By Avni Arya

Copyright timesnownews

Tucked away on the French Riviera, Monaco, often called the “Billionaires’ Playground”, is one of the smallest yet wealthiest nations in the world. Known for its glamorous lifestyle, tax advantages, and Mediterranean climate, the city-state has become an attractive destination for high-net-worth individuals. What many may not know is that Indians, too, can apply for permanent residency in this exclusive country, provided they meet the set eligibility requirements. Monaco has built its reputation as a thriving business and financial hub, offering residents not only world-class facilities but also significant tax benefits. Unlike most countries, Monaco levies no personal income tax, no wealth tax, no capital gains tax, no local tax, and no annual property tax. While corporate tax and inheritance tax exist, they are comparatively low. A Monaco permanent residence permit also grants the advantage of travelling freely across the 26 Schengen zone countries, making it a practical choice for businesspeople and frequent travellers. Also Read: Finland PR For Indians: Settle In The World’s Happiest Country For Less Than INR ₹25,000 The Path to Permanent Residency Monaco’s residency pathway begins with an annual residence card, which is renewed for three years, then for longer periods. After ten years of continuous and genuine residence, applicants can secure the Privileged Residence Permit, a 10-year renewable card that allows indefinite living and working in the principality. Eligibility Criteria To qualify for Monaco’s residency programme, applicants must: Be over 16 years of ageHold a valid passportMaintain a clean criminal recordPossess health insurance covering their stayShow proof of accommodation in MonacoProvide sufficient financial resources of at least EUR 500,000 (approximately Rs 4.43 crore), often demonstrated through bank deposits or proof of financial independence Additionally, non-EU/EEA nationals, including Indians, must first obtain a long-stay (type D) visa from a French consulate before applying. Also Read: UAE’s Golden Visa Now Up For Grabs, Lifetime Residency For Rs 23 Lakh: How Indians Can Apply How to Apply The application process involves several steps: Engage a local partner or advisor in Monaco to assist with eligibility checks and documentation.Prepare documents, including a valid passport with the long-stay visa, a French residence permit (if applicable), a birth certificate (less than three months old), a recent extract from the criminal record, and an attestation on honour form available on the official website. Applicants who are married, divorced, students, or parents may require additional documents.Submit the application and attend an interview with Monaco authorities, presenting all supporting documents.Pay the application fee, currently around EUR 80 (approximately Rs 8,302).Undergo due diligence and compliance checks conducted by Monaco officials.Upon approval, receive the initial residence card valid for one year, with the possibility of renewal and progression towards long-term residency. Living the Monaco Dream While residency grants the right to live in Monaco, a separate work permit may be required depending on one’s application. With its high-quality lifestyle, strategic location, and unmatched tax regime, Monaco continues to be a magnet for the world’s wealthy – and now, more Indians are setting their sights on making this glamorous principality their new home.