Monaco is considered one of the most ideal places of residence for anyone seeking to reside in a safe European location with world-class leisure facilities, a sublime climate, and a favourable tax system. Monaco residents benefit from no personal income tax, making the principality a sought-after choice for wealthy individuals seeking to relocate to Monaco as their main residence.
With the continued growth of luxury real estate, Monaco will long be a superb investment opportunity. To find out more about an apartment for sale in Monaco, read on below.
Monaco residency requirements
To become a Monaco resident, applicants must show proof of accommodation. This may include the purchase documents of local real estate, details of the property you plan to rent for a minimum of one year, or a letter and proof of property ownership or rental from a close relative who resides in Monaco. Potential Monaco residents may also own a company that holds corporate real estate in Monaco.
In addition, all applicants of a Monaco residence by investment must demonstrate financial self-sufficiency to live in Monaco. The minimum amount required by the Monaco government for a residency application is €500,000 per the main applicant and must be held with the bank at all times during the residency period.
Financial self-sufficiency may also be demonstrated by showing that the applicant is employed by a Monaco company or that they plan to form a new company in Monaco that creates at least 10 new jobs, or finally, they can provide a letter of support from a close relative the applicant plans to live with.
Once the residency has been granted, the applicant of the Monaco residence by investment can live in Monaco for as long as desired. After 10 years of permanent residency status, it is possible to apply for Monaco citizenship.
Benefits of becoming a Monaco resident
Living in Monaco has many benefits, making it a great time to invest in Monaco real estate and become a Monaco resident.
For many, Monaco’s warm and stable climate and convenient geographical position make it an attractive place to live. With over 300 days of sunshine a year, Monaco qualifies as one of the sunniest European locations. It is also bordered on three sides by France, while the other side borders the Mediterranean Sea, making it the ideal location for skiing throughout the winter or hiking in the alps in the summer.
Monaco’s exquisite beaches, unparalleled dining, exceptional real estate, and world-class leisure facilities have contributed to the principality’s status. It is also the host of some of the most well-known events, including the Monaco Grand Prix and the Monaco Yacht Show.
Monaco also presents a very high standard of living due to its access to reputable private schools, trustworthy private medical facilities, and having one of the lowest crime rates in Europe.
Not forgetting its favourable tax system that levies no income tax, no wealth tax, no local tax, no property tax, and no capital gains tax on individuals.
Monaco residence by investment; a secure value
Monaco real estate prices continue to rise, offering a sound return on investment year after year.
According to the latest Real Estate Observatory Report, released in early 2022, the majority of property in Monaco sell for around 5 to 10 million Euros.
Monaco real estate prices have increased by 75% in the past decade. These exceptional property price increases are being driven by demand as more high-net-worth-individuals seek out the benefits of owning Monaco real estate. Due to Monaco’s small land mass, there is limited inventory of Monaco property for sale and rent, further increasing property prices.
It is without question that Monaco is one of the finest places in the world to reside. If you are seeking a Monaco residence by investment, contact a trusted real estate agent in the principality and let them find you your dream apartment for sale in Monaco.
Author: Ella Neale