Living in Monaco: the ultimate expat guide

Everything you need to know for a successful life in Monaco.

Monaco, the world's second smallest country, is a dream destination for thousands of expatriates worldwide as a symbol of luxury, status and tax incentives.

Moving to the principality of Monaco may not be as easy as it seems, but despite the high cost of living and selective entry conditions, you will enjoy an amazing living environment. It will charm you by its magnificent architecture and its glamor lifestyle.

Monaco is popular with tourists thanks to its temperate Mediterranean climate, which allows residents and visitors can enjoy the marinas and beaches for a large part of the year. However, due to the high population density, there is a large urban area with many tightly-packed buildings. Expats hoping for a greener environment should look to the French border. As France handles immigration matters for the principality, EU citizens can travel freely between the two countries, so a visit across to France would be hassle-free.

The country has moved to diversify its economy away from banking. The country's tax-free status has attracted its multitude of wealthy residents who have invested in the principality. One of the key aspects of acquiring residency in the country is an endorsement letter from a bank in Monaco. These banks also require a one million euro deposit, so while this may be a good option for those looking for the best tax environment for their savings, it may not be economically viable for others.

Monaco's population is largely a combination of French and Monegasque residents. However other European citizens are also a significant group. Though not a member of the European Union, the country does use the euro as its currency.