Moving to Monaco as an Expat: The Complete Guide to a Successful Relocation

Published on January 14, 2026 and written by Cyril Jarnias

Unpacking your bags in Monaco is unlike any other move. A micro-state squeezed between the Mediterranean and the hills of the French Riviera, the Principality attracts a very affluent population, drawn by the absence of personal income tax, exceptional security, and an ultra-premium living environment. But behind the postcard image, settling in Monaco follows strict rules, a record-high cost of living, and highly codified procedures.

Understanding the Context: A Wealthy, Safe, and Ultra-Selective Micro-State

The Principality occupies just over 2 km², making it the world’s second-smallest and most densely populated country. About 38,000 people live there, with barely a quarter being Monegasque nationals. Over 130 to 145 nationalities are represented, with strong contingents of French, Italian, and British citizens, but also Russians, Swiss, or Belgians.

The country is a constitutional monarchy led by Prince Albert II. The economy is based on finance, private banking, wealth management, real estate, high-end tourism, yachting, and events (Formula 1 Grand Prix, Monaco Yacht Show, tennis, festivals). Security is a major selling point: one police officer for about 80 residents, omnipresent video surveillance, and very low crime.

For an expatriate, this translates into an extremely stable, safe, and international environment… but also a saturated real estate market, one of the highest costs of living in the world, and stringent residency criteria.

Residency and Residence Permit: The Heart of the Relocation Project

Any person aged 16 or over who wishes to live in Monaco for more than three months a year or establish their primary residence there must apply for a residence permit, the famous Monegasque residence card. This document is key to most of your procedures (banking, school, healthcare, etc.).

The Three Main Categories of Residence Permits

The system is progressive, designed to filter and stabilize residents over time.

Permit Type	Validity Period	Main Access Conditions
Temporary	1 year (renewable annually)	First-time settlement, proof of housing, financial means, clean criminal record, health insurance
Ordinary	3 years (renewable)	Generally after several renewals of a temporary card (approx. 3 years of residence)
Privileged	10 years	After 10 years of continuous residence and subject to a favorable administrative investigation

Minors under 16 do not get a permit but a specific travel document. From age 16, they must follow the same procedure as adults.

Nationality and Entry Visa: Who Needs What?

Citizens of the European Economic Area (EEA) and Switzerland can enter freely with a passport or national ID card. They must, however, apply for a residence permit if they settle long-term.

For stays of less than 90 days within 180, standard Schengen rules apply: some passports enter visa-free, others do not.

Practical Process: From Online Application to Interview

The Monegasque authorities emphasize control and traceability, while gradually digitizing the procedure.

The general process is as follows:

1. Preparing the basic file (housing, finances, criminal record, health insurance, civil status). 2. Submitting the application via the dedicated online service or by mail/in person at the Residents Section (Directorate of Public Security). 3. Completeness check: if the file is deemed complete, an interview is scheduled. 4. Individual interview in Monaco, where the originals of all documents are verified and the life project is examined. 5. File processing over several weeks, or even a few months. 6. If accepted, the residence permit is issued (stamp duty of approximately €80 for the first card).

The Three Pillars of Acceptance: Housing, Financial Means, Clean Record

For an expatriate, the difficulty is less administrative than practical and financial. Three key conditions dominate the decisions:

These are in addition to comprehensive health insurance, a detailed CV, a statement on honor, and, for some profiles, letters of recommendation from well-established residents.

How Much Time Must You Spend in Monaco?

Officially, the law does not set a very detailed quota of days, but in practice:

– authorities expect the resident to spend at least 3 months per year actually in Monaco for simple permit maintenance;

– to be considered a full tax resident and obtain a tax residence certificate, it is generally required to spend more than 183 days per year in the Principality or to have the center of your economic interests there.

Prolonged absences, near-zero water and electricity consumption, or infrequent use of the property can raise questions during renewals.

Taxation: A Major Asset… Subject to Real Conditions

The main driver of Monaco’s appeal remains its tax regime for individuals. The 1869 ordinance abolishing personal income tax has never been challenged.

