Can they move their money after three or five years of continuous residency? Or would they have to keep half-a-million euros in the bank even if they stay in the country for 10 years or more?
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Peter Brigham answered:
In practice, the funds need to be held with the Monaco bank or asset management company for the whole period of residence. They can be invested in a portfolio of investments held in custody at the bank. Technically, the requirement is to provide a statement from the financial institution each time you renew your residence card. But you are unlikely to find a bank which will accept to keep an account open if the funds are taken away after each renewal.
