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How to start Retiring to Monaco

With beautiful sights, beautiful weather, very low crime rates, and opulent living accommodations, you can easily understand why someone might want to retire to Monaco. Nevertheless, it is far from as easy as preparing everything up and relocating to the principality. There are certain aspects to consider, as well as documents that must be completed. Let's examine what you need to do if you're planning on relocating to Monaco for retirement life. This informative site Relocation Monaco has a lot more information on the main topics Monaco Residency.

Open a bank account

Just before emigrating, or very soon after your appearance, you need to open a bank account with a Monaco area financial institution and you may be required to make a preliminary deposit of between €300,000 to €1 million. Once your account is available for 7 to ten days, your bank will issue you with a letter (a financial institution attestation) that has to be presented to the Surete Publique (Immigration Office) confirming that you have enough money to support yourself while living in Monaco. In the event that you plan to work in Monaco, you should also supply a duplicate of your employment agreement. Naturally, that is unlikely to become a problem if you are planning to retire.

Signing a lease

When applying for residency, you need to bring proof of a 12 month rent. Trying to find a condo to rent or buy can be achieved with the aid of an estate broker, just like you would if you were looking somewhere else. However, it is important to remember that three months' rent has to be paid upfront, in addition to one more three months' rent and a security downpayment.

Applying to the Surete Publique

This needs to be done in person. Along with your bank attestation plus a duplicate of your signed One year rent, you will have to get the following documents in order to continue:

  • Certified duplicate of your Birth Certificate
  • Valid Passport
  • Matrimony or Separation certificates if applicable
  • A statement detailing your academic and professional history, in addition to explanation of how all your assets have been acquired. It is actually necessary that this be submitted in French.
  • Certificate from your last country of residence confirming you have didn't have criminal history for the last five years. A statement attesting to this will be obtained from the police force within your past home country.
  • Valid health insurance that covers Monaco.
  • The electrical energy agreement for your rental apartment or bought property.
  • Fully completed residency application forms readily available via the Surete Publique. Remember these forms are available in French.

The interview process

After it is validated that you have all of the required documents, an interview will be scheduled with one of the officials in the Surete Publique. Your application is going to be dealt with right after the appointment has taken place. If you are authorized, a message from the Surete Publique is going to be sent to the address on the application with directions regarding how to collect your Carte de Sejour (residency card). The whole process usually takes around three months to complete.

Your first card is legal for one year. After twelve months is up, it should then be renewed every 3 years. If you reside in the country for a minimum of 12 years, the Surete Publique may consider you entitled to a ten year card. If not, you can consistently renew your three year card when it is needed.

The Carte de Sejour provides the ability to be in Monaco for longer than ninety days, and the specifications state that you need to spend no less than three months of each and every year in Monaco. In order to be considered for a 10 year card, you have to stay in the country for a minimum of six months out of the 12 months.

Although it can be a challenging procedure, once finished, retiring to this beautiful country is certain to be a wise decision.