Taxes on Income, Wealth, Capital Gains

For a Monegasque resident (non-French), the situation is simple: the Monegasque tax system is particularly advantageous, offering an exemption from personal income tax, which attracts many expatriates.

– no personal income tax;

– no wealth tax;

– no capital gains tax (including on real estate);

– no withholding tax on dividends or interest received by individuals.

Table – Inheritance Tax Rates Based on Relationship

Relationship between Deceased and Heir	Tax Rate on Assets Located in Monaco
Spouse, Parents, Children	0%
Partners (civil union)	4%
Brothers and Sisters	8%
Uncles, Aunts, Nephews, Nieces	10%
Other Relatives (more distant)	13%
No Family Relationship	16%

There are no French-style “forced heirship” rules: in principle, the law of the deceased’s last domicile governs the succession, unless specific provisions apply.

Precautions for French and Other “Sensitive” Tax Residents

French citizens constitute the best-known special case: under the 1963 tax treaty between France and Monaco, a French national who moves to Monaco remains in principle subject to French income tax, with very limited exceptions (residents before 1962, born and always domiciled in Monaco, etc.).

Monaco has also adopted international standards for the Automatic Exchange of Information (AEOI/CRS), participates in tax cooperation, and is no longer considered by the OECD or EU as a “non-cooperative tax haven.” Bank accounts and Monegasque structures are no longer invisible.

Cost of Living: A Budget to Calibrate Down to the Millimeter

The flip side of the tax haven and living environment is extreme expense. Major international comparisons place Monaco at the top of the most expensive countries, well above major cities like New York, London, or Hong Kong.

Estimates vary by source, but all agree: living comfortably in Monaco requires very high income.

Overall Cost Comparison

Profile	Estimated Monthly Cost of Living (Housing Included)
Single Person	around $7,500 to $8,000 (or equivalent in €)
Family of Four	between $9,500 and over $27,000 depending on lifestyle
Digital Nomad	around $8,000
“Standard” Expat	around $9,400
Local	around $7,900

Monaco is regularly ranked:

– #1 worldwide for housing costs,

– around the top 20 for overall quality of life,

– more than 120% more expensive than the United States on most items (excluding housing), and over 260% more expensive when including rent.

Housing: The Crux of the Matter

This is the expense that overshadows all others. The average price per square meter for purchases has exceeded €50,000 for older properties, with peaks near €100,000/m² in Larvotto, especially in the most exclusive new developments.

Regarding rentals, Monaco is again the most expensive place in the world.

Property Type	Average Monthly Rent (Approximate Range)
Studio / 1-Bedroom, Center	€6,000 to €10,000
1-Bedroom, Off-Center or Cheaper Areas	€4,500 to €6,000
3-Bedroom in Most Sought-After Areas	over €20,000
Prime Monthly Rent (All Types, High-End)	approx. €115/m²

Families looking for 3 bedrooms or more are particularly penalized: demand is exploding, supply is scarce, waiting lists are long, and some rents have increased by more than 50% in a year for these larger units.

For an expatriate, it is common for rent and housing charges to absorb the largest part of the monthly budget, even with a comfortable income.

Daily Consumption, Food, and Going Out

Everyday prices logically follow the general level:

– grocery shopping costs over a third more than in the United States;

– dining out is about 60% more expensive than in the USA, with lunch menus around twenty euros, a simple dinner for two approaching €100, and fine dining that can skyrocket quickly;

– a latte or cappuccino often exceeds €5, a regular draft beer is close to €10.

Transportation: A More Reasonable Expense

The small size of the territory greatly limits travel costs. You can cross Monaco on foot in less than an hour, aided by many public escalators and elevators connecting the different levels of the rock.

Local buses are inexpensive (around twenty euros for a monthly pass), and a sea shuttle (Boat-Bus) crosses the port. Most longer trips are made outside the Principality, via the SNCF train station or Nice airport about thirty kilometers away, also connected by helicopter.

