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Country Details

Monaco is a small sovereign city-state located on the French Riviera in Western Europe. Here are five important facts about Monaco:

1. Size and Population: Monaco is one of the smallest countries in the world, with an area of just 2.02 square kilometers (0.78 square miles). Despite its small size, it is densely populated and has a population of approximately 39,000 people. Monaco is known for its high standard of living and is home to many wealthy individuals and celebrities.

2. Monarchy and Governance: Monaco is a constitutional monarchy, with Prince Albert II currently serving as the head of state. The country has a political system where the prince holds significant powers, but there is also a parliamentary government with a National Council. Monaco is known for its political stability and effective governance.

3. Tax Haven: Monaco is famous for its status as a tax haven. The country has no income tax for individuals, making it an attractive destination for high-net-worth individuals and businesses. This tax advantage has contributed to Monaco's reputation as a hub for wealth and luxury.

4. Tourism and Luxury: Monaco is a popular tourist destination, known for its glamorous lifestyle and luxury. It is home to iconic landmarks such as the Monte Carlo Casino, the Prince's Palace, and the prestigious Monaco Grand Prix. The country offers upscale shopping, fine dining, high-end hotels, and beautiful Mediterranean coastline, attracting visitors from around the world.

5. Safety and Security: Monaco has a reputation for being one of the safest places to live and visit. The country has a low crime rate, and its small size allows for efficient security measures. The government and law enforcement agencies prioritize the safety and well-being of residents and visitors, contributing to the overall sense of security in Monaco.

These important facts highlight Monaco's small size and population, its constitutional monarchy, status as a tax haven, prominence in luxury and tourism, and its reputation for safety and security. Monaco's unique blend of luxury, natural beauty, and favorable tax policies has made it a sought-after destination for the affluent and those seeking a high-quality lifestyle.

Immigration Details

To immigrate to Monaco, an independent sovereign city-state on the French Riviera, there are specific requirements and pathways. Please note that Monaco has a selective immigration policy, and obtaining residency or citizenship can be quite challenging. Let's explore the different options available:

1. Residence Permit:
- Purpose: This permit allows you to reside in Monaco without being a citizen.
- Requirements: The requirements for a residence permit in Monaco can vary based on your individual circumstances, such as employment, business, or family ties. Generally, you will need to demonstrate sufficient financial means, suitable accommodation, and a clean criminal record.
- Duration: The initial residence permit is typically granted for one year and needs to be renewed annually.

2. Employment:
- Purpose: This option allows you to work for a company registered in Monaco.
- Requirements: To obtain a work permit in Monaco, you must have a job offer from a Monaco-based employer who will sponsor your application. The employer must prove that they were unable to find a suitable candidate within Monaco or the European Union.
- Duration: The work permit duration is tied to the employment contract.

3. Self-Employment:
- Purpose: This option allows you to establish your own business in Monaco.
- Requirements: To establish a business in Monaco, you will need to fulfill certain criteria and demonstrate that your business will benefit the local economy. Specific capital requirements and legal forms may apply based on the nature of your business.
- Duration: The duration of self-employment residency permits can vary, but they are typically granted for a few years initially.

4. Real Estate Investment:
- Purpose: This option allows you to obtain residency based on a real estate investment in Monaco.
- Requirements: The requirements and minimum investment thresholds for real estate investments in Monaco can vary. It's crucial to consult with local authorities or seek professional advice to determine the current criteria.
- Duration: The duration of residency permits obtained through real estate investments can vary.

5. Study:
- Purpose: This option allows you to study at an educational institution in Monaco.
- Requirements: You will need to have an acceptance letter from a recognized educational institution in Monaco and demonstrate sufficient funds to cover your studies and living expenses. Health insurance may also be required.
- Duration: The duration of your study permit will depend on the length of your course.

6. Citizenship:
- Naturalization: Citizenship in Monaco is generally difficult to obtain. It requires a long-term residency period, typically ranging from 10 to 20 years, and fulfilling strict criteria related to integration, language proficiency, financial stability, and good character. The specific requirements can vary and are subject to discretionary approval by the Monégasque authorities.


  • Time To Citizenship
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Monaco does not levy personal direct taxes. Tax residents in Monaco are free from taxes on their income, regardless of source. To be a tax resident, you may have to stay at least half year in the country.

