29.05.2016 11:49

Retiring to Monaco

With beautiful sights, gorgeous climate, very low crime rates, and opulent living accommodations, it is easy to understand why somebody would want to retire to Monaco. Nevertheless, it is far from as simple as preparing everything up and moving to the principality. There are certain aspects to consider, as well as documents that need to be finished. Let's examine what you should do if you're planning on relocating to Monaco for retirement.

Open a bank account

Before emigrating, or soon after your arrival, you have to open up a banking account with a Monaco area bank and you might have to make a preliminary deposit of about €300,000 to €1 million. When your account is available for 7 to ten days, the financial institution will issue you with a message (a bank attestation) which should be shown to the Surete Publique (Immigration Office) verifying that you have adequate funds to support yourself while living in Monaco. When you plan to work in Monaco, you should also provide a copy of your employment contract. Naturally, this is unlikely to become a problem if you are intending to retire.

Signing a lease

When seeking residency, you have to bring evidence of a One year rent. Searching for an apartment to rent or buy can be carried out with the assistance of an property agent, just as you would if you've been looking somewhere else. However, you should remember that three months' rent must be paid in advance, along with another three months' rent as well as a security down payment.
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Applying to the Surete Publique

This should be done in person. Together with your bank attestation and a duplicate of your approved 12 month lease, you will have to get the following paperwork in order to continue:

Certified copy of your Birth Certificate

Valid Passport

Matrimony or Divorce certificates if applicable

An announcement detailing your educational and professional background, together with clarification of how all your assets have been acquired. It is actually required that this be submitted in French.

Certificate from your last country of residence confirming you've didn't have criminal record for the past 5 years. A statement attesting to this can be taken from the police force in your past home country.

Valid health insurance that includes Monaco.

The electricity contract for your leasing apartment or purchased property.

Fully completed residency application forms available through the Surete Publique. Bear in mind these forms are only offered in French.


The interview process

After it is confirmed that you have all the needed forms, an interview is going to be appointed with one of the officials in the Surete Publique. The application is going to be dealt with right after the meeting has taken place. If you are accredited, a notice from the Surete Publique is going to be sent to the address on your application with instructions regarding how to acquire your Carte de Sejour (residency card). The complete process typically takes around three months to finish.

The first card is legitimate for just one year. Right after one year expires, it needs to then be renewed every three years. If you reside in the country for at least 12 years, the Surete Publique might deem you qualified for a ten year card. Otherwise, you can consistently renew your three year card whenever it's needed.

The Carte de Sejour provides you with the ability to remain in Monaco for over three months, and the requirements state that you need to spend a minimum of three months of every year in Monaco. Just to be regarded as for the ten year card, you must reside in the country for a minimum of six months out of the 12 months.

Although it can be a challenging process, once accomplished, going to this beautiful country is bound to be a smart decision.


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