A minimum amount to settle in Monaco
Publié par Paolo Petrini
Monaco is becoming more and more fascinating with its sunny climate, its security and its advantageous taxation, attracting new residents every year. But to settle in the Principality without working there, you must be able to prove significant financial sufficiency. In practice, this translates into a bank deposit of at least €500,000 in a Monegasque bank in order to obtain the financial certificate required for the resident card. This minimum half a million euros is not a lost fee: your money remains in your account, but it must remain there to permanently attest to your local solvency.
Before taking the plunge, it is essential to understand the conditions for living in Monaco, including the administrative procedures and the required supporting documents. You can also check out our complete guide on how to become a Monegasque resident, whether you're from France, Europe, or elsewhere. Once you have settled in, it is important to know the procedures for renewing your residence permit in Monaco, or the differences between residence and Monegasque nationality.
You should also know that the terms and conditions differ if you work in Monaco, or if you are self-employed. For assets, the bank deposit requirement can be replaced by an employment contract or proof of income. For the inactive, the financial threshold becomes central, and we will see why this amount of €500,000 has become the reference.
Please note: if you want to know more about the average salary in Monaco, the conditions for settling in the Principality or get a quick overview of the minimum to move to Monaco, our resources are here to help you. As real estate specialists in Monaco, we help you find the ideal solution, whether you are buying an apartment in Monaco or renting a property in the Principality.
In this article, we explain why the €500,000 threshold is required, how it was set, what alternatives exist according to your profile, and why some players in the financial centre are campaigning for an increase in this amount. If you are thinking of joining the residents of the Principality, this reading will give you all the keys to understanding the real financial minimum required to live in Monaco.
Why do you need 500,000 euros to live in Monaco ?
Since 2017, foreigners wishing to become Monegasque residents without regular professional income must deposit at least €500,000 in a bank in the Principality. This sum was not chosen at random. It corresponds to a recommendation by the Monegasque Association of Financial Activities (AMAF) which, in agreement with the government, has set a common threshold for all local banks. The objective ? Standardize practices and ensure that anyone moving to Monaco has sufficient resources to live there without working.
Before the introduction of this common threshold, each banking institution was free to set the amount required to issue the bank certificate of residence. The demands varied enormously : some asked for only €100,000 , while others asked for up to €1 million. This vagueness opened the door to inequalities and risked attracting undesirable profiles (people with too modest means) in a country where the cost of living is very high. By harmonising at a minimum of €500,000 , Monaco has therefore established a compromise between accessibility and high standards, which is clear to all newcomers.
It should be noted that this rule only applies to newcomers without income. If a future resident has a professional activity in the Principality (local employment contract, creation or purchase of a business) or sufficient regular external income, he or she can present these supporting documents instead of the bank deposit. Similarly, being supported by a third party (spouse, parent already resident) or receiving a comfortable pension are accepted alternatives to prove solvency, without necessarily tying up €500,000 in an account. In short, the deposit of half a million euros is mainly aimed at those who have no other sources of income or financial support to present.
Why is a minimum amount required ?
There are several reasons for requiring a minimum financial threshold for new residents. First of all, Monaco has one of the highest costs of living in the world. The state wants to ensure that anyone who comes to live there without working will be able to meet their needs (rent, daily expenses, private health insurance, etc.) with their savings. This precaution preserves the Monegasque model where there is no generalised social assistance for newly settled foreigners. By requiring proof of substantial financial means, Monaco guarantees that its " inactive " residents will not become a burden and will be able to maintain their lifestyle over the long term.
Secondly, the surface area of Monaco is very small (only 2.8 km²). The number of residents is therefore limited by the capacity of the territory, particularly in terms of available housing. Rents and property prices are the highest in the world, reflecting demand that is ultra-higher than supply. This context has led the authorities to reserve the installation in the Principality for those who can really afford the cost. In this sense, requiring a minimum level of wealth is tantamount to ensuring that each residential space benefits someone who is able to contribute to the local economy and spend on the spot, rather than someone with insufficient means who would be tempted to leave quickly.