Motorists must contend with expensive public parking (though the first hour is often free), dense traffic, and regular closures during major sporting events. Gasoline is at the high level of Western Europe.

Housing and Neighborhoods: How to Choose and Navigate

For a newcomer, the choice of neighborhood conditions both the budget, daily living comfort, and access to schools or shops.

Overview of Main Neighborhoods

– Monte‑Carlo / Carré d’Or: iconic heart, around the Monte‑Carlo Casino. Grand hotels, luxury boutiques, prestigious buildings. Prices and rents at the top of the scale.

– Larvotto: beach neighborhood, recently renovated promenade, and especially the new eco-designed Mareterra district, built on the sea with apartments and villas at record price levels.

– Fontvieille: modern neighborhood built on reclaimed land, with a marina, shops, sports facilities (Stade Louis II). A more “residential” and family-friendly image.

– La Condamine / Port: lively neighborhood, traditional market, shops, close to Port Hercule. Highly sought after for daily life.

– La Rousse – Saint‑Roman: more residential area, with high-rise buildings, often slightly less expensive than the Carré d’Or but very popular.

– Jardin Exotique: on the heights, a bit quieter, with panoramic sea views, slightly more accessible prices, especially in older buildings.

– Les Moneghetti: residential sector, relatively more affordable in the Monegasque context.

– Monaco‑Ville (Le Rocher): old town, historic alleys, seat of the Prince’s Palace and institutions. More limited housing supply, village atmosphere.

Buy or Rent: A Strategic Choice

For most expatriates, especially at the beginning, renting is the natural path, if only because homeownership requires significant capital and a specific tolerance for risk in this micro-market.

Factors to consider:

Even for a purchase, obtaining local bank financing is not automatic. Monegasque institutions target an international, high-net-worth clientele and scrutinize the origin of funds. Interest rates are at levels close to Western Europe, with a recently tightened legal usury rate.

Work, Start a Business, or Live Off Your Assets?

Monaco is not just a haven for wealthy retirees. The Principality has over 65,000 jobs for about 38,000 residents, meaning a majority of workers live in the surrounding areas (France and Italy) and commute daily.

Employment: Key Sectors and Hiring Priorities

The major employers are concentrated in: the strategic sectors of the economy, such as technology, healthcare, energy, and financial services.

– luxury tourism and hospitality-restaurants (Monte‑Carlo SBM group, notably);

– finance, insurance, private banking, asset management;

– specialized services: consulting, engineering, research, cutting-edge technologies;

– construction and real estate-related activities.

Labor law provides for a legal 39-hour workweek, with overtime paid at a higher rate. Paid leave amounts to at least 2.5 working days per month worked, i.e., 30 days per year for a full year, with bonuses for seniority or family situation.

However, authorities apply a job priority principle:

1. Monegasque citizens; 2. foreigners married to a Monegasque or born of a Monegasque parent; 3. foreigners already resident and with professional experience in Monaco.

Any foreign employee must have either a valid Monegasque residence permit or a French residence permit if they live in France and work in Monaco. In all cases, a work permit is mandatory, linked to a specific job: changing positions requires a new authorization.

Creating or Transferring a Company

Entrepreneurship is possible, but subject to approval. To engage in commercial, industrial, or artisanal activity, you must:

– obtain government authorization (from the Minister of State), after review of the project (financial solidity, experience, economic interest for Monaco);

– choose a legal form (SARL, SAM, SNC, SCS, etc.) with a minimum capital (e.g., €15,000 for a SARL, €150,000 for a SAM);

– register the company with the Trade Register, the statistical directory, and the tax administration;

– declare the registered office address in Monaco and have the premises inspected for compliance.

Once created, a company is potentially subject to corporate income tax (25%) if more than 25% of its turnover comes from abroad. Conversely, a structure where at least 75% of turnover is generated in Monaco can be exempt from corporate tax. Tax relief regimes exist for young companies, with a progressive ramp-up over five years.

