All You Should Know About The Residence By Investment Program In Monaco

High Net Worth Individuals (HNWIs) love Monaco for its myriad opportunities. It is a clean, safe, and peaceful country whose popularity among the wealthy is reflected in the fact that it houses some of the world’s highest number of millionaires per capita. The country comes with an excellent tax and wealth optimization structure. Over here, these HNWIs can take advantage of several tax benefits allowing them to park their wealth without worrying about the cuts. Moreover, the country has a moderate climate, recreational avenues, and natural landscapes.
To scale up its efforts to draw HNWIs into its fold, Monaco announced its Residence Program. Its residence by Investment (RBI) program allows applicants to secure a residence permit in the country in consideration of a minimum investment in certain areas. To know more about the program, keep reading.

1. Why Monaco
   Well, I already did make it clear why Monaco, but let me elaborate. A slew of benefits will be gained upon the acquisition of Monaco’s residence permit.

• • Monaco’s real estate market is the richest and among the most stable in the world. There are no property taxes levied.
  • The process is fast-tracked; you will secure the permit in a few months.
  • As noted earlier, Monaco is an exemplary choice for tax optimization.
  • While Monaco is not a member of the EU or Schengen, it does get visa-free travel to the latter up to a certain limit. Also, there is visa-free travel to 26 EU states.
  • A high standard of living is a plus for the wealthy.
  • Monaco’s administration ensures a very high standard of confidentiality and doesn’t share applicants’ details with any third party.

2. Basic eligibility criteria
   The applicants must ensure the following:

• • The applicant must come with a clean background. No criminal antecedents must have been reported.
  • It is necessary to show the sufficiency of funds to sustain in the country following the grant of the permit.
  • There must be proof of accommodation.
  • You must meet the minimum investment requirement.
  • A mandatory residence of 6 months a year is necessary.

3. Investment criterion
   The core of these RBI programs is investing. Unless the minimum investment criterion is met, the application will not be approved. Under Monaco’s RBI program, the minimum investment requirement is EUR 1 million. Of the said amount, EUR 500,000 will have to be deposited in a Monaco bank. Aside from this, the rest of the amount will have to be invested in purchasing real estate.

4. The Application process
   Firstly, it is advised to hire the services of immigration consultants. They will help you in the preparation of the documents. The list of those documents varies depending on various factors, such as family members and health matters. Upon completing the documentation, the application will be submitted to the Monegasque authorities, who will conduct due diligence. Then, the Residents Section of the Directorate of Public Security will arrange an interview. Following the same, the application will be reviewed, and a residence permit will be issued. The processing time differs; the issuance of EU nationals’ residence permits takes less time than that of non-EU nationals.

5. Road to Permanent Residence and Monegasque citizenship
   There is no direct route to citizenship in Monaco. But, once you qualify for temporary residence, you can become part of the process. First, you will have to obtain permanent residence; for the same, you must have lived in the country for a minimum of 5 years. The residence period extends to 10 years if you wish to acquire citizenship. You will be eligible to apply for citizenship upon satisfying the condition above. If your application is approved, you will be issued one of the rarest passports.

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