Feod Group provides professional assistance in obtaining all types of visas, as well as in extending stay and obtaining immigration status in Monaco. The company has lawyers with more than 27 years of experience. Offices in Europe, USA and Ukraine.
Monaco is considered one of the richest countries in the world. Favorable tax policy of the Principality, together with incredible natural landscapes attracts people with a high level of wealth from around the world.
The demand for obtaining Monaco residency among wealthy people is also associated with the desire to protect the accumulated capital in connection with the start of a large-scale procedure for the automatic exchange of tax information between states. The Principality of Monaco is known for maintaining complete confidentiality about its residents.
The benefits of living in Monaco:
High quality of life
Mediterranean, mild climate and proximity to the sea
Safe country with zero crime
Developed health care system
Quality education
Favorable tax regime, maintaining financial secrecy about the depositor by banking institutions.
Types of resident cards in Monaco
1. Temporary resident card (Сarte De Sejour Temporaire) This card is issued for a period of 12 months, of which 3 months the card holder must reside in the territory of Monaco. Violation of the terms of residence entails a refusal to extend the card.
After 12 months, you can extend your residence status 2 more times (for a total of 3 years), after which you can qualify for a three-year Monaco residence card.
2. Three-year resident card (Сarte De Sejour Ordinaire) This card is issued for 3 years after the expiration of which you can extend your residence for another 3 years. The conditions of this residence are identical to the temporary: from 12 months in the year the applicant must be in Monaco for at least 3 months.
If you want to live in Monaco for more than 3 months a year, you will be interested in a privileged resident card.
3. Privileged resident card (Carte de Sêjour Privilegie) Privileged resident card is issued immediately for 10 years. This residency can be renewed an unlimited number of times.
The condition for this type of residence is to stay in Monaco for at least 183 days a year. The holder of Carte de Sêjour Privilegie has the opportunity to apply for the status of Monaco Citizenship. However, the applicant for citizenship must have good reasons, one of which is living in Monaco for at least 10 years and be integrated into the economies and culture of the country.
How to get a residence in Monaco
Obtaining a residence permit in Monaco is a complicated procedure. A small territory of the principality does not allow to accept all comers, therefore prospective residents are selected according to strict criteria.
Firstly, this is proof of availability of accommodation in Monaco.
Secondly, confirmation of sufficient financial resources for living.
Thirdly, the evidence of the reliability of the applicant.
1. A financially independent foreigner A popular program among wealthy clients of Feod Group.
This program implies that the Applicant has a steady income from a business that is received outside of Monaco. The minimum income level is between 3,000 Euros per month per Applicant and increases depending on the number of family members who will also live in Monaco.
In addition to a steady income, the applicant must also present:
Availability of residence for the entire planned period of stay in Monaco. This may be a formal rental agreement with a paid deposit. A significant advantage for the Applicant will be the availability or purchase of real estate in Monaco. The presence of real estate will significantly increase your chances of obtaining permanent residence status.
The presence of a deposit in the amount of 500 000 Euro in the bank of Monaco.
This amount can be broken down in parts.
The application may include the Applicant’s spouse and minor children under 18 years of age.
2. Opening a business or branch of a company This category is suitable for those who want to open a new business or open a branch of an existing company in Monaco.
This category is one of the most difficult, as the Applicant needs to prove the relevance and viability of this business in Monaco.
Since Monaco is one of the richest countries in the world, the country’s economy does not need new companies.
If you have a unique business plan, and you are confident in the success of the company, you must fulfill the relevant requirements for obtaining the residence of Monaco:
Open an office in Monaco.
To employ at least 4 people.
Have a share capital of 150,000 Euros.
Pay a mandatory tax of 1% of the size of the share capital.
If the Applicant wants to open a branch of an already existing company, then the need to pay income tax in the amount of 33.3% should be taken into account if the Company receives more than 25% of income abroad of the Principality.
3. Employment Having a working contract with a company registered or having a representative office in Monaco gives the right to get a working residence permit.
Applicant must meet the following requirements:
Have a working contact with the employer in Monaco. It is important that the resident of Monaco or France does not apply for this vacancy.
Have an income that covers all living expenses in Monaco (rent, food, transportation, insurance).