Living Off Capital: The Typical “Independent Means” Resident Profile

A significant portion of new residents are individuals not working professionally in Monaco. They live off dividends, rents, interest, capital gains, sometimes private pensions, and therefore do not need a work permit.

For this profile, the key requirement is demonstrating very substantial financial means, often via a significant deposit in a Monegasque bank. Authorities require clear evidence that the person will not depend on the local social system.

This approach has given rise to what could be called a “residency by independent means”: it’s not an official investment program, but in practice, without significant wealth, access to a residence permit remains exceptional.

Banking and Wealth Management: A Mandatory Gateway for the Wealthy

Monaco concentrates about thirty banks and fifty asset management companies in a tiny area. Nearly 70% of managed assets come from non-resident clients. The infrastructure is therefore calibrated for wealth management, not mass retail banking.

Opening an Account: A Selective and Lengthy Process

For an expatriate aiming for residency, opening an account with a local bank is almost unavoidable:

Institutions primarily target high or ultra-high-net-worth clients. Opening an account involves:

– a face-to-face interview, often preceded by preparatory exchanges;

– presenting a very complete file justifying the lawful origin of funds (statements, sale contracts, company accounts, dividend certificates, tax returns, inheritance deeds, etc.);

– bank reference letters and a description of the professional and financial situation.

For expatriates with more modest financial means or in the exploratory phase, a common solution is to keep a bank account in their home country or open one with a neighboring French bank (Cap d’Ail, Beausoleil, Menton, etc.), even if it means managing transfers and exchange fees.

Healthcare: An Excellent Public System, But High Costs

The Monegasque healthcare system is often described as one of the best in the world: modern, well-equipped, heavily inspired by the French model, and largely accessible to contributing residents.

System Organization and Coverage

Social protection is managed by the Caisses Sociales de Monaco (CSM), which includes several funds:

– a mandatory health-maternity-disability insurance scheme for employees and equivalents, funded by employer/employee contributions (approx. 15% of gross salary, up to a ceiling);

– a scheme for self-employed individuals, with a fixed contribution;

– a pension fund based on a points system.

For most insured individuals, healthcare reimbursement works on a co-payment basis:

– approximately 80% of medical expenses are reimbursed under normal circumstances;

– some patients (long-term conditions, special situations) can benefit from exemption of the co-payment and coverage close to 100%.

French or Italian cross-border workers have access to certain services under bilateral agreements, provided they can prove their rights in their country of origin.

Hospitals and Clinics

The cornerstone of the public system is the Princess Grace Hospital Centre (CHPG), a general hospital with a 24/7 emergency department, state-of-the-art equipment, and specialized services (cardiology, oncology, obstetrics, etc.).

Surrounding it are several high-level private facilities:

– Monaco Cardio-Thoracic Centre (cardiac and thoracic surgery);

– geriatric centers, sports medicine centers, specialized clinics, hemodialysis centers, etc.

Hospitalization fees reflect the high standard: a night can range from €600 to over €2,000 depending on the room type and care. General practitioner consultations are often between €50 and €100, more for some specialists.

Private Insurance: Almost Essential for an Expatriate

Even when contributing to the Caisses Sociales, the out-of-pocket expense can quickly become significant, especially in case of private hospitalization, complex dental work, or comfort options. Most residents therefore take out complementary health insurance (mutuelle), sometimes included in the employer’s package.

For newly arrived expatriates, the situation is more delicate:

– enrollment in the public scheme is not always immediate;

– medical costs are very high for an uninsured patient.

Subscribing to international health insurance is therefore highly recommended from the outset. Premiums vary greatly depending on age, health status, coverage (Monaco/Europe only or worldwide including the USA), but to give an idea:

– for an adult in their forties, a contract broadly covering Monaco and internationally (excluding the USA) can be around $4,000 to $5,000 per year;

– some flexible offers allow you to lower the premium through deductibles, co-payments, or annual limits.

Authorities may, in some cases, require proof of adequate health coverage at the time of the residence permit application.

Schooling and Education: A System Inspired by France, Highly Internationalized

For expatriate families, the educational offering is a key element. Monaco has established a system aligned with the French curriculum, while adding its own specificities.

