Monaco
No personal income tax, schengen access, and a residence-by-deposit pathway — for those who can afford the front-door cost.
The position in figures.
Headline treatment for an individual tax resident. Source, asset and treaty rules can change the payable result.
Where the jurisdiction fits.
Best for
- Established UHNWIs with €500k+ to deposit and a 7-figure annual budget
- Anyone wanting Schengen access without French/Italian tax exposure
- Family successions seeking 0% inheritance tax in the direct line
- Those whose income is genuinely from outside France/Monaco
Consider carefully
- French citizens — taxed in France regardless of Monaco residence per the 1963 treaty
- Anyone needing reasonable property prices — €5–10M is entry-level
- US citizens seeking treaty relief — no US-Monaco tax treaty exists
Programmes that matter.
Carte de Séjour (Residence Card)
Requires proof of accommodation in Monaco (purchase or 12-month rental of a property with adequate size), a bank deposit of typically €500k+ at a Monégasque bank, and a clean criminal record. Issued for 1, 3 or 10 years; renewable.
Bank Reference + Wealth Documentation
Approval is heavily dependent on the sponsoring bank’s view. Most private banks expect €1M+ in liquid assets to open the relationship and support the residence application.
Pitfalls to resolve early.
- 01
French citizens are taxed in France even as Monaco residents — a 1963 bilateral treaty closes this loophole completely.
- 02
Approval is at the discretion of the Sûreté Publique. Past tax disputes or unfavourable press in your home country can derail the file.
- 03
Property is the highest priced per square metre on Earth — expect €50,000–€100,000/m² in prime areas.
- 04
Monaco has tax treaties with only ~35 countries; treaty access is not the reason to be there.
- 05
Substance is checked: extended absences and absent utility consumption can void residency.
Direct answers.
Is there really no income tax in Monaco?
Yes, for personal income — except for French nationals, who remain liable to French tax under the 1963 Franco-Monégasque agreement.
How much money do I need to move to Monaco?
Banks typically expect a deposit of €500,000 or more, and the application process effectively requires liquid wealth in the seven figures. Property purchase or a long-term lease is a separate cost.
Can I buy a passport in Monaco?
No. Monégasque citizenship is granted by sovereign decree and is extremely rare. Residence is the practical goal, not naturalisation.
Do I need to live in Monaco full time?
You must use Monaco as your principal residence. The authorities monitor utility usage, presence, and centre of life. Extended absences can lead to non-renewal.
Does Monaco have a tax treaty with my country?
Monaco has approximately 35 treaties — fewer than most major hubs. Verify specifically before relying on treaty positions.
Continue the comparison.
Put Monaco against your current position.
See a first-order comparison, then bring the open questions to your advisor.