Living in Monaco: the ultimate expat guide

Obtaining Monaco residency requires substantial financial resources and proper documentation. Unlike common misconceptions, you cannot simply move to Monaco—the process involves proving sufficient wealth, securing accommodation, and passing security checks. Non-EU nationals face additional hurdles requiring French visa processing first.

Residence Permit Types

Monaco issues three residence card categories. The temporary card lasts 1 year (renewable twice, €80 fee) and requires 90 days minimum presence annually. After three years, you qualify for the ordinary card valid for 3 years (renewable twice, €100 fee) with the same presence requirement. Following 9-10 years of continuous residence, the privileged card grants 10-year validity (€160, renewable indefinitely) but demands 183 days annual presence—essential for maintaining long-term status.

EU and EEA Citizens

British citizens should note that post-Brexit, UK nationals now follow non-EU procedures. EU/EEA and Swiss citizens can apply directly without a French visa. You must first secure Monaco housing through purchase or 12-month minimum lease. Financial proof requires a €500,000 bank deposit (~$545,000 / £420,000) in a Monaco bank, or evidence of sufficient regular income. Additional documents include criminal background checks covering the past 5 years (issued within 3 months), medical certificate, health insurance, and birth certificate. Applications are submitted online via Mon Service Public portal, followed by an in-person interview with Monaco authorities.

Non-EU Nationals Process

Citizens from the US, Canada, Australia, and other non-EU countries must obtain a French Type D long-stay visa from the nearest French consulate before applying for Monaco residency. This requirement stems from Monaco's customs union with France. Once the French visa is secured, the Monaco residency procedure follows the same steps as for EU citizens: housing proof, €500,000 bank deposit, and documentation. Processing takes 2-5 months on average. US citizens should be aware that while Monaco has no income tax, they remain subject to FATCA reporting requirements and US worldwide taxation regardless of residence location.

Path to Citizenship

Monégasque citizenship remains exceptionally rare. After 10 years of continuous residence, you may apply, but approval rests entirely with the Sovereign Prince's discretion. A critical limitation: Monaco prohibits dual nationality, requiring you to renounce your original citizenship. This makes naturalization unattractive for most expatriates who prefer maintaining permanent resident status while keeping their birth nationality and passport.

Monaco's economy thrives with low unemployment and expanding job opportunities. The principality employed 65,680 workers by end of 2024 (60,454 in private sector), marking 3.4% growth year-over-year. Unemployment stays below 3%, creating a competitive but opportunity-rich environment for qualified professionals.

Key Industries and Compensation

Private banking and wealth management dominates Monaco's economy, serving ultra-high-net-worth clients globally. Luxury retail employs significant numbers, with major brands like LVMH, Richemont, Chanel, and Prada operating flagship locations. Five-star hospitality and Michelin-starred restaurants continuously recruit skilled professionals. The yachting industry encompasses maritime services, yacht repair, and superyacht management—a sector unique to Monaco's maritime culture. Technology shows the strongest growth trajectory, projected at 18% expansion over three years, particularly in fintech and cybersecurity.

Salaries reflect Monaco's premium cost of living. Average net salary reaches €5,375/month (~$5,860 / £4,500), comparable to senior positions in London or New York. The minimum wage stands at €1,800/month (~$1,965 / £1,510). These figures must be weighed against Monaco's astronomical housing costs, though the zero income tax benefit substantially boosts take-home pay for non-French nationals.

Sources: IMSEE Employment Statistics, Numbeo Monaco

Hiring Foreign Workers

Employers must demonstrate that no qualified Monégasque or local resident is available for the position. A labor market test is mandatory through the Employment Service, with processing taking several weeks to months. The MonGuichet.mc digital employment portal streamlines these procedures and is scheduled for improvements by end of 2025, making foreign recruitment more efficient.

Starting a Business

Monaco offers several corporate structures: SAM (Société Anonyme Monégasque), SARL (limited liability company), or SCS (limited partnership). Minimum capital varies by structure type. Critical requirement: your company must maintain a genuine headquarters in Monaco, not just a mailbox address. Registration and licensing fees run into thousands of euros, and approval from the Business Development Agency is mandatory. Timeline ranges from several weeks to months depending on your business complexity and sector. The tax advantages—including potential 0% corporate tax for companies earning 75%+ revenue locally—make Monaco attractive for certain business models despite high setup costs.