Public and Private Contract Schools

Education is compulsory from ages 6 to 16, but nursery school enrollment starts at age 3. The public system includes seven nursery and primary schools, one middle school (Collège Charles III), and two public high schools: Lycée Albert Ier (general and technological) and the Technical and Hotel School (Lycée Rainier III), specializing in hospitality-restaurants, accounting, management.

These institutions follow the French curriculum, under the academic supervision of the French Ministry of Education (Nice academy), with some particularities:

– English taught from age 3;

– courses in Monegasque history and the Monegasque language (mandatory from 3rd grade through 9th grade, then optional in high school);

– European and international sections, artistic and sports options, partnerships with major cultural institutions (Opera, Orchestra, Museums).

A private “under contract” sector complements the offering, subject to the same pedagogical requirements (curriculum, exams, hiring). This includes the Institut François d’Assise Nicolas Barré (FANB) and Cours Saint‑Maur, sometimes with more personalized pedagogical approaches or stronger spiritual dimensions.

International Schools and English-Language Education

For expatriates seeking an Anglophone or international curriculum, two main players dominate:

Tuition fees at these schools represent a major investment for expatriate families, to be factored in from the start. As an indication, a year at an international primary school can approach or exceed €30,000 in some cases (depending on the program and associated services).

Higher Education

Monaco does not have a vast university network but has a few specialized institutions, notably:

– International University of Monaco (IUM): Anglophone business school, offering bachelors, masters, MBAs, and doctorates focused on finance, management, luxury, sports business, etc. Very connected to the local economy and international networks.

– arts schools (Pavillon Bosio), dance (Académie Princesse Grace), nursing, fine arts, or gemology schools.

For a young adult, studying at IUM or these schools is a natural way to build a local network, but tuition fees (several tens of thousands of euros for a full cycle) are in line with the local cost of living.

Daily Life, Security, and Social Integration

Living in Monaco means moving in a very controlled bubble, but also one very connected to the neighboring French Riviera.

Security, Environment, and Climate

Security is rarely a concern: omnipresent cameras, constant police presence, entry control at major events. Crime remains marginal, reassuring families as well as single women or LGBTQ+ community members.

The Mediterranean climate offers very mild winters and warm summers tempered by the sea. The region enjoys about 300 sunny days per year, with more pronounced rainy spells in spring and autumn.

Expatriate Networks and Social Life

Despite its size, or perhaps because of it, Monaco has a dense ecosystem of associations and clubs:

– international networks like InterNations to meet other expatriates;

– British Association of Monaco, Union des Français de l’Étranger (UFE), Monaco Ambassadors Club, International Club of Monaco;

– online groups (Facebook, etc.) dedicated to expatriates, women, specific nationalities, or entrepreneurs.

Public Health, Sports, and Leisure

Life expectancy in Monaco is among the highest in the world, reflecting both the quality of healthcare, the standard of living, and a certain culture of prevention (low tobacco and alcohol consumption compared to other countries, very low crime).

The sports facilities (fitness clubs, pools, tennis courts, nautical clubs, nearby hiking trails) allow for a very active lifestyle. Joining a sports club or association is an excellent way to integrate, especially for expatriates who do not work locally.

Is Monaco Right for You? Some Decision-Making Guidelines

Before embarking on a relocation project, it is useful to ask several very concrete questions.

Practical Tips to Concretely Prepare Your Relocation

Even though each situation is unique, some general guidelines emerge from how the Principality functions.

Relocating to Monaco as an expatriate means entering a very exclusive club, governed by a combination of prestige, requirement, and discretion. This destination is not for everyone, but for those whose profile fits – high net worth, genuine international mobility, a life project compatible with an ultra-urban and secure environment – it offers a unique blend of security, advantageous taxation, top-tier services, and Mediterranean quality of life.

Understanding this reality, with supporting numbers and rules, is the best way to approach such a project with clarity, without being blinded solely by the glitter of the Casino and the race cars of the Grand Prix.