Moving to Monaco. Things to consider before you immigrate to Monaco
THE BASICS
Things to know when moving to Monaco
Europe
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Euro (EUR)
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French
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BEFORE MOVING
The cost of moving to Monaco. International removals to Monaco with Eurosender
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Visa regulations for Monaco
The citizens of the EU, the EEA, Switzerland, and some other countries do not need any visa to enter the country, while a Schengen area visa is usually required for those coming from outside of these territories.
People relocating from the USA to Monaco or moving from overseas for a long-term stay in the principality should collect all the necessary documents and apply for a corresponding visa in a local French consulate.
The most common types of visa expats apply for before moving to Monaco are as follows:
- Business visa – when moving to Monaco for business purposes.
- Student visa – students that wish to attend any type of educational institutions, for a period shorter than three months, can apply for this type of visa.
- Family reunion visa – people who have family members legally residing in the Schengen area, can apply for this visa.
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Property information. Rentals in Monaco
Monaco is the most expensive city in the world when it comes to real estate. The prices for real estate properties in Monaco are incredibly high. The cost of 1 square metre can be more than €70,000 in the elite or central regions of the country. Despite this, wealthy people tend to buy real estate property in Monaco because of the mild Mediterranean climate and luxurious way of life in Monaco. Consider that purchasing a property in Monaco does not guarantee a permanent residence permit or citizenship.
There are two types of rental markets in the country – private and state-owned. The second option is primarily available to Monegasque people, so the cost of apartment rental can be twice lower for them compared to that for immigrants moving to Monaco from abroad. The average renting cost for a one-bedroom apartment in Monaco is €3,000 per month, while a bigger apartment for a family with three bedrooms will be around €10,000-15,000 per month.
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LIVING IN MONACO
The cost of living in Monaco
If you are going to immigrate to Monaco, consider that living there is more expensive than in some other European countries. While the prices for products in supermarkets are acceptable, the main item of expenditure is the apartment rental. The minimum amount required by the Monaco government for a residency application is €500,000 per person. A meal for two people will cost you around €140, while basic utilities will cost €190 per month.
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The job market in Monaco. Job vacancies in Monaco for foreigners
The main source of income in Monaco constitutes in foreign investments, while finance, banking, and tourism sectors are the industries which offer the majority of workplaces in the country. Those who want to immigrate to Monaco for employment purposes will find it hard to do so because the country prioritises Monegasque people and French nationals.
The minimum monthly salary rate in Monaco is about €2,000, which is not enough to cover the basic cost of living in this costly country. Qualified workers in Monaco, specifically in the finance and technological sectors, usually earn around €7,000 monthly.
Schools and education in Monaco
The education system of Monaco is very similar to the French one. Children start attending school at the age of 6 and proceed with higher education upon graduation.
There are six state-owned schools, a secondary school, and two upper secondary educational institutions in Monaco. A very particular feature of a state school in the country is that the lessons of Monegasque language and culture are obligatorily included in the curricula. That way, the authorities of Monaco want to make sure that the native language and culture of Monaco state will not get extinct. Expats immigrating to Monaco with children sometimes prefer private schools which would be more suitable for foreigners.
Age: 3 – 5
Compulsory: no
Age: 6 – 10
Compulsory: yes
Age: 11-15
Compulsory: yes
Healthcare in Monaco
The healthcare system in Monaco functions based on state funding and contributions by employers and employees. Basic healthcare coverage is valid for casual medical services and drug prescriptions, while dental care, for instance, requires either additional healthcare insurance policy or out-of-pocket payments.
The quality of healthcare services in Monaco is above excellent. Given that the country is very small, there are only three healthcare institutions. Princess Grace Hospital Centre is the most popular among expats living in Monaco.
Driving in Monaco. Should I get a driving licence for Monaco?
Driving in Monaco is not highly recommended because the traffic is really heavy. If you prefer driving in Monaco, you have one year to exchange your driver’s license for the local one.
Given that it is possible to cross Monaco on foot in about 2 hours, walking is highly advisable in this country. You can get from one place to another in a couple of minutes. Some people choose a bicycle as their main transportation mean, while others prefer the public transportation system, including buses and taxis.
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What else to know about living in Monaco as an expat
We have gathered some more advantages and disadvantages of living in Monaco:
- In Monaco, there are no taxes related to one’s enrichment or luxury. Therefore, many famous and wealthy people prefer living in Monaco.
- Monaco is famous for its extra safe environment. The whole territory of the principality is covered with cameras which help police officers to keep the situation under control.
- Opening a bank account in Monaco can be tough because a deposit of €100,000 is requested by doing so. Moreover, there are no typical mobile applications for banking in Monaco, but you will get a personal banker instead.
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MOVING DESTINATIONS
The most popular countries from where people relocate to Monaco
Moving to Monaco from France
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Moving to Monaco from Italy
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Moving to Monaco from the United Kingdom
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