While Monaco does not have a formal status called 'permanent residency' in the traditional sense, it uses a tiered resident card system that culminates in the highly coveted 'Carte de résident privilégié' (Privileged Resident Card). After successfully maintaining temporary residency (Carte de résident temporaire) for three consecutive years, residents progress to the ordinary resident card (Carte de résident ordinaire), valid for three years. Finally, after a total of nine years of uninterrupted residency, individuals can apply for the 'privilégié' status, which offers a ten-year validity period. This ten-year card functions as the Principality's version of permanent residency, granting long-term security with minimal administrative hassle upon renewal, provided the physical presence and financial criteria continue to be met.