Despite being a European micro-state, Monaco is one of the world’s most luxurious and desired destinations. It is known for having one of the highest millionaire populations per capita, which may be explained by its favourable tax regime. An applicant may participate in the residency program of Monaco by depositing at least 500 000 EUR (550 000 USD) within a local bank, although this figure may be higher depending on the bank used. Such a deposit will be held for the term of the residency. Additionally, an applicant is required to buy or rent an eligible apartment.
The application process involves a thorough security check detailing a 5-year period. Therefore, a criminal record certificate will need to be provided from any country where the applicant resided during that time frame.