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Principality of Monaco

Monaco is highly appreciated for its exceptional quality of life, its economic and cultural dynamism, its internal security for both residents and visitors, its high-performance and multicultural school system, and its efficient healthcare system thanks to its private and public medical establishments. Over the years, the Principality of Monaco has become one of the most sought-after places for the wealthiest people.

In a dream setting between the sea and the mountains, Monaco enjoys an ideal location with a mild and pleasant climate all year round. Between the French Riviera and the Italian Riviera, it is easily accessible with quick access to motorways, the international airport, railway stations and maritime routes. It is therefore possible to fully enjoy the sea, but also to reach the ski resorts.

Security is a high priority for the Monegasque Government. Thanks to a video surveillance system covering the entire territory and a significant number of public security agents, the Principality is one of the safest and most secure places in the world, both for visitors and residents, with a low crime rate.

Residents of the Principality, except French nationals, are not subject to income tax and therefore benefit from low taxation on their income and assets. The economy is diversified and forward-looking, with constant growth.

The school system is very efficient and multicultural thanks to its numerous schools offering bilingual French/English education. The health care system is equally efficient thanks to its private and public medical establishments.

Monaco is also a leisure destination with several hotel, sports and event infrastructures with numerous international events such as the Formula 1 Grand Prix, the Circus Festival, the Monte Carlo Ballet, the Tennis Rolex Master, the Rose Ball, the Red Cross Ball and the Jumping. The Principality’s associative, sporting and cultural life is therefore relatively important.

The Principality does everything possible to ensure the daily well-being and comfort of its residents, employees and visitors.

Moving to the Principality

Are you over 16 years of age and wish to reside in the Principality for more than three months a year? You will need to make an application to the Directorate of Public Safety, Residents’ Section. The documents to be provided in this application will depend on your project and your profile.

Are you a national of the European Economic Area? All you need is a valid identity card or passport. No visa is required.

Are you not a citizen of the European Economic Area? If you have been living in France for more than one year, you can apply for a transfer of residence at the French Embassy in Monaco. In all other cases, you must apply for a visa to settle in the Principality of Monaco, issued by the French authorities. For this, it will be necessary to apply to the French Consulate closest to your last legal residence.

The formalities and conditions vary according to your nationality and country of origin. In all cases, you will need to prove that you have a place to live in Monaco in accommodation that corresponds to the needs of the household, guarantee sufficient financial resources (have a work contract, be taken in charge by a third party, have sufficient cash) and prove that you are of good character (provide an extract from the criminal record or equivalent). You will also need to provide a completed and signed application form and a civil status document.

Our team will be happy to assist you and guide you through the process with the help of its network of partners.


Créer sa société

Some information before taking any steps

Certain legal forms may be imposed by the regulations in force. The main legal forms are: the S.N.C (Société en Nom Collectif), the S.C.S (Société en Commandite Simple), the S.A.R.L (Société À Responsabilité Limitée) and the S.A.M (Société Anonyme Monégasque).

It is also possible to carry out an activity in one’s own name or a commercial activity by creating an administrative office or an agency.

It should be noted that certain activities are regulated and for which :

  • The law determines the conditions of access required of the operator (diplomas, professional experience, financial conditions) or the conditions required for the establishment (approvals). This is, for example, the case for accounting, legal and financial activities, real estate activities, or insurance activities.
  • The law determines the conditions of exercise or operation.
  • Some activities are not regulated, but are nevertheless subject to authorisation.

For advice on your project, we invite you to contact the Monaco Welcome & Business Office, which will provide you with the tools and information you need for all your procedures.

The most important step: applying for a licence to operate

In the Principality of Monaco, the creation and exercise of any professional activity are subject to obtaining prior authorisation from the Government of Monaco. This authorisation is issued on the basis of certain criteria: criteria relating to good character, professional experience or qualifications. It determines in particular the activities that can be carried out, the premises where they will be housed and the operating conditions in certain cases.

Declaration of domicile for your company

The company’s registered office must be registered and proof must be provided bythe use of premises which may be located either on state-owned premises, i.e. belonging to the State, or on private premises, or in the operator’s home, subject to certain conditions: no legislative, regulatory or contractual provision must be in place to prevent this, the activity must not require the reception of customers or the storage and/or display of goods, and no employees must be employed. As regards domiciliation in state-owned premises, it is imperative that the company is majority-owned by a Monegasque national.

Registration formalities

Once the Monegasque authorisation or receipt of the declaration has been issued, the company must be registered in accordance with the following steps:

  • Publicity formalities
  • Registering the company with the Trade and Industry Register
  • Applicants to the Monegasque Institute of Statistics and Economic Studies (IMSEE) for a Statistical Identification Number
  • Declare the existence of the business or company to the Direction des Services Fiscaux
  • Register with the following social organisations: Caisse d’Assurance Maladie, Accident et Maternité des Travailleurs Indépendants (CAMTI), Caisse Autonome des Retraites des Travailleurs Indépendants (CARTI), and the constitution of an employer file with the Employment Service.

Monegasque taxation

Monegasques and foreigners residing in the Principality of Monaco are not subject to income, capital gains or capital taxes in Monaco. There is no housing tax, property tax or wealth tax.

However, French nationals residing in Monaco are subject to French income tax under the bilateral Franco-Monegasque Convention of 18 May 1963. The same applies to individuals from the United States.

Inheritance and transfer tax

Inheritance and transfer taxes apply to assets located in the Principality. The nationality of the deceased or the donor as well as his place of domicile and/or residence is therefore irrelevant.

The level of taxation is calculated according to the degree of relationship between the deceased or donor and his heir:

  • In direct parent-child relationship or between spouses: 0%.
  • Between brothers and sisters: 8%.
  • Between uncles, aunts, nephews and nieces: 10%.
  • Between collaterals other than brothers, sisters, uncles, aunts, nephews or nieces: 13%
  • Between unrelated persons: 16%.

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