Note that French citizens living in Monaco will be subject to personal income tax at French standard rates.

There is no wealth tax. There is an inheritance and gift tax on assets located in Monaco, although inheritances and gifts to beneficiaries that are in the direct line of lineal descent are tax exempt.

Inheritances and donations whose beneficiaries are not in the donator’s direct line of lineal descent are subject to a tax rate of 16%. Siblings are taxed on a preferential rate of 8%.

Regarding corporate taxation, corporate tax rate of Monaco ranges from 0 to 33.33% on profits accrued outside Monaco.
Profits derived from Monaco are tax exempt. If more than 25% of the company’s turnover is generated outside of Monaco, it is levied a flat rate of 33.33%. Dividends and capital gains are not subject to taxation.

This should not be construed as tax advice. We have access to a global network of qualified attorneys and accountants who can give you the proper advice for your particular circumstances. Contact us for further information.

  • Property Tax No
  • Transfer Tax No
  • Inheritance Tax Yes
  • Net Worth Tax No
  • CFC Law No
  • Tax Residency Days 183
  • Personal Income Tax Rate 0%
  • Capital Gains Tax Rate 0%
  • Investment Income Tax Rate 0%
  • Territorial Taxation Yes
Visa-Free Explain

Where Can Panamanian Passport Holders Travel Without a Visa?

As of June 2023, Panamanian passport holders can travel visa free to 110 countries and territories:

  • Albania
  • Andorra
  • Anguilla
  • Antigua and Barbuda
  • Argentina
  • Aruba
  • Austria
  • Bahamas
  • Barbados
  • Belarus
  • Belgium
  • Belize
  • Bolivia
  • Caribbean Netherlands
  • Bosnia and Herzegovina
  • Brazil
  • British Virgin Islands
  • Bulgaria
  • Canada
  • Cayman Islands
  • Chile
  • Colombia
  • Cook Islands
  • Costa Rica
  • Croatia
  • Curaçao
  • Cyprus
  • Czechia
  • Denmark
  • Dominica
  • Dominican Republic
  • Ecuador
  • El Salvador
  • Estonia
  • Faroe Islands
  • Finland
  • France
  • French Guiana
  • French Polynesia
  • French West Indies
  • Georgia
  • Germany
  • Gibraltar
  • Greece
  • Greenland
  • Guatemala
  • Guyana
  • Honduras
  • Hong Kong
  • Hungary
  • Iceland
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Jamaica
  • Kosovo
  • Latvia
  • Liechtenstein
  • Lithuania
  • Luxembourg
  • Malaysia
  • Malta
  • Mayotte
  • Mexico
  • Micronesia
  • Moldova
  • Monaco
  • Montenegro
  • Montserrat
  • Netherlands
  • New Caledonia
  • Nicaragua
  • Niue
  • North Macedonia
  • Norway
  • Oman
  • Palestine
  • Paraguay
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Qatar
  • Réunion
  • Romania
  • Russia
  • San Marino
  • Singapore
  • Slovakia
  • Slovenia
  • South Africa
  • South Korea
  • Spain
  • Sri Lanka
  • Saint Kitts and Nevis
  • Saint Lucia
  • Saint Martin
  • Saint Vincent and the Grenadines
  • Suriname
  • Sweden
  • Switzerland
  • Trinidad and Tobago
  • Turks and Caicos Islands
  • Türkiye
  • Ukraine
  • United Kingdom
  • Uruguay
  • Uzbekistan
  • Vatican City

For visa-free travels, you still must have a valid passport — usually six months after your departure date— and you must purchase travel health insurance as required by your destination country.

What Countries Issue eVisa to Panamanian Citizens?

The following 19 countries issue eVisas for Panamanian passport holders:

  • Azerbaijan
  • Benin
  • Djibouti
  • Ethiopia
  • Gabon
  • Guinea
  • India
  • Kenya
  • Kuwait
  • Kyrgyzstan
  • Lesotho
  • Myanmar
  • Pakistan
  • São Tomé and Príncipe
  • Taiwan
  • Tajikistan
  • Uganda
  • United Arab Emirates
  • Vietnam

The process of getting an eVisa is more or less the same as applying for a traditional visa. However, in this case, you don’t have to visit a visa application center— you can submit your application online, including the visa payment.

