Why Monaco?Considered one of the ideal places to live, Monaco offers its inhabitants and its visitors beyond the superb setting, a high standard of life in the safest location possible.Most people would think that Monte Carlo is the same as Monaco. In fact, although a very small state, Monaco is divided into five districts: Monte-Carlo, La Condamine, Monaco-Ville, Fontvieille, Moneghetti. The reason why Monte Carlo is the most popular one is that it is the touristic center, with the famous Casino and all the luxury hotels.Monaco is the second-smallest independent state in the world and at the same time the world's most densely populated country; residents of Monaco represent 108 nations. So, what makes Monaco the ideal place to live and invest?What you should know when traveling to Monaco• Necessary papers for entering Monaco: For a stay that does not surpass 3 months, you need the document required for entering France — passport, identity document or travel document· • The official currency of Monaco is the Euro (€). • Traveler's Cheques are rarely accepted. You can exchange them at banks or exchange offices. • There is a dress code in Monaco: swimsuits are for beaches and bathing area only. In the casino or for receptions wear a tie and a jacket. • Dress CodeApart from on the beaches and bathing areas, it is forbidden to walk about in swimsuits, stripped to the waist or bare foot. Appropriate clothing must be worn in all public establishments and in particular in religious buildings. For receptions or the casino, a jacket and tie should be worn. For gala events, black tie (dinner jacket) is required.• Shopping: o Shopping areas: main — near the Place du Casino; good prices — on the Boulevard des Moulins o Shopping hours: 9AM — 12PM and 2PM — 7PM o VAT refund: is made when the unitary price including tax is at least €175. You shall be given an “export sales invoice”(Bordereau de Vente). Go to shops with duty free stickers. • Transportation in Monaco: o Walking: there are many elevators that makes it easier to travel from one place to another. o By bus: there are 6 lines; departures every 11 minutes; timetable: Monday — Friday from 7AM to 9PM. Cards for 4 to 8 journeys are the cheapest. o Car rental: a diversity of car models offered, from limousines to sports cars, with or without driver. • Neighbors: La Turbie (2km), Cap d'Ail (3km), Roquebrune Cap Martin (5km) LocationMonaco is privileged by location twice:• A special setting and a mild climate make it a fairy-tale place joining mountain and sea. It is said that in Monaco 300 days a year are bright and sunny. • A strategic location, with easy access to major cities. Attractive fiscal systemMonaco's fiscal system is characterized by the total absence of direct individual taxation. There are few exceptions mainly concerning residence issues.EconomyIs based on a policy of investment, development and innovation.Main areas of activity• tourism — high quality services; • trade and commerce; • services — banking, shipping, insurance, real-estate, consulting, trucking, law firms. The banking sector is highly perfected, ready to answer every need; • industry — main fields: chemicals, plastics, pharmaceuticals, cosmetology, electronic material, textiles , printing.Future-oriented, innovative technologies: high technology fields, biotechnology and environmental industries.Tourism and commerce represent 40% of the annual turnover. Industry is 8%. Services — banking 18%, shipping 4%. Transportation: Monaco is served by main routes and railroads and has several harbors. The access to state-of-the-art technology in telecommunications permits instant connection to the world. LifestyleSafetyMonaco is said to be one of the safest locations. The system of safety maintaining is very well organized. There is one policeman for every 100 residents, but their discrete presence is hardly felt. There is also a video surveillance system spanning the entire surface area of the Principality, including hotels and gambling establishments. All access in and out can be blocked in a matter of minutes. There are strict regulations for anything detrimental to the harmonious atmosphere such as prohibition of indecent clothing, begging. The rate of delinquency is very low, as the court system is very strict and always gives maximum sentences.The “art de vivre” MonegasqueCenturies-old tradition links to modernism; people here have preserved unspoiled the color and taste of a long-ago inherited art of living characterized by courtesy and discretion.CulturePersonalities such as Picasso, Puccini, Matisse, and Berlioz confer Monaco the fame of a center of high cultural importance.The Monte Carlo Philharmonic came into being in 1863, the Monte Carlo Ballet was established by Princess Caroline to honor her mother's memory. There is also an opera house in Monte Carlo and several theatres.LeisureThere is a number of celebrated major events in the world of