Monaco offers an exceptional living environment and an extremely attractive legal and tax framework for establishing residence and doing business.
This attractiveness is the result of remarkable political, legal and fiscal stability.
Thus, each year, Monaco attracts nearly 500 new residents and sees the creation of between 250 and 300 new businesses.
However, whether personally or professionally, settling in Monaco is subject to a prior decision taken by the Monegasque government and must comply with strict requirements.
Moreover, beyond the economic and tax advantages it may present, settling in Monaco has structural implications that should be anticipated before any decision is taken.
For more than a century, Gordon S. Blair teams have been advising and assisting clients from many countries on their personal and professional relocation projects in Monaco, from preliminary consideration to implementation and follow-up.
Taking up residence in Monaco: procedures and formalities
Any person of foreign nationality over the age of 16 who wishes to reside in Monaco for more than three months a year must have a residence permit issued by the Monegasque authorities. All applicants for residency must be able to prove, among other things, that they have a place of residence in the Principality (through a duly registered lease or title deed), have sufficient financial resources (through an attestation issued by a local bank) and are of good character.
Depending on whether or not the applicant wishing to take up residence is a national of a member state of the European Economic Area (EEA) or of Switzerland, the time required to obtain a residence permit in Monaco can vary between three and six months.
The residence permit is issued for an initial period of one year (renewable every year for three years), then three years (renewable twice), then ten years.
Setting up a business in Monaco
Approval to set up a business or carry out a professional activity in Monaco is given based on criteria such as good repute, professional qualifications or experience, and the interest of Monaco in the type of activity envisaged.
Applications for authorization to exercise a professional activity are formally examined by the authorities of the Department of Economic Expansion of Monaco and are ultimately approved and issued by the Council of Government.
The decision as to whether to carry on business in one’s own name (as an incorporated individual) or through a company, or to hire employees, must also be made within the framework of precise rules involving a legal adviser, possibly a notary, in close contact with the authorities.
A long practice of relocation projects, coupled with in-depth expertise in taxation, inheritance, business and company law, allows Gordon S. Blair teams to ensure your personal and/or professional relocation from start to end in a controlled manner.
Any relocation project needs to be previously analyzed and thought through to identify the pros and cons to be weighed up. We also take care of all the formalities, help our clients in the selection and coordination of service providers, and draft all legal documents.
We thus allow our clients to remain focused on the personal or business aspects of their projects.
- Business law and Corporate Law
- Yachts, Aircraft and Trophy Assets
- Labour Law and Employment matters
- Banking, Financial Institutions, and Asset Management
- Eastern Europe Clientele
- Real Estate
- Family Organizations and Governance Mechanisms
- Tax - Natural Persons and Legal Entities
- Inheritance and Estate Planning
- Relocation to Monaco
- International Mobility
- Risk and Compliance