After your application is approved, you will receive an email confirming your visa status along with a document you must print out and bring with you when crossing the border. Your visa will be registered online, but some officers may ask you for a physical copy of the permit; that is why it’s important to keep the copy on your person while traveling.

What Countries Issue Visa on Arrival to Panamanian Passport Holders?

If you are a Panamanian citizen, you can get a visa on arrival for the 34 countries listed below:

  • Armenia
  • Bangladesh
  • Burundi
  • Cambodia
  • Cabo Verde
  • Comoros
  • Egypt
  • Guinea-Bissau
  • Iran
  • Jordan
  • Laos
  • Lebanon
  • Macau
  • Madagascar
  • Malawi
  • Maldives
  • Mauritania
  • Mauritius
  • Mozambique
  • Nepal
  • Palau
  • Rwanda
  • Samoa
  • Senegal
  • Seychelles
  • Solomon Islands
  • Somalia
  • Saint Helena
  • Tanzania
  • Timor-Leste
  • Togo
  • Tuvalu
  • Zambia
  • Zimbabwe

You receive a visa on arrival (VOA) after entering the country that issues such a visa. Usually, there is a separate section at the airport where you can submit your application for your visa on arrival.

Countries With Visa Requirements for Panamanian Citizens

You need a valid visa to enter the following 63 countries with a Panamanian passport:

  • Afghanistan
  • Algeria
  • American Samoa
  • Angola
  • Australia
  • Bahrain
  • Bermuda
  • Bhutan
  • Botswana
  • Brunei
  • Burkina Faso
  • Cameroon
  • Central African Republic
  • Chad
  • China
  • Democratic Republic of the Congo
  • Republic of the Congo
  • Ivory Coast
  • Cuba
  • Equatorial Guinea
  • Eritrea
  • Falkland Islands
  • Fiji
  • Ghana
  • Grenada
  • Guam
  • Haiti
  • Iraq
  • Japan
  • Kazakhstan
  • Kiribati
  • Liberia
  • Libya
  • Mali
  • Marshall Islands
  • Mongolia
  • Morocco
  • Namibia
  • Nauru
  • New Zealand
  • Niger
  • Nigeria
  • North Korea
  • Northern Mariana Islands
  • Papua New Guinea
  • Puerto Rico
  • Saudi Arabia
  • Serbia
  • Sierra Leone
  • South Sudan
  • Sudan
  • Syria
  • Thailand
  • Gambia
  • Tonga
  • Tunisia
  • Turkmenistan
  • United States Virgin Islands
  • United States
  • Vanuatu
  • Venezuela
  • Yemen
  • Eswatini

The application for a visa goes as follows:

  1. Make an appointment at the visa center in Panama. You must contact a local visa application center in your home country and make an appointment to submit your application. It may take several months to schedule a meeting with the embassy or consulate.
  2. Get your documents ready. To submit a successful application, you have to prepare the required documents for your visa, i.e., passport, application form, health insurance, etc. Some of your documents must be verified with an apostille stamp or certified by a foreign office.
  3. Submit your application. Finally, you can submit your application and attend the visa interview—you may also be required to submit your biometrics. Once you translate your documents as required by the embassy or consulate and verify them with an apostille stamp— if possible, then you can submit your application. From then it will take several weeks until a decision is made regarding your visa application.

Please note that if you have a valid visa that allows you to enter more than one country, you don’t have to apply for a new visa.

What Documents Do Panamanian Citizens Need to Apply for a Visa?

Panamanian citizens that want to visit countries that require them to apply for a visa beforehand need to submit a few documents. Depending on the country you want to visit, document requirements may vary. However, most countries will certainly require the following:

  • Your valid Panamanian passport (plus a photocopy). Some countries require the passport to be valid for more than six months after the day you plan on departing their country.
  • A filled visa application form.
  • Passport pictures that are not older than six months.
  • Travel health insurance that covers your entire period of stay.
  • Proof of paid visa fee.
  • Detailed travel itinerary that shows all the places you want to visit.
  • Letter of invitation (if applicable)
  • Proof of booked return ticket for the flight home.
  • Proof of booked accommodation.
  • Proof that you have sufficient funds to cover your visit
  • Civil status documents (marriage papers, certificates of birth, etc.)
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