Monaco's tax system has attracted wealth since 1869 when the principality abolished personal income tax. This policy continues today with rare exceptions, creating one of the world's most favorable tax environments. However, the situation differs significantly for certain nationalities, and understanding these nuances is crucial for tax planning.

Personal Income Tax

Monaco levies 0% personal income tax for all residents except French citizens. This exemption covers employment income, dividends, capital gains, and all investment returns. French nationals remain subject to French progressive tax rates (0%-45%) due to a bilateral treaty between France and Monaco. There is no wealth tax, no inheritance tax for direct descendants, and no capital gains tax. US citizens should note that while Monaco has no income tax, they must still file US tax returns and report worldwide income to the IRS, as US citizenship-based taxation applies regardless of residence. The FATCA requirements mandate US citizens report foreign financial accounts exceeding $10,000.

VAT System

Monaco applies French VAT rates due to its customs union with France. The standard rate is 20%, identical to France and similar to UK's 20% VAT. A reduced rate of 10% applies to hospitality and transport, while 5.5% covers unprocessed foods and 2.1% applies to medicines and specific publications.

Major changes took effect January 1, 2025. The VAT threshold for goods supply increased to €85,000 (~$92,700) annual turnover. Service providers (excluding accommodation) face a €37,500 (~$40,900) threshold. Authors and artists benefit from a €50,000 (~$54,500) threshold. For short-term accommodation, the 10% rate only applies when providing at least 3 services among: breakfast, daily housekeeping, linen provision, and reception desk.

Corporate Taxation

The corporate tax rate stands at 25%, reduced from the previous 33.33%. However, this only applies to companies generating more than 25% of revenue outside Monaco or engaging in licensing and intellectual property activities. Companies earning at least 75% of revenue from local Monaco operations enjoy complete tax exemption. New businesses receive full tax exemption for their first two years, subject to conditions regarding ownership structure and business type. This creates significant advantages for service businesses serving the local market.

Social Security Contributions

The healthcare system operates through employer and employee contributions. Employers pay 24% of gross payroll for health coverage. Employees contribute 15% of salary. These contributions fund 80-100% reimbursement of medical procedures, prescriptions, dental care, maternity costs, and hospitalizations through Caisses Sociales de Monaco (CSM). While these rates are higher than many countries, they provide comprehensive healthcare coverage comparable to NHS or Medicare benefits.

Inheritance and Gift Tax

Monaco applies graduated rates based on relationship proximity, affecting only assets located within the principality. Direct line transfers (spouse, descendants, ascendants) are completely exempt. Siblings pay 8%, uncles, aunts, nephews, and nieces pay 10%, great-uncles and first cousins pay 13%, and unrelated individuals pay 16%. Donations to charitable institutions or the principality are tax-exempt.

Property Taxes

Unlike most countries, Monaco has no annual property tax for individuals. However, purchasing real estate triggers registration duties. New properties or VEFA (off-plan) purchases incur 2.5% (1.5% notary + 1% registration). Resale properties sold by individuals or Monaco companies face 6.25% fees (1.5% notary + 4.75% registration). Purchases through offshore or foreign companies trigger 10% + 1.5% notary fees. 20% VAT applies to new properties. Mortgage registration costs 0.92% of the loan amount.

Monaco consistently ranks among the world's top healthcare systems. With an 89.8-year life expectancy in 2024 and 581 physicians per 100,000 residents (3rd in Europe), the principality delivers exceptional medical care. The system combines public healthcare managed by Caisses Sociales de Monaco (CSM) with private clinics offering premium services.

Mandatory Health Coverage

All employees and self-employed individuals must enroll in CSM automatically. Employers and employees contribute 24% and 15% respectively to fund this system. Coverage reimburses 80-100% of medical costs depending on treatment type: consultations, prescriptions, dental care, hospitalizations, and maternity expenses. The system operates on a reimbursement basis—you pay upfront, then CSM reimburses you.

Monaco uses a health card system with three colors (green, pink, bubble) determining the level of fee supplements doctors can charge based on your household income. This resembles systems in other European countries but operates independently from the EU. The European Health Insurance Card is not valid in Monaco since it's not an EU member state.

Private Supplementary Insurance

Private complementary insurance is highly recommended to cover co-payments and non-reimbursed services. Average costs for comprehensive coverage range from €150-400/month (~$165-435 / £125-335) depending on age and coverage level. This insurance becomes mandatory for foreign nationals without Monaco employment and for visitors, who must prove international health coverage before arrival. Unlike countries with fully public systems like the NHS, Monaco's mixed model means most residents purchase supplementary private insurance for complete peace of mind.

