Carey Group l Becoming resident in Monaco

Transcription

1 Carey Group l Becoming resident in Monaco

2 A background Welcome to Monaco. This booklet is divided into two parts; the first gives a brief background to Monaco and the second part, from page 5, details the requirements to becoming an official resident in Monaco. Political & constitutional The Principality of Monaco is a constitutional hereditary monarchy, and has been presided over by the Grimaldi family for seven centuries. The Constitution was introduced in 1962 and Prince Albert II is the current incumbent. Executive power rests with the Prince, while administrative duties are the responsibility of the Minister of State assisted by the Government. Legislative and budgetary powers are exercised jointly by the Prince and a separate National Council. Members of the National Council are elected by Monégasques, the nationals of Monaco, for a period of five years. Judiciary power is independent of the Government and exercised through the courts and tribunals. This booklet is divided into 2 parts Part 1 About Monaco Part 2 Applying for a Resident s Card Global status Monaco is a member of a number of international organizations, including United Nations, UNESCO and was admitted to the Council of Europe in There are three permanent missions abroad, in New York, Geneva and Strasbourg, embassies covering ten countries and over 100 consulates abroad.

3 Security Monaco is a very safe place providing a high level of security for residents and visitors alike, with a comprehensive system of camera surveillance and one of the highest ratios of police to inhabitants in the world. Geography The Principality is situated in southern Europe on the Mediterranean between the French and Italian Rivieras. It comprises 200 hectares of which 40 have been claimed in recent years from the sea, and a coastline of four kilometres. The five main areas in Monaco are: Monaco-Ville: the centre of authority for Monaco, also known as The Rock Monte-Carlo: founded in 1866, the area around the casino La Condamine: the district around the main Port Hercule Fontvieille: a new area claimed from the sea Moneghetti Access Access is by motorway, by railway (the French TGV stops at Monaco) and air. Nice Airport is just 30 minutes away by car and even quicker by helicopter which offers a magnificent way to arrive in Monaco. Climate The climate is typical of the northern Mediterranean with mild winters and hot summers, without becoming excessively hot. Average temperatures range from 14 C in winter to 28 C in summer. There is an average of 74 days per year of rain with October and November being the wettest months. Political & constitutional Global status Security Geography Access Climate Population Official language Currency Education Health Sport Culture Personal tax

4 Population Monaco is a cosmopolitan place with about 120 nationalities residing here. According to the latest census of 2008, there are 35,000 residents of which 8,000 are Monégasques, 10,000 French, 7,000 Italian and 3,000 British. Official language The official language is French but Italian and English are widely spoken. The Monégasque language is spoken by older locals and is taught in the Principality s schools. Currency Since its introduction on 1 January 1999, the Euro has been the official currency of Monaco. Education The schools in Monaco are considered excellent and include both private and International schools. There is also a University of Monaco for undergraduates and postgraduates, and academies of music and dance. Health Hospitals, both private and government owned, are highly regarded. In addition to general hospital care, Monaco also is home to a specialist heart and sporting injury clinics and renowned doctors specialising in whole body health checks. Political & constitutional Global status Security Geography Access Climate Population Official language Currency Education Health Sport Culture Personal tax

5 Sport Monaco has a long sporting heritage, undeniably aided by a favourable climate. Many sporting activities take place in the Principality including at the Monte-Carlo Golf Club, Monte Carlo Country Club, Yacht Club and Stade Louis II. Events organised in Monaco include the Monte-Carlo Rally, Formula 1 Grand Prix, Tennis Masters, IAAF Athletics Meeting and international sailing regattas. Culture Monaco is home to a wide cultural diversity with a range of events, museums and associations on offer. Monte-Carlo offers a philharmonic orchestra, opera and ballet companies presenting many shows during the year. In addition, there are theatres, pop concerts, international conferences and exhibitions. Tax Since 1869, Monaco has not charged individuals to tax on their income or gains. However, French nationals arriving in Monaco after 1 January 1957 are subject to French tax. Most individuals are therefore able to live in Monaco free of personal tax, making it a very attractive location for wealthy individuals and earners including international businessmen, sportsmen & entertainers and private families. Political & constitutional Global status Security Geography Access Climate Population Official language Currency Education Health Sport Culture Personal tax

