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monaco residence

Posted by wkonline - Created: 14 years ago
0 0

Hi..

I am interested in setting up residence in Monaco.
I do not intend to work in Monaco. Therefore, I will have to submit a "bank letter".
Does the bank letter have to be from a local Monaco bank?
What is the min. balance required for getting the bank letter?
I have seen figures ranging from 100,000 dollars to $1m+...

Why does the process take 4-6 months?
What is reviewed during that time?
Is the decision based mainly on the bank letter?

I would love to hear from people who have gone through this process.

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1 reply

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Posted by Zeynep-183200 - 14 years ago

quote:Does the bank letter have to be from a local Monaco bank?

Yes. Before asking for residence in Monaco, you should already have (1) a bank account in a Monegasque bank, and (2) an apartment rented or registered under your name.

quote:What is the min. balance required for getting the bank letter?

The minimum amount for which I heard of such a letter being given was about EUR 70,000, but your mileage may vary.

The letter will just say "Mr XXX has enough financial resources to live in the Principality". It will not state the amount of money you have in that bank, or anywhere else.

quote:Why does the process take 4-6 months?

Because you are not and EU citizen (I presume), and us lowlife third world citizens are investigated to our hind teeth before admission into Monaco.

quote:What is reviewed during that time?

Everything. Your past addresses. Your schools. Your criminal record. Your international criminal record (checked by Interpol). Etc etc etc.

quote:Is the decision based mainly on the bank letter?

The bank letter is the prerequisite. But being wealthy is no guarantee for Monaco residence - as a number of Russian families found out a couple of years ago.

I hope that helped. Basically, you are moving here for the tax advantage, - the police knows it, and it is OK. As long as you are not actively involved in a criminal area that the Principality wishes to avoid (money laundering, drug trafficking, etc) and do not lie on ANYTHING in your application form, you should be fine. It just takes time.

By the way, nobody works around here in the months of July and August. The state literally stops working on various applications (like establishment of companies, etc) so your application might actually take longer to process.

Regards,

Zeynep