Healthcare Facilities

The Centre Hospitalier Princesse Grace (CHPG) serves as Monaco's main public hospital. With 845 beds, 24/7 emergency services, and specialized departments in oncology, cardiology, and geriatrics, it handles most hospital care. A new building is planned for 2026 to modernize infrastructure. The Monaco Private Dialysis Centre provides specialized hemodialysis services.

Three private clinics offer specialized care: Clinique de Monte-Carlo (surgery and maternity), Clinique du Parc in Monaco-Ville (surgery, internal medicine, gynecology, dermatology, cardiology), and Clinique du Louvre. These private facilities provide premium services with reduced waiting times but at higher costs than public facilities—similar to private hospitals in London or premium healthcare networks in the US.

Monaco provides quality education through both French public schools and prestigious international institutions. With 10 public schools and several renowned private schools, expatriate families have diverse options for educating children in a multilingual, multicultural environment.

Public School System

Monaco's public education follows the French curriculum across 7 nursery and primary schools, 1 secondary school, 1 lycée, and 1 hospitality and vocational school. Instruction is in French with compulsory education from ages 6-16. The academic year divides into 4 terms starting in September. Students work toward the Baccalauréat (International Option Baccalaureate - OIB), an internationally recognized diploma. Public schooling is free for Monaco residents, offering substantial savings compared to private school fees reaching tens of thousands of euros annually.

International School of Monaco (ISM)

The International School of Monaco serves students ages 3-18 in a bilingual English-French environment. Located at Port de Monaco (43 Avenue Princesse Grace), it enrolls 840 students from 50+ nationalities. ISM offers the International Baccalaureate (IB) program, recognized by universities worldwide. Ranked among the top 100 global schools by Spear's Schools Index 2025, it represents a premier choice for international families.

Tuition fees for 2025-2026 range from €5,430 (~$5,920 / £4,560) for nursery (age 3) to €19,440 (~$21,200 / £16,320) for senior secondary (ages 16-18). Primary school fees fall progressively between these amounts. A non-refundable €500 (~$545) application fee applies. The school offers family discounts: 10% for the 3rd child, 15% for the 4th, and 20% for the 5th, easing costs for larger families.

The British School of Monaco

Located at 8 Avenue de Fontvieille, The British School of Monaco follows the British curriculum. Annual fees for 2025-2026 start at €10,200 (~$11,130 / £8,565) for early years and range from €12,000-13,000 (~$13,100-14,200 / £10,080-10,920) for primary and secondary levels. This school particularly attracts families wanting to prepare children for British examinations (GCSE, A-Levels) while benefiting from Monaco's environment—similar to British international schools in other countries.

Higher Education

The International University of Monaco (IUM) offers higher education programs: BBA (Bachelor of Business Administration), MBA, and specialized Masters. BBA tuition starts at €14,360 (~$15,670 / £12,060) for a 90 US credit program (180 ECTS). The BBA Honors Track covers 120 US credits (240 ECTS). Additional fees include €190/year student association dues and an €650 "IUM for Life Fee" in the third year. The university offers merit-based scholarships for high-achieving students, helping reduce total program costs.

Monaco's property market consistently breaks global records. With average prices reaching €51,967/m² (~$56,700/m² / £43,600/m²) in 2024 (+1% vs 2023), Monaco remains the planet's most expensive location. Limited supply across just 2.1 km² maintains constant upward price pressure for both purchases and rentals.

Purchase Prices by District

Larvotto commands the highest prices at €97,563/m² (~$106,500/m² / £81,900/m²), driven by the completed Mareterra eco-development delivered in 2025. The Carré d'Or in Monte-Carlo ranges from €50,000 to over €100,000/m² depending on exact location and views. Monte-Carlo overall averages €51,000/m². Fontvieille and La Condamine offer slightly lower prices around €47,700/m² and €44,329/m² respectively. The Moneghetti and Jardin Exotique areas, situated on elevated terrain, present Monaco's most accessible pricing between €35,500-46,400/m².

The average new apartment costs €36.4 million (~$39.7M / £30.6M), while resale properties trade around €5.7-6 million (~$6.2-6.5M / £4.8-5.0M), up 5.56% in 2024. Studios increased 5.7% and two-bedroom units rose 7.6% in a single year. The market recorded 466 sales in 2024 (+21% vs 2023) with a record total volume of €5.8 billion (~$6.3B), including €3.7 billion for new properties.