6 Applying for Monaco residency Periods up to three months A foreign national wishing to come to Monaco and stay for up to three months only needs to possess the appropriate documents for entering France, such as a passport. There is an exception for French nationals who are merely required to produce a national identity card issued by France. Periods of more than three months For periods of more than three months, French nationals are again required to just produce a national identity card issued by France. However, any other foreigner who wishes to stay in Monaco for more than three months, or establish his or her residence there must satisfy the following requirements: 1. Nationals of a European Economic Area (EEA) country or Switzerland For nationals of one the EU states plus Iceland, Liechtenstein, Norway or Switzerland. To obtain a Monégasque residence permit ("Carte de Résident"), an individual applies to the Resident s Section of the Directorate of Public Security in Monaco and submits the following documents: Extract of clean police record Either: 1. Work permit endorsed by the Monaco Employment Department 2. Request for authorisation to set up a business or a company, or 3. Bank reference proving sufficient means of subsistence, Two recent photographs Lease contract, ownership deed or confirmation of accommodation Passport & birth certificate Other specific documents as requested Legal basis The exchange of letters dated 15 December 1997 between the Monégasque and French authorities modified certain provisions of the Franco -Monégasque Convention on Neighbourly Relations dated 18 May Any foreign national who wishes to enter or reside in the Principality is obliged to comply with the requirements therein.

7 Applying for Monaco residency 2. Nationals of a state outside the EEA & Switzerland residing outside of France Someone from outside of the EEA or Switzerland and not resident in France first needs to obtain a long-stay visa from the French Consulate in their home country. The following documents will be submitted to the consular office: Extract of clean police record Statement stating that they have never been convicted Work permit endorsed by the Employment Department of the Principality, a request for authorisation to set up a business or a company, or a bank reference proving sufficient means of subsistence Lease contract, a certificate of accommodation or a deed of ownership, or a written undertaking by the applicant to produce one of these documents within three months following his or her arrival in the Principality Nine photographs Passport & birth certificate Nine copies of the application form for a long-stay visa After obtaining a French visa, all foreign nationals aged over sixteen are then required to apply for a Monégasque residence permit (" Carte de Résident") from the Resident s Section of Public Security within eight days of arriving in the Principality. In order to obtain the Carte de Résident, the same documents as those required from nationals of the EEA are submitted. However, the following are exempt from applying for the Carte de Résident: career diplomats accredited to H.S.H. The Sovereign Prince and members of their families civil servants seconded under Franco-Monégasque Conventions NOTE: There are two situations for EEA nationals resident in France: Residing in France for at least one year or residing in France for less than one year If less than one year, submit a visa application to the French Consulate- General in your country of residence immediately preceding France.

8 Applying for Monaco residency Practicalities As part of the process, an applicant will be required to attend an interview with the Resident s Section of the Public Security authority in Monaco. Once an application is made, it can take six weeks on average for an EEA/Swiss national s Resident Card to be issued or up to three months for a non EEA/Swiss national. Carey Group Monaco Carey Group Monaco guides clients through the process of applying for a Resident s Card in Monaco. We can also assist clients with other aspects of their move here, such as assistance in finding a suitable apartment, driving licence applications or registration of cars in Monaco. Applying for Monaco residency can take from between two and three months.

9 Private Wealth Services Carey Group provides a range of wealth management solutions to high net worth individuals and families worldwide. Over 150 staff working from nine EU and non-eu jurisdictions offering corporate and private structures for a broad range of assets Independent group majority owned by the partners of Carey Olsen law firm, a leading Channel Islands practice Experience of managing different structures with varying governing laws Director led administration with real decision making authority Private Wealth Services Structuring and inheritance planning A trustee board with a broad mix of legal, investment, accounting and administrative experience Investment review committee function which uses expertise from Company formation & administration Trust formation & administration external partners to review investment performance and highlight issues for further consideration Family office services Experience of managing client relationships from multiple jurisdictions in a cohesive manner Pension services Marine registration Proven reputation built up over 40 years in the fiduciary market Aircraft services

10 Contacts Carey Group, Monaco T: F: E: Carey S.A.M. Gildo Pastor Center, n C , rue du Gabian MC 98000, Monaco. To view the current Carey Group office contacts in detail with senior director profiles, please click the links below (requires web access). Group Contacts Meet The Team by individual office location director profiles and locations The information contained herein is a general summary and does not constitute professional tax, investment or legal advice and should not be relied upon. No responsibility is accepted for any errors contained in this information sheet which should not be circulated where such circulation would be an infringement of local laws or regulation. Carey Group does not provide tax, legal or investment advice which should be sought in the country of domicile/residence of every client.