LIFE IN MONACO
Monaco
& Monte – Carlo : Two simple words that still evoke a myth...
Monaco's
exceptional location on the legendary Riviera, its parks, its casino, it high
society and exceptional events make it the ideal destination for a romantic
vacation... or for an entire lifetime.
Sometimes
underestimated or misunderstood, Monaco's economy is nowadays actually quite
dynamic and future - oriented. An independant state in the heart of Europe, the
Principality of Monaco offers both investors and entrepreneurs an exceptional,
secure infrastructure combined with the advantages of an attractive fiscal
system.
The
official language is French, although Italian and English are widely spoken.The
traditional Monegasque language, "le MonegĆ¹", is spoken mostly by elders,
but also taught in all local schools. The local currency is the Euro.
Benefiting from an ideal geographical location, the Principality of Monaco
enjoys very mild winters and remarkably sunny summers. Boasting more than 300
days a year of sunshine, residents in Monaco can take full advantage of
everything the Mediterranean has to offer. At the same time Monaco's close
proximitiy to the Southern Alps, which are only 1 hour away by car, allows for
easy access to the ski slopes.
Based on
the latest official figures, there are approx. 30,000 inhabitants in the
Principality of Monaco of which approx. 5,000 are Monegasque, 12,000 are French
and 5,000 are Italian; in total, more than 100 nationalities are represented.
Monaco
residents from all over the world can place their children in a wide variety of
schools which are either a part of, or affiliated with, the Ministry of
Education. The curriculum and the diplomas obtained are the same as in France.
Already in elementary school, pupils are tought not only English and French,
but also "Monegu", the traditional local language, as well as the
history of Monaco. The high school graduation rate (the passing of the French
National BaccalaurƩat exam) is close to 90%.
Monaco's
excellent infrastructure connects the Principality to all the main European
capitals which can be reached in less than 2 hours. The same infrastructure
allows the many local financial institutions to respond to the demands of a
most exacting international clientele. This combination of excellent
infrastructure, high quality of living and advantageous tax regime make Monaco
the internationally sought after place it is and has always been.
Monaco is
one of the safest places on earth. One policeman for every 100 residents,
24-hour video surveillance of the entire Principality, a transmission system
worthy of the best armies in the world, the possibility of blocking all access
in and out of the Principality in several minutes as well as surveillance teams
inside the Casino and in all of the gambling establishments and hotels make
Monaco's security second to none.
The Monaco
police department is managed by a highly placed member of the French police
force and the police department is amongst the most modern and efficient in
Europe. The rule imposed by the late Prince Rainier III was simple:
"Monaco must have total security". The result is an incredibly low
crime rate, the dream of any Interior Minister. As one jeweler in Monaco once
so pointedly put it: "In Monaco, jewels are made to be worn, even on the
street, and not to be left in a safety deposit box!".
Finally,
the government of the Principality of Monaco attaches a great deal of
importance to the quality of its health facilities:
- The
Princess Grace Hospital is equipped with the latest generation of medical
material (scanner, IRM, Radiology,...)
- The
Cardio-Thoracic Center, created in 1987, treats all manner of thoracic and
cardiac pathologies.
- The
Hemodialysis Center, inaugurated in 1989, is specialized on the treatment of
problems related to kidney failure.
THE MONACO TAX SYSTEM
The main
principal of Monaco's fiscal system is the total absence of direct taxation.
Persons
residing in Monaco (except French nationals, see below) do not pay any tax on
income, interest or capital.
There are
just two exceptions to this rule :
- Companies
generating more than 25% of their turnover outside of the Principality, and
companies generating revenus from patents and/or other intellectual property
rights, are subject to a flat tax of 33.33 % on profits.
- French
nationals who are unable to prove that they resided in the Principality for 5
years before October 31, 1962.
Apart from
with France, the Principality has signed no other bilateral fiscal agreements.
BECOMING A MONACO RESIDENT
With the
exception of French nationals, any foreigner who wishes to stay in Monaco for a
period in excess of three months or to establish his or her residence there,
must satisfy the following stipulations :
EU
nationals
The
provisions mentioned hereafter refer to persons coming from one of the states
of the European Union as well as Norway and Iceland.
In order to
obtain a MonƩgasque residence permit ( the so-called "carte de
sƩjour"), they must apply to the Residents Section of the Directorate of
Public Security located at 3, rue Louis Notari in the Principality and must
submit the documents listed below :
- proof of
a clear legal record, or an affidavit (or an equivalent document/sworn
statement) stating that they have never been convicted,
- an
employment contract endorsed by the Employment Department of the Principality,
or any other professional substantiating document, or a request for
authorisation to set up a business or a company, or a bank reference proving
sufficient means of subsistence,
- two
recent photographs,
- a rental
contract or a certificate of accommodation (examined by the Ad-Hoc Commission)
or a deed of ownership,
- their
passport.
Non - EU
nationals
Interested
parties are obliged to first apply to the French Consul with territorial
juridiction for a visa to set up later residence. They must submit the
following documents to the consular office in question:
- an
abstract of their legal record, or an affidavit or an equivalent document, a
sworn statement stating that they have never been convicted,
- an
employment contract endorsed by the Employment Department of the Principality,
or any other professional substantiating document, or a request for authorization to set up a business or a company, or a bank reference proving
sufficient means of subsistence,
- a rental
contract, or a promise of rental, or a certificate of accommodation (examined
by the ad hoc Commission) or a deed of ownership, or a written undertaking by
the interested party to produce one of the four aforementioned substantiating
documents within the three months following his or her arrival in the
Principality,
- nine
photographs,
- a
photocopy of their passport,
- nine
copies of the application form for a long-stay visa.
After
obtaining this visa, any foreigner aged over sixteen is obliged to apply for a
MonƩgasque residence permit (the so-called "carte de sƩjour") from
the Residents Section of Public Security within eight days of arriving in the
Principality. In order to obtain the permit in question, the same documents
must be submitted as those which are required from EU nationals.
However,
the following persons are exempted from applying for this document:
1) career
diplomats accredited to H.S.H. The Sovereign Prince and the members of their
families;
2) civil
servants seconded under the auspices of the Franco-MonƩgasque Conventions.
E.JRM.E.