Rental Market

Renting in Monaco requires substantial monthly investment. A studio or one-bedroom in the city center averages €8,543/month (~$9,320 / £7,175) with a range of €5,131-13,000. Outside the center, expect €7,250/month (~$7,910 / £6,090), ranging from €2,000-12,500. A three-bedroom apartment in the center averages €102,000/month (~$111,300 / £85,700), ranging from €48,000-160,000, with extreme Carré d'Or duplexes exceeding €200,000 monthly. A three-bedroom outside the center rents around €12,000/month (~$13,100 / £10,080), ranging from €6,000-18,000. The average rent per square meter monthly reaches €114.50—the world's highest. These costs far exceed rental markets in London, New York, or Sydney.

Desirable Neighborhoods

Monte-Carlo and Carré d'Or represent ultimate prestige, with proximity to the Casino, Opera House, and luxury boutiques. This sector houses 21.6% of residents and 22% of the property stock. Larvotto attracts with its public beach, restaurants, and the new Mareterra district offering 110 apartments and 10 villas in a modern ecological setting. Fontvieille, more family-oriented, provides a marina, green spaces, and calmer atmosphere with prices slightly below Monte-Carlo. La Condamine, around Port Hercules and the Place d'Armes market, has seen renewed interest with 48 resales in 2021 (+70%) and houses the International School of Monaco. Finally, Monaco-Ville (Le Rocher) maintains historic charm but offers very limited availability (only 8 rental properties in November 2024).

Registration Duties

Purchasing Monaco property triggers variable registration duties. New properties or VEFA purchases incur 2.5% (1.5% notary + 1% registration). Resale properties sold by individuals or Monaco companies generate 6.25% fees (1.5% notary + 4.75% registration). Purchases through offshore or foreign companies trigger 10% + 1.5% notary fees. 20% VAT applies to new properties. Mortgage registration costs 0.92% of the loan amount. These additional costs must be factored into your total purchase budget.

Relocating to Monaco demands meticulous preparation and organization. Administrative complexity, financial requirements, and processing timelines necessitate planning several months ahead. Following a detailed checklist prevents costly complications and delays.

Pre-Departure Preparation

1. Obtain your French Type D long-stay visa from the nearest French consulate if you're a non-EU/EEA citizen. Processing can take several weeks.
2. Secure Monaco accommodation with a minimum 12-month lease or property deed. Without housing proof, no residency application will be accepted.
3. Open a Monaco bank account and deposit a minimum €500,000 (~$545,000 / £420,000). Banks typically require advance appointments and income verification.
4. Gather administrative documents: criminal background checks less than 3 months old covering the past 5 years, medical certificates, civil status documents, diplomas, and professional attestations.
5. Purchase international health insurance covering Monaco. This document is required for your residence permit application.
6. Arrange transportation of belongings with an international moving company specializing in Monaco relocations. Customs clearance is simplified through the customs union with France.

Upon Arrival

1. Submit your residence permit application online via the Mon Service Public portal as soon as possible.
2. Prepare for an individual interview with Monaco's Public Security Directorate. You must present all original documents and justify your relocation.
3. If employed, register with Caisses Sociales de Monaco (CSM) to access mandatory health coverage.
4. Enroll your children in your chosen schools immediately. Places are limited, particularly at prestigious international institutions like ISM.
5. Wait 2-5 months for your residence card. During this period, ensure you meet presence requirements.
6. Rent or purchase a separate parking space, as residences typically don't include parking and public parking is extremely limited.

Relocation Services

Hiring a Monaco relocation specialist significantly simplifies your move. These professionals know administrative procedures, help find housing, select schools, open bank accounts, and prepare documentation. Their expertise can save weeks and prevent expensive mistakes. Service costs vary based on scope, but often prove worthwhile given Monaco's system complexity—similar to using relocation consultants when moving to major financial centers like Singapore or Hong Kong.

Monaco delivers world-class cultural and sporting events year-round. Between prestigious competitions, renowned museums, and exclusive nightlife, the principality cultivates a unique lifestyle attracting discerning international clientele.

