europe on the northern central coast of the Mediterranean Sea. Monaco had a population of about 38,695 in 2017. The official language of Monaco is French. All the people in this country are very wealthy and have a very good financial situation and Monaco is a very luxurious and modern country, in a way that it is normal to buy and sell luxury ships and private jets in this country. Therefore, living in Monaco is suitable for people who have very high financial resources.
The requirements for getting a residence permit in Monaco
Buy a property or apartment in Monaco
Registering or establishing a company in Monaco
Renting a property or apartment in Monaco
How to get a residence permit in Monaco by buying a property?
Buying a property in Monaco is probably one of the most attractive ways to invest in this country and Monaco has one of the bests real estate markets in the world. Monaco can be one of the most attractive countries for buying a property or for building a property because the lifestyle of people in the most beautiful part of the Mediterranean can be an attractive option for many people.
People who intend to obtain a residence permit through the purchase of a property in Monaco can obtain a residence permit and citizenship in this way, but in order to obtain a residence permit through the purchase of a property in Monaco, you must meet certain requirements which are mentioned below.
The most important thing about buying a property in Monaco, which most people may be interested in, is that in order to buy a property in Monaco people are not required to be present in this country, and a person who buys a property in this country can get a residence permit and then obtain citizenship without needing to be present in this country.
EU citizens (people with an EU residence permit) can enter Monaco without a visa and can even buy property in Monaco, but EU citizens must have “carte de sejour” (permanent residency card) if they want to stay in Monaco for more than 3 months. If people from outside of the EU want to reside in Monaco, they must be able to obtain a visa from this country or France and then enter Monaco.
Applicants who want to get a permanent residence permit in Monaco must be able to prove that they have been in Monaco for at least 10 consecutive years in order to be able to obtain a residence permit.
The requirements for buying a property in Monaco
Many people who want to get a residence permit by buying a property in Monaco can apply through this way and achieve their goal. Properties in Monaco have different values and prices, but it can be said that the minimum amount of investment in Monaco is 1 million Euros, which the applicant must deposit 500,000 Euros into the banks of Monaco. In addition to this amount, people who want to buy a property in Monaco must be able to buy a property with a minimum value of 50,000 Euros in order to be able to get a residence permit in Monaco, but keep in mind that to buy a property in Monaco, the applicant must be able to buy property for more than € 500,000 in order for the residence process to begin.
Generally, it can be said that it is very expensive to buy a property in Monaco and a person who intends to obtain a residence in this way can also obtain a temporary residence permit by renting a property in Monaco, which will cost around 3000 euros and sometimes higher.
A person who intends to rent a property in Monaco must be able to rent the property for at least 12 months. In addition to that, the property you rent must have the same number of bedrooms for each person. For example, a couple can rent a one-bedroom apartment but a family of 4, should be able to rent a property that has at least 2 bedrooms.
Residence permits in Monaco
People who apply for a residence permit in Monaco will first receive a 1-year residence card, which must be renewed after 1 year. The Monaco residence card is called temporaire resident carte, which can be renewed every year for up to 3 years. Then, in the 4th year, the applicant can receive a permanent residence permit in Monaco by obtaining a 3-year residence card, which is called “carte de resident ordinaire” (a permanent residence card), which is valid for 3 years, and before this card expires the applicant must be able to extend it so that after 10 years of residence he/she will be able to apply for Citizenship of Monaco.
Advantages of getting a residence permit in Monaco by purchasing a property
Monaco has a favorable tax system for people living in Monaco.
People can live in a very safe country by settling in Monaco.
Proximity to Nice Airport which is 30 minutes away.
It has a Mediterranean climate.
Monaco has a completely international environment.
The second and most common language of people in Monaco is English
How to get a residence in Monaco?
Presenting a bank letter
Presenting a passport
Presenting a birth certificate
Presenting a marriage or divorce certificate
Certificate of no criminal record in the last 5 years
Provide health insurance
A lease for at least 1 year of residence in Monaco
Electricity contract if you buy a property in Monaco
Residency application form
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