Real Estate Investor Magazine South Africa June 2014 | Page 60

MONACO

and contact must be made with the French Consulate
in the applicant’s country of residence to ensure which
documents are required. Upon obtaining the visa
all applicants are obliged to apply for a Monegasque
residence card. Applicants from the European Union
are exempt from visa procedures and may apply for a
residence card directly in Monaco.
Obtaining the residence card (or Carte de Séjour)
will take approximately two months as of the date
of the (first) interview. The costs which are mainly
government charges are negligible. The process is far
easier with professional assistance. The authorities
will request various documents at the time of the
interview and the applicant will be requested to present
certain minimum documentation (although additional
information may be required on a case-by-case basis).
Initially this would include a due diligence process on
the applicant and family, if applicable.
W hat is unusua l about Monaco residence is
that the applicant must apply already evidencing
residence in Monaco:
• either as a tenant by the presentation of a registered
lease agreement, or
• as an owner by submitting a purchase deed or an
affidavit authenticated by the notary public who drew
up the deed, or
• as a non-paying lodger on the basis of a “certificate
d’hebergement” issued by the landlord.
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June 2014 SA Real Estate Investor

In practice many applicants rent property for a
few months before making their application. In
addition the size and nature of the property should
be sufficient for the applicant’s residence eg a family
should be accommodated in an apartment with a
certain number of bedrooms.
Similarly Monaco requires proof that the applicant
has either a professional activity or sufficient wealth.
The former requires prior authorisation from the
Monegasque Government which, depending on the
type of activity, can be quite difficult. However, if
the applicant is to work for a Monegasque employer,
a work permit is required, which is easier to obtain.
In the latter most banks in Monaco will provide
a certificate of sufficient means secured by either a
blocked deposit or investment portfolio. Details vary
and can be discussed with the bank.
In addition Monaco expects the residence card
holder to spend at least three months per annum in
Monaco. The first residence card is valid for one year
and is renewed twice. Thereafter a residence card is
renewed and issued every third year over nine years.
After twelve years a privileged resident card will be
issued valid for 10 years.

RESOURCES
Amicorp
www.reimag.co.za