Immigrate to Monaco. Get ready for moving to Monaco

Moving to Monaco. Things to consider before you immigrate to Monaco

What are your associations when you start thinking of Monaco? You have probably heard that it is the second smallest and one of the richest states in the world. Indeed, Monaco is associated with the warm sea, yachts, expensive real estate property, and luxurious lifestyle which make up an attractive image of the country. However, would expect those who are going to immigrate to Monaco? How do local people live there? What are the benefits of moving to Monaco from the USA, Canada, or European countries? All these questions and many other aspects will be covered in this article.



International removals to Monaco with Eurosender

It is not very easy to immigrate to Monaco because of numerous reasons, but many expats are relocating from the USA to Monaco, moving from European countries, and coming from neighbouring states to this principality. If you are among those, check this section of the article to learn basic facts about Monaco and discover the most convenient and reliable services for international removals to Monaco.

LocationThe Principality of Monaco is situated on the shores of the Mediterranean Sea and borders on France only.
CapitalMonaco
ClimateDue to its geographical location, Monaco is the typical state with the Mediterranean climate all over its entire territory.
CurrencyEuro (EUR)
PopulationThere are about 40,000 people living in Monaco, most of whom are ethnic Monegasque, French, Italian, British, German, Swiss, and even the US nationals.
LanguageFrench is the official language in the country, but expats moving to Monaco from Italy, the UK, the US, or Germany speak their own native languages.
TimezoneUTC +1
Surprising facts1. Millionaires make up about 30 % of Monaco population.2. Monaco citizens are not allowed to gamble and visit casino.

If you decide to immigrate to Monaco, that would not be a bed of roses, but with Eurosender relocating from the USA to Monaco or moving house from overseas would be as easy as pie. Eurosender offers affordable and reliable services for international removals to Monaco which allow you to send various items abroad:

You can always contact our support team agents and logistics experts for advice or recommendations in case you have any questions.

Living in Monaco

Those dreaming about a luxury life probably think that Monaco could be an ideal place. If you are moving to Monaco, you need to realize both the advantages and drawbacks of living in this country.

Advantages

  • Multicultural place. While the major ethnic groups living in Monaco are Monegasque, French, and Italian, there are people of other 125 nationalities residing in this country.
  • High security levels. Monaco is famous for its extra safety environment. Indeed, there was only one murder case and several minor crimes over the last 10 years. The whole territory of the principality is covered with cameras which help police officers to keep the situation under control.
  • No taxes. In Monaco, there are no taxes related to one’s enrichment or luxury. Therefore, many famous and wealthy people prefer Monaco as a place of their permanent residence.
  • Access to neighbouring countries. It is very easy to travel from Monaco to France and Italy or vice versa. Many of those employed in Monaco also travel to this country to work on a daily basis.

Disadvantages

  • Opening a bank account. It could be really tough to open a bank account in Monaco because one needs to put about 100,000 EUR on it. Moreover, there are no typical mobile applications for banking in Monaco, but you will get a personal banker instead.
  • Extremely high cost of living. The prices in Monaco, especially for the real estate property, are too high. Before moving to Monaco, you need to acknowledge that you will have to pay at least 3000 EUR for a studio apartment.
  • Monaco can be overcrowded sometimes. Due to the influx of tourists during the summer season, Monaco may seem like a tiny place for hosting too many people on its territory.

Cost of living in Monaco

If you are going to immigrate to Monaco, you will probably need a sack of money there. While the prices for products in supermarkets are acceptable, the main item of expenditure is the apartment rental. In the table below, check the average expenses of typical expats living in Monaco.

Apartment rentalstarting from 3000 EUR
Utility bills5000 EUR
Internet60 EUR
A meal of the day25 EUR
A cup of cappuccino5 EUR

 

Visa regulations for Monaco

Whether you want to visit Monaco as a tourist or immigrate to Monaco, you will have to comply with the French visa requirements. The citizens of the EU, the EEA, Switzerland, and some other countries do not need any visa to enter the country, while Schengen area visa is usually required for those coming 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 related to work, study, and family reunion purposes.

  • Work visa. If you have been hired by a Monaco-based company or want to work as a self-employed person, then a work visa would be the appropriate choice.
  • Student visa. In case you enrolled in a university and plan to take courses for longer than 90 days, you have to apply for a student visa. In most cases, it is necessary to present an invitation provided by the university. Thus, ask your chosen educational establishment to supply you with the required documents beforehand.
  • Family reunion visa. If one of your family members is a Monaco citizen or the EU/EEA national residing there, you are eligible for this type of visa. You will have to represent the documents that grant proof of your family relationships and indicate the purpose of your stay in Monaco.

