Open up a banking account

Prior to emigrating, or quickly after your appearance, you must open a banking account with a Monaco area bank and you may be required to make a preliminary deposit of anywhere from €300,000 to €1 million. When your bank account is open for 7 to 10 days, the bank will issue you with a note (a financial institution attestation) that must be presented to the Surete Publique (Immigration Office) confirming that you've got sufficient funds to support yourself while living in Monaco. In the event that you want to work in Monaco, you should also provide a copy of your employment agreement. Clearly, this is unlikely to become a problem if you are intending to retire.

Signing a lease

When trying to get residency, you must bring proof of a Twelve month lease. Trying to find a condo to rent or purchase can be achieved with the help of an property agent, just as you would if you've been looking somewhere else. However, it is essential to be aware that three months' rent should be paid upfront, in addition to one more three months' rent as well as a security deposit.

Applying to the Surete Publique

This must be carried out in person. In addition to your bank attestation and a duplicate of your signed One year lease, you will need to possess the following files in order to continue:

• Certified copy of your Birth Certificate
• Valid Passport
• Marriage or Separation certificates if applicable
• An announcement listing your academic and professional background, in addition to explanation of how all your assets have been acquired. It is required that this be sent in in French.
• Certificate from the last country of residence confirming you have had no criminal record during the last five years. A statement proclaiming to this will be taken from the police force in your past home country.
• Valid medical insurance that covers Monaco.
• The electricity agreement for your leasing apartment or bought property.
• Fully completed residency application forms available through the Surete Publique. Remember these forms are offered in French.

The interview process

Soon after it is validated that you have all of the needed documentation, an interview will be appointed with one of the officers in the Surete Publique. Your application will be processed right after the meeting has taken place. If you're accepted, a message from the Surete Publique is going to be delivered to the address on the application with directions on the way to collect your Carte de Sejour (residency card). The whole process typically takes around three months to complete.

The first card is legal for just one year. Right after one year expires, it needs to then be renewed every 3 years. If you live in the country for a minimum of 12 years, the Surete Publique might consider you entitled to a 10 year card. If not, you can consistently renew your 3 year card as and when it's required.

The Carte de Sejour provides the legal right to be in Monaco for more than three months, and the specifications stipulate that you need to spend no less than 3 months of every year in Monaco. In order to be considered for the ten year card, you need to reside in the country for at least 6 months out of the year.

Although it can be a challenging process, once accomplished, going to this beautiful country is bound to be a smart decision.