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Monaco changes residency rules
Monaco changes residency rules
| Published: | 1 Feb at 9 AM |
Although Monaco has long been associated with millionaires and movie stars new residency rules mean that Brits looking to move abroad who are prepared to do a bit of hunting could find a new home for the same price it would cost to purchase a house in London.
In order to become a resident of Monaco expats have to either rent or buy a home. However a change in the rules means that those moving to Monaco are required to pay a smaller amount than they used to into a local bank.
The sum is required as proof that a resident is able to support themselves. The amount demanded has dropped as neighbouring Andorra has reduced the finances needed to become a resident.
Although different banks require different amount, one of the largest, Societe Generalle, requires a deposit of just £85,000. A flat with one bedroom, close to the sea and local shops and restaurants, will cost around £2,600 per month.
Those looking to stay for five years will need a deposit plus around £150,000 to live comfortably.
In order to become a resident of Monaco expats have to either rent or buy a home. However a change in the rules means that those moving to Monaco are required to pay a smaller amount than they used to into a local bank.
The sum is required as proof that a resident is able to support themselves. The amount demanded has dropped as neighbouring Andorra has reduced the finances needed to become a resident.
Although different banks require different amount, one of the largest, Societe Generalle, requires a deposit of just £85,000. A flat with one bedroom, close to the sea and local shops and restaurants, will cost around £2,600 per month.
Those looking to stay for five years will need a deposit plus around £150,000 to live comfortably.
