How much money do I need for Monaco residency?

There is no published statutory minimum, but banks typically require a EUR 500,000 to EUR 1m deposit to issue the required attestation, plus rented or owned accommodation in Monaco.

How long does Monaco residency take?

Two to four months from application, assuming accommodation, bank attestation and police clearance are in place.

Does Monaco residency work for French citizens?

Not for tax. French nationals resident in Monaco remain subject to French income tax under the 1963 bilateral convention, unless resident before 1957.

Jurisdiction · Europe

Monaco

Zero personal income tax for residents, with the banking bench to match.

Scope a structure here Talk to a director

Overview

Monaco charges residents no personal income tax, no wealth tax and no capital gains tax — the exception being French nationals, who remain taxable in France under the 1963 convention. For a family that genuinely relocates, it remains one of the cleanest personal tax outcomes in Europe, with Schengen access and world-class private banking on the doorstep.

It is a residency jurisdiction rather than a company jurisdiction. Corporate activity is taxed at 25% where more than a quarter of turnover comes from outside Monaco, so the structuring value lies in where the family lives, not where the company sits.

Typical use-cases

Where Monaco fits

Personal residency
Family offices
Yacht ownership

Banking

Banking landscape

Monaco hosts around thirty banks, including CFM Indosuez, Julius Baer, EFG, UBS and Barclays Monaco. Residency applications require a Monaco bank to certify deposited funds, typically EUR 500,000 or more. Relationships are conservative, personal and slow to open.

Tax

Tax & reporting

No personal income tax, no capital gains tax and no wealth tax for residents other than French nationals. Inheritance tax is 0% in the direct line and up to 16% for unrelated beneficiaries. Companies pay 25% business profits tax where over 25% of turnover arises outside Monaco. VAT applies at French rates.

Substance

Substance & register visibility

Residency requires genuine presence: a Monaco address you own or rent, evidence of means, a clean criminal record and, in practice, spending real time in the Principality. The carte de séjour is renewed annually for the first three years. Beneficial ownership is registered privately with the authorities.

Decision

When to pick this jurisdiction

Pick Monaco when the objective is personal tax residency for a family with substantial liquid wealth, when yacht ownership and Mediterranean life are part of the plan, and when the family can genuinely live there.

The director's view

Written up as a comparative shortlist.

Every Monaco recommendation is delivered as a comparative memorandum — substance defensibility, banking access, treaty coverage, register visibility, cost to maintain and reputational risk — so the client can see the trade-offs before committing.

Next step

Considering Monaco? Get a written comparison first.

Answer six questions and a director will come back with a shortlist, indicative costs and banking route.

Scope a structure here Compare jurisdictions

Frequently asked

Questions we hear on every Monaco intake.

How much money do I need for Monaco residency?: There is no published statutory minimum, but banks typically require a EUR 500,000 to EUR 1m deposit to issue the required attestation, plus rented or owned accommodation in Monaco.
How long does Monaco residency take?: Two to four months from application, assuming accommodation, bank attestation and police clearance are in place.
Does Monaco residency work for French citizens?: Not for tax. French nationals resident in Monaco remain subject to French income tax under the 1963 bilateral convention, unless resident before 1957.

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