For detailed information, check all visa requirements with your local French consulate or an embassy.

Healthcare in Monaco

The healthcare system in Monaco is functioning on the basis of 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 3 healthcare institutions – Princess Grace Hospital Centre, Monaco Cardio-Thoracic Centre, and Monegasque Institute of Sports Medicine and Surgery. While the latter two medical facilities provide specific services for treating cardiovascular issues and sports trauma correspondingly, Princess Grace Hospital Centre is the most popular among expats.

School and education

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 6 state-owned schools, 1 secondary school, and 2 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. Tuition fees do not apply for Monegasque people and legal residents of Monaco. At the same time, there are some contract schools in Monaco which would be more suitable for foreign children who immigrate to Monaco with their parents.

The job market in Monaco

The main source of income in Monaco constitutes 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 the employment purposes will find hard times to do so because the country prioritizes Monegasque people and French nationals. Otherwise, Monaco-based companies will have to go through an exhausting procedure proving that there was no other person in Monaco or France to suit a certain job position.

The minimum salary rate in Monaco is about 2,000 EUR, which is not enough to cover basic living costs in this extremely expensive country. That is why low-level qualification jobs are usually filled with other EU citizens living in neighbouring countries and travelling to work in Monaco daily. Qualified workers in Monaco, specifically in the finance and technological sectors, usually earn around 7,000 EUR monthly.

Property information

The prices for the real estate property in Monaco are incredibly high. The lowest price for 1 square meter is 20,000 EUR, while it can reach 50,000 EUR or even 70,000 EUR in the elite or central regions of the country. Subsequently, foreigners will not find a dwelling cheaper than 1 million euro. Depending on the size, proximity to the sea, and the region of Monaco, the average apartment cost will range between 2 and 7 million euro. Despite this, wealthy people tend to buy real estate property there due to mild Mediterranean climate and luxurious way of life in Monaco. Consider that buying property in Monaco does not guarantee a permanent residence permit or citizenship.

If you want to rent an apartment, it will cost you between 3,000 EUR and 5,000 EUR. There are two types of rental markets in the country – private and state-owned. The second option is primarily available to Monegasque people. As the country’s authorities are interested in preserving the local culture, traditions, and population growth, they assure multiple privileges for Monegasque people, so the cost of apartment rental can be twice lower for them compared to that for immigrants moving to Monaco from abroad.

Driving in Monaco

Given that it is possible to cross Monaco on foot for about 2 hours, walking is highly advisable in this country. You can simply get from one place to another in a couple of minutes, while the weather is always favourable and mild. Some people choose a bicycle as their main transportation means, while others prefer the public transportation system, including buses and taxis.

Driving in Monaco is not highly recommended because the traffic is really heavy, while the number of parking lots is limited. If you prefer driving in Monaco, you have 1 year to exchange your driver’s license for the local one.

Cost of moving to Monaco

Before relocating to Monaco, you need to discover the average moving cost to Monaco, estimate how much is shipping from the USA to Monaco, discover the cheapest way to move furniture to Monaco, and get the cost of moving house to Monaco. We have prepared the answers to these questions along with the shipping tips to move personal belongings to Monaco safely, cheaply, and fast.

Eurosender offers exclusive shipping services for expats and international students planning to move personal belongings to Monaco. When using Eurosender platform, you can instantly discover average shipping costs and book services just in a few minutes. Furthermore, you get a range of benefits:

Before booking shipping services, you need to measure the dimensions of your parcel. If the parameters of your package do not fit standard dimensions, you have multiple packages, or need to ship heavy items, contact our logistics experts and they will craft an individual offer for you.

Other destinations?

Disclaimer: The materials provided in this article were collected from other credible resources to be used for general information purposes only. Given that the legislative basis of the country and its economic development have a changing nature, the information provided in the article could be subject to change. Whilst we endeavour to keep the information up-to-date and correct, Eurosender will not be liable for any inappropriate, incomplete, or inaccurate information. Certain links will lead to websites which are not under control of Eurosender. Thus, Eurosender accepts no liability in respect of materials, products or services being not under control of Eurosender.