Applicants who are not nationals of the EU, Liechtenstein, Norway, or Switzerland or holders of a French residence permit must obtain a long-stay (type D) visa from a French embassy or consulate. After the visa has been granted, applicants must apply for a carte temporaire, which is a temporary residence permit that allows residence for a total period of three years, renewed annually. Following the three-year period, a carte ordinaire is issued and is valid for a further three years. After three consecutive renewals of the carte ordinaire (that is, after 12 years of residence), if the holder spends at least six months per year in Monaco, they may be eligible to apply for a carte privilège, which is valid for a renewable period of 10 years. Investors may establish a company in Monaco only after they have received a carte de séjour (French residence permit).

The processing time is six–seven months for EU citizens and eight–nine months for non-EU citizens.

Acquiring citizenship is difficult because, before qualifying, one must have held a Monaco residence permit for at least 10 years as an adult over the age of 21. Applicants are also not permitted to perform national service abroad and must submit an official letter to the prince renouncing any other sovereign nationality they hold.