Major Sporting Events

The 2025 sporting calendar opens with the Monte-Carlo Rolex Masters (April 13-20), an essential ATP tennis tournament. In May, Monaco pulses with Formula E as the Monaco E-Prix (May 3-4) features two races on the legendary street circuit. The highlight arrives with the Monaco Formula 1 Grand Prix (May 22-25), one of motorsport's most prestigious races, with tickets starting at €45 (~$49 / £38). Summer brings the Monaco Energy Boat Challenge (July 2-5), showcasing innovative electric boat competition, and the Herculis Diamond League athletics meeting at Stade Louis II. The Monaco Marathon, crossing three countries (Monaco, France, Italy), attracts numerous amateur and professional runners.

Culture and Heritage

The Oceanographic Museum, perched on the Rock, captivates with exceptional aquariums and marine life exhibitions (€25 adult / €14 child, ~$27/$15 or £21/£12). The New National Museum of Monaco operates across two villas (Villa Sauber and Villa Paloma) dedicated to contemporary art. The Prince's Palace opens for official tours featuring the residence of the sovereign family, with the changing of the guard daily at 11:55 AM. The Cathedral of Our Lady Immaculate houses the tombs of Prince Rainier III and Grace Kelly. The Exotic Garden presents an impressive succulent collection and provides access to the Observatory Cave. The Princess Grace Rose Garden charms with 300 rose varieties.

The Monte-Carlo Opera, housed in the sumptuous Salle Garnier, programs internationally renowned operas and concerts. Les Ballets de Monte-Carlo, a world-class ballet company, performs regularly. The Monte-Carlo Philharmonic Orchestra offers concerts throughout the season. The Grimaldi Forum hosts major exhibitions, such as "Colours! Pompidou Centre Masterpieces" during summer 2025. The Monte-Carlo Jazz Festival (November 21-29, 2025) closes the cultural year with international headliners.

Leisure Activities

Fitness enthusiasts find numerous sports clubs in Monaco, with monthly memberships around €481 (~$525 / £404). Tennis courts rent for approximately €40/hour (~$44 / £34). Larvotto Beach, Monaco's public beach, neighbors prestigious private establishments like Nikki Beach and Monte-Carlo Beach Club. Water sports abound: scuba diving (around €150 per outing), private boat rental (from €175 to over €1,300 depending on model). Port Hercules harbors some of the world's most impressive luxury yachts, particularly during the Monaco Yacht Show in September. The Casino de Monte-Carlo, a Belle Époque architectural jewel, remains a major tourist attraction beyond its gaming rooms. Michelin-starred restaurants like Louis XV - Alain Ducasse (3 stars), Blue Bay - Marcel Ravin (2 stars), and Pavyllon - Yannick Alléno (1 star) perpetuate Monaco's gastronomic excellence. Nightlife centers around legendary venues: Jimmy'z, Buddha-Bar, and Sass Café.

Youth Programs

Young residents aged 11-25 benefit from Pass'Sport Culture, a €60 package granting access to numerous sporting, cultural, and educational activities during school holidays. Registration occurs online at loisirsdenjs.gouv.mc. This program facilitates young expatriates' integration into local life and allows them to discover Monaco's cultural richness affordably.

Monaco holds the global record for cost of living. Prices run 143.7% higher than Germany and exceed even New York by 17% on certain expenses. Housing represents by far the largest budget item, but food, transport, and services also weigh heavily on monthly spending. The silver lining: zero income tax for non-French residents partially offsets these astronomical costs.

Single Person Monthly Budget

A single person living in Monaco needs between €12,000-14,000/month (~$13,100-15,300 / £10,100-11,750) including all regular expenses. This amount varies based on lifestyle and location within the principality.

Source: Numbeo Monaco (August 2025)

Family of Four Monthly Budget

A family of four requires significantly higher budgets, ranging from €20,000 to over €110,000/month (~$21,800-120,000 / £16,800-92,400) depending on housing choice. A city center apartment represents a luxury accessible only to the wealthiest families.

Source: Numbeo Monaco (August 2025)

Food and Dining Prices

A meal at an inexpensive restaurant costs €20 (~$22 / £17), while dinner for two with three courses at a mid-range establishment reaches €175 (~$191 / £147). A fast-food combo runs €10.25 (~$11.20 / £8.60). At supermarkets, a liter of milk costs approximately €1.58, a dozen eggs €4.78, 500g of chicken €6.71, and 500g of beef €6.58. A mid-range bottle of wine sells for around €7. These prices, while comparable to central London or Manhattan, remain significantly above typical costs in most major cities globally.