How to obtaining residency in Monaco
Monaco is known for being a hub for high-net-worth individuals and a desirable location for business. If you are considering setting up a business in Monaco, or moving there for work, it is important to understand the process for obtaining residency.
- Setting up a business: Monaco is a tax-friendly location for business and offers a favorable regulatory environment. To set up a business in Monaco, you will need to register with the Monaco Chamber of Economic Development and obtain a business license. You will also need to provide proof of financial resources and a business plan.
- Obtaining residency: To live and work in Monaco, you will need to obtain residency. There are several types of residency permits available, including a temporary permit, a permanent permit, and a permit for self-employed individuals. To obtain a residency permit, you will need to provide proof of income and proof of accommodation. You will also need to undergo a medical examination and provide a police clearance certificate.
- Tax considerations: Monaco has a favorable tax regime for individuals and businesses. There is no income tax, wealth tax, or capital gains tax in Monaco. However, there is a value-added tax (VAT) of 20%, which applies to goods and services.
- Living in Monaco: Monaco is a small city-state on the French Riviera, known for its high-end shopping, fine dining, and luxurious lifestyle. The cost of living in Monaco is high, but it is offset by the favorable tax regime and the high standard of living. The official language is French, but English is widely spoken.
In conclusion, setting up a business in Monaco and obtaining residency can be a complex process, but it is worth it for those seeking a desirable location for business and a high standard of living. By understanding the process for setting up a business and obtaining residency, you can take advantage of the tax-friendly environment and luxurious lifestyle that Monaco has to offer.