arts, music, sports going on throughout the year in Monaco.The attractions are surprisingly varied within a so small space. Tourism being highly represented, there are also very many leisure pastime opportunities: sports — golf, squash, tennis, water sports — night clubs, discos, casinos.The hotel facilities and restaurants services in Monte Carlo are remarkably highly rated.Obtaining a Residence Permit in MonacoThe application procedure for a residence permit in Monaco varies with the period of time of the intended stay and the applicant's nationality.Monaco represents an attraction for people with high net income as there are no income taxes for Monegasque nationals and foreign residents.The requirements for residence application are not as strict as they are thought to be. The main condition for granting the residence permit is to prove that you have sufficient means to afford the lifestyle, the rents and prices for real estate (roughly in the region of 400,000€). The residence permit can be obtained when:1. the applicant has been offered employment by a company registered in Monaco; 2. the applicant files a request to establish a new business in Monaco — the residence request will depend on the approval of the business license application; 3. the applicant is a retired individual and is able to show sufficient financial means of existence. The procedureThe application procedure and the necessary documents vary with the period of time the applicant intends to stay in Monaco and with the applicant's nationality.When the intended stay does not exceed 3 monthsThe necessary document is that required when entering the French territory — passport or identity document·French nationals only need the national identity card issued by the French administration.When the applicant intends to set up a residence in MonacoFor EU nationals (with the additions of Norway and Iceland)These applicants are exempted from the procedure of applying for the visa.The applicant presents himself with the necessary documents to the Residents Section of the Directorate of Public Security located at 3, rue Louis Notari in the Principality.The necessary documents:• identity proof — passport; • legal record — for applicants convicted for a serious criminal offense, a residence permit will not be granted. • a sworn statement stating that they have never been convicted; • a work document endorsed by the Employment Department of the Principality / a request for authorization to set up a business or a company / a letter from a bank proving the existence of sufficient means of existence; • a medical certificate; • evidence proving accommodation in Monaco/ownership. In 4-6 weeks a “carte de séjour” will be issued, initially one-year valid. It must be renewed annually for the next two years. After this period of time, the permit will be granted for 3 year periods and after a 9 year residence permit, the applicant is entitled to a 10 year valid residence permit. This type of permit entitles the applicant to apply for citizenship.For non-EU nationalsApplicants must apply for a visa to the French Consul with territorial jurisdiction with the same set of documents as the ones above and these ones added:• nine photographs, • a photocopy of their passport, • nine copies of the application form for a long-stay visa. The visa procedure will take at least three months. After it is issued, the applicant will be required to attend an interview with the Monegasque authorities.The “carte de séjour” will be issued within about two weeks from the date of interview.Acquiring Monegasque CitizenshipLegislation for acquiring Monegasque citizenship is rather strict.By naturalizationConditions for acquiring citizenship by naturalization• The applicant has the proof to have lived for ten years uninterruptedly in Monaco or has a ten year residence permit. (link la residence permit) • The applicant must prove the loss of previous citizenship. • The applicant is free from any obligation to perform military service abroad. Other stipulationsExceptions from fulfilling the condition requiring ten years residence• any foreigner considered worthy of this favor by the Prince; • a woman married to a naturalized Monegasque citizen or to a foreigner requesting naturalization; • minors of a naturalized foreigner, with the condition that they reside in Monaco at the moment of their request. Municipal ruleThe person obtaining Monegasque nationality obtains political rights (as elector or candidate) after five years from the date of the acquisition of Monegasque nationality. The request must be addressed, on stamped paper, directly to the Prince.Dual citizenshipDual citizenship is not recognized.Loss of citizenship• Voluntary — is permitted under Monegasque law. • Involuntary — grounds for loss of Monegasque citizenship: o acquiring of foreign citizenship; o military service performed abroad.
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