Things You have to know Before Retiring to Monaco
Open up a bank account
Prior to emigrating, or soon after your arrival, you need to open up a banking account with a Monaco area bank and you may be asked to make a preliminary deposit of about €300,000 to €1 million. Once your account is available for 7 to 10 days, your bank will certainly issue you with a note (a bank attestation) which should be given to the Surete Publique (Immigration Office) validating that you have adequate funds to support yourself while residing in Monaco. When you plan to work in Monaco, you have to also provide a copy of your employment agreement. Naturally, that is unlikely to become a problem in case you are planning to retire.
Signing a lease
When looking for residency, you have to provide evidence of a One year rent. Trying to find a condo to rent or purchase can be done with the assistance of an estate broker, just as you would if you were looking somewhere else. Even so, it is important to keep in mind three months' rent has to be paid in advance, along with another three months' rent along with a security deposit. www.relocation-monaco.com is certainly one website that has lots of up to date info on monaco residency.
Applying to the Surete Publique
- Certified copy of your Birth Certificate
- Valid Passport
- Marriage or Separation certificates if applicable
An announcement detailing your educational and professional background, as well as clarification of how all your belongings have been acquired. It is required that this be sent in in French.
- Certificate from the last country of residence confirming you've didn't have criminal history for the past 5 years. A statement proclaiming to this will be taken from the police force within your past home country.
- Valid medical insurance that covers Monaco.
- The electrical energy contract for your leasing apartment or bought property.
- Fully completed residency application forms readily available through the Surete Publique. Bear in mind these forms are offered in French.
The interview process
Right after it is confirmed that you've got all the necessary documents, an interview will be scheduled with one of the officers in the Surete Publique. The application is going to be dealt with after the appointment has taken place. If you are accredited, a letter from the Surete Publique will be delivered to the address on the application with guidelines on the way to collect your Carte de Sejour (residency card). The entire process often takes around 3 months to complete.
The first card is legal for just one year. After twelve months expires, it needs to then be renewed every three years. If you are living in the country for a minimum of 12 years, the Surete Publique might deem you eligible for a 10 year card. If not, you are able to carry on and renew your 3 year card as and when it's needed.
The Carte de Sejour provides you with the right to be in Monaco for longer than three months, and the specifications state that you must spend no less than 3 months of each and every year in Monaco. In order to be considered for the 10 year card, you have to reside in the country for a minimum of six months out of the 12 months.
Although it may be a complicated process, when finished, going to this gorgeous country is certain to be a wise decision.