Rent a property.
The duration of a residence permit depends on the duration of the working contract.
4. Training in Monaco Students of educational institutions in Monaco are granted a resident permit for the duration of their studies.
To do this, the applicant must:
be enrolled in an educational institution and pay for the academic year
rent a house
prove the availability of funds to pay for their expenses in the territory of Monaco (rent, food, transport, insurance)
As in the case of a work visa, the residency card expires immediately after the completion of training in an educational institution.
Citizenship of Monaco
Monaco citizenship is one of the most desirable statuses in the world. But despite this, of the 38,000 permanent residents of Monaco, only 8,000 have the status of Citizens of Monaco.
There is an assumption that this is due to the fact that dual citizenship is prohibited in Monaco and the holder of a Monaco passport must refuse all available passports.
In order to obtain Citizenship in Monaco, the applicant must have resided in the territory of Monaco for the last 10 years since the Applicant turned 18 years old.
If the Applicant already has a Privileged Residency Card (Carte de Sêjour Privilegie), then it can be applied for citizenship within a year.
Also, minor children of the applicants automatically receive citizenship simultaneously with their parents.
The citizenship of Monaco gives indisputable advantages:
Accommodation in an economically developed and safe country
No income tax and safe business
Free education for children in public schools and universities in Europe
State guaranteed medical care
Visa-free travel to almost 160 countries
Taxes:
The Principality of Monaco is an almost tax-free jurisdiction:
0% gift or inheritance tax for direct relatives (one of the spouses, children, parents).
The remaining relatives are taxed up to 13% (the amount of tax duty depends on the degree of kinship of the heir or recipient): 8% – brother or sister, 10% – uncle, aunt, nephews, 13% more distant relatives 16% – not relatives
0% real estate tax
0% personal income tax
0% on capital gains
0% tax on the profit of legal entities registered in Monaco, provided that the company’s turnover outside the Principality is less than 25%. In the event that the company’s income outside of Monaco exceeds 25%, then the corporate income tax is 33.3%.
VAT is charged at the standard rate of 19.6%. Reduced rates – 7% and 5.5% for basic needs, such as food and transportation.
Feod Group services:
Immigration and visa:
General and specialized advice on the immigration laws of Monaco;
Recommendations on choosing a visa, immigration category;
Translations and paperwork (legalization, apostille);
Filling in visa application forms and registration for filing documents;
Accompanying visa applications by accredited immigration lawyers;
The change, the extension of the residence status in the territory of Monaco;
Applying for citizenship.
Business and legal:
Registration of companies in Monaco (assistance in renting an office, in obtaining an individual tax number; tax planning, business structuring);
Buying business in Monaco;
Financial and banking services – selection of an investment object, analysis, verification of business documents, opening bank accounts;
The choice of property, legal verification of documents, services of an independent assessment;
Carrying out the registration of the sale and purchase of the facility and providing the client with our legal support after the transaction.
Feod Group also provides its clients with related services related to relocation and adaptation in the country: family relocation services in Monaco, enrollment of children in schools and many others.
For more information about the program of obtaining residence permits, permanent residence and citizenship of Monaco – sign up for a meeting with the directors of the Feod Group.
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London i...
Elena Georghiou – Founder and Managing Director of Feod Group. Has two higher educations: the first at the Odessa State Polytechnic University, majoring in automation and computer engineering (1986) and second in the Moscow State Law Academy, majoring in law (1991). Has work experience in London immigration law firms. Is a regular participant in seminars and trainings on immigration, corporate and private law of the European Union. Elena Georghiou has more than 25 years of legal experience and heads the specialized Residency and Citizenship practice across European countries, UK and USA advising HNWIs and their families on:
immigration planning;
consultations on obtaining alternative (second) citizenship;
Residency and Citizenship by Investment;
business immigration;
preparation of appeals, working with complex immigration cases.
She advises individuals and corporate clients for wealth/business structuring and assets protection. Central to her Managerial role in the company she initiated and united high level lawyers and other top professionals around the word in order to provide Feod Group clients with bespoke level of legal and business services word wide, keeping the staff focused on the opportunities and challenges faced by each individual client. Speaks Russian, Ukrainian, English.
