Financial Reality Check: Monaco residency requires demonstrating substantial wealth. While there's no official minimum, practical requirements include €500,000+ (~$540,000 USD) in a Monaco bank and ability to pay €3,000-5,000+/month (~$3,240-5,400+ USD) for even modest housing. This is not a destination for those building wealth—it's for those who have it.
Residence Permit Overview
Monaco issues the Carte de Séjour (residence permit) to foreigners who meet financial and character requirements. Unlike many countries, Monaco has no investment visa or golden visa program—residency is granted based on demonstrated financial means and genuine intention to reside.
Permit Types
- Carte de Séjour Temporaire: Initial permit, valid 1 year, renewable
- Carte de Séjour Ordinaire: After 3 years, valid 3 years
- Carte de Résident Privilégié: After 10 years, valid 10 years
Core Requirements
- Clean Criminal Record: Casier judiciaire vierge from home country and any country of residence
- Financial Means: Bank attestation showing €500,000+ (~$540,000 USD) deposited in Monaco bank (or equivalent proof of substantial means)
- Accommodation: Valid rental contract or property deed in Monaco
- Health Insurance: Coverage valid in Monaco
- Intent to Reside: Genuine intention to make Monaco your home
Financial Requirements in Detail
Monaco doesn't publish an official minimum financial threshold—each case is assessed individually. However, practical experience shows:
Typical Expectations
- Bank deposit: €500,000-1,000,000 (~$540,000-1,080,000 USD) in a Monaco bank
- Monthly rent capacity: €3,000-5,000 (~$3,240-5,400 USD) minimum for small apartments
- Ongoing income/assets: Proof you can sustain Monaco lifestyle
- Bank reference: Letter from Monaco bank confirming relationship
Opening a Monaco Bank Account
You'll need to open an account before applying for residency:
- Contact Monaco private banks (see our Banking guide)
- Provide KYC documentation and source of funds
- Make initial deposit (minimums vary by bank)
- Obtain bank attestation for residency application
French Citizens Exception: Due to the 1963 Franco-Monegasque Treaty, French citizens living in Monaco are taxed by France as if they lived in France. Americans don't face this issue—but remember US taxes still apply worldwide.
Application Process
Step 1: Bank Relationship
Open account with Monaco bank, deposit funds, obtain attestation. Timeline: 2-8 weeks.
Step 2: Secure Housing
Sign rental contract or complete property purchase. Timeline: Varies.
Step 3: Gather Documents
Criminal record, birth certificate, passport, proof of insurance. All must be apostilled and translated. Timeline: 2-4 weeks.
Step 4: Submit Application
Apply to the Sûreté Publique (police). Timeline: Application submission.
Step 5: Interview
Meet with authorities to discuss your application. Timeline: Within weeks of submission.
Step 6: Decision
Approval or rejection typically within 1-3 months. No appeal if rejected.
Required Documents
- Application form: Completed and signed
- Passport: Valid with sufficient blank pages
- Birth certificate: Apostilled, translated to French
- Criminal record: From US (FBI check) and any countries of residence, apostilled
- Passport photos: Recent, passport-sized
- Bank attestation: Letter from Monaco bank confirming account and funds
- Proof of accommodation: Rental contract or deed
- Health insurance: Certificate of coverage in Monaco
- CV/Resume: Professional background summary
- Marriage certificate: If applicable, apostilled and translated
FBI Background Check
Request from FBI using Form FD-258 (fingerprint card). Processing takes 3-5 weeks. The report must then be apostilled by the US State Department.
Physical Presence Requirements
Monaco expects residents to actually live there. While there's no strict day-count:
- Maintain your Monaco accommodation as primary residence
- Be present enough to demonstrate genuine residency
- Excessive absences may affect permit renewal
- For "Résident Privilégié" status, expect scrutiny of presence
US Tax Implications
For purposes of the Foreign Earned Income Exclusion or treaty benefits, you must meet IRS physical presence tests. Monaco residency alone doesn't satisfy US requirements—actual presence matters.
Renewal and Progression
- First permit (1 year): Renewable, must maintain requirements
- After 3 years: Eligible for 3-year Carte de Séjour Ordinaire
- After 10 years: Eligible for 10-year Carte de Résident Privilégié
- Citizenship: Available after 10 years but rarely granted to foreigners
Citizenship Note
Monaco citizenship is extremely difficult to obtain. It requires 10+ years of residence, renunciation of other citizenships, and approval by the Prince. Very few foreigners achieve it, and Americans would need to renounce US citizenship.
Family Members
Spouse and children can apply alongside or join later:
- Spouse: Applies with same documentation requirements
- Children: Under 21, included in family application
- Additional proof: Marriage certificates, birth certificates needed
- Financial: Consider higher financial threshold for family applications
Professional Help Recommended: Given the discretionary nature of Monaco residency decisions, working with a Monaco-based lawyer and banker familiar with the process significantly improves outcomes. Expect legal fees of €10,000-30,000 (~$10,800-32,400 USD) for full assistance.
Disclaimer: Residency requirements are discretionary and may change. This is educational information only, not legal advice. Consult qualified Monaco legal professionals before applying. Information current as of January 2026.