The requirements to become a naturalized citizen of Monaco are that you have lived in Monaco for at least 10 consecutive years, that you renounce your citizenship to any other country, and that becoming a naturalized citizen of Monaco will relieve you of any military service obligation in your former country.
If renting the lease must be for a minimum of 12 months and have sufficient bedrooms to accommodate the number of persons applying. For example, in order for this to qualify for Monaco residency, a couple should rent a one-bedroom apartment at least and for a family of four a minimum of two bedrooms. This lease is normally automatically renewed at the end of each lease period.
Monaco Citizenship and Investment. To become a Monaco permanent resident (and ultimately a citizen), you must meet multiple requirements. First, you are required to invest a minimum of 1,000,000 euros of which 500,000 euros must be deposited and kept in a Monaco bank.
After an application is approved, the first Monaco residency card, Monaco Carte de Resident Temporaire, is issued and must be renewed each year for the first three years. Then a Monaco Carte de Resident Ordinaire is issued with renewal required only every three years. After ten years, it is possible to apply for Carte Privilege, a permit for long-term residency. If long-term residency is not granted the applicant can continue to renew the three-year resident’s card. Even if all criteria are met, the Principality does have the right to refuse a residence permit.
Before purchasing or renting property in Monaco, it is advisable to consult with a local lawyer or a consulting firm regarding the intent to apply for residency. Local real estate agents also have an understanding of the process. At Monaco Estate, we offer to our clients a complimentary evaluation with an experienced Monaco lawyer.
To complete the Monaco residency process, an official residency interview will be arranged during which all the required documents are submitted. Following this the Monaco residency application will be processed and authorized. This will take approximately eight weeks for EU passport holders and sixteen - twenty weeks for non EU passport holders as they must first apply for a special Visa from the French Embassy in their country of residence which once approved and issued (up to sixteen weeks) will then permit the applicant to complete the Monaco formalities within three-four weeks, when the residency card will be issued (also known as the Carte de Resident).