Finally, the bank deposit rule also aims to involve wealthy residents in the Monegasque economy. By requiring that a portion of their assets be placed in a local bank, Monaco ensures that those who benefit from its secure living environment, climate, and tax regime also contribute capital to the domestic financial sector. Monaco is no longer an opaque " tax haven" (banks are now cooperating against tax evasion), the Monegasque financial centre manages more than €176 billion in assets in 2024. Attracting large deposits fuels banking dynamism and local investment. However, it has been found that only about 10 % of the wealth of the wealthy people residing in Monaco is actually deposited in the country. By raising the minimum level at entry (the famous €500,000 ), Monaco is therefore encouraging newcomers to increase this percentage and to anchor more capital on its soil.
The price per square meter in Monaco
An inseparable factor from the financial issue is housing. Monaco holds the record for the highest property price in the world year after year, peaking at more than €52,000 per square meter on average in 2025. As a result , housing in the Principality is expensive. Every square meter is precious, and apartments are sold or rented at exorbitant rates. New residents must prove that they have housing that is " adapted " to their family and financial situation, whether by renting or buying. For example, a single person can move into a studio, but a couple with children will need to have a sufficiently large apartment. Here again, the authorities check the consistency between the standard of the accommodation and the resident's declared means.
The € 500,000 threshold: a pragmatic compromise
For Monegasque banks, this common threshold has the advantage of putting all institutions on an equal footing. No bank can try to attract customers by lowering the required deposit, or, on the contrary, demand extravagant sums out of overzealousness. According to a specialist, " each bank must now comply with this initial deposit of €500,000 for an account opening related to a residency application", which had become the norm on July 1, 2017. This rule therefore guarantees transparency and fairness between candidates for residency, regardless of the banking institution chosen.
It should be noted that the deposited money remains fully available in the client's account (it is not an entry fee paid to the State). The resident can make it grow via financial investments, or even withdraw it if he leaves Monaco later. On the other hand, the bank must maintain a minimum balance of around €500,000 at all times to renew the certificate when extending the residence permit. In practice, this means that once installed, it is not possible to go well below this threshold without compromising one's residency status during the annual or triennial renewal of the card. This mechanism therefore encourages people to keep their savings stable locally.
The debate on raising the threshold
With the increase in the number of wealthy people wishing to take up residence on the Rock, the question arises : is €500,000 still enough ? Recently, some major players in the Monegasque financial centre believe that this threshold is too low and that it should be raised significantly. From the point of view of these bankers, demanding for example 1 million euros – or a percentage of the candidate's assets – would ensure that only individuals with wealth proportionate to Monaco's standard of living can benefit from it. Such a measure would mechanically increase the funds deposited in local establishments and the economic "weight" of each new arrival.
However, this idea of an increased threshold is debated. On the one hand, no voice is proposing to abolish or lower the € 500,000 mark: the consensus is clear that it is a necessary minimum. But on the other hand, not everyone is convinced of the relevance of increasing it in the immediate future. Some Monegasque leaders and elected officials stress that Monaco must be kept accessible to a variety of investor profiles, entrepreneurs or wealthy retirees, without reserving the country solely for billionaires. Drastically increasing the required deposit could send a negative signal and deprive the Principality of active residents who contribute otherwise (through their businesses, their local consumption, etc.).
The Monegasque government, for its part, remains cautious. During discussions in the National Council (the Monegasque parliament), it was recalled that €500,000 is not an absolute standard for everyone and that it should be applied with discernment. For example, this sum is not intended to be required for the renewal of residence for people who have been living there for a long time or who have a comfortable salary. The Minister of State and the Financial Counsellor also emphasized the importance of maintaining a uniform amount among all banks, rather than allowing each bank to set a higher figure freely. This homogeneity avoids creating a commercial one-upmanship between financial institutions on the backs of customers.
In summary, no official changes are on the agenda regarding the €500,000 rule. For the time being, the Principality seems to be getting its money's worth with this compromise, guaranteeing a high level of solvency for its residents without too much restricting its attractiveness. Nevertheless, the situation is being closely monitored : Monaco regularly adjusts its policies to remain a haven welcoming new residents while preserving its socio-economic balance.
Moving to Monaco therefore requires a solid financial cushion, embodied by this bank deposit of €500,000 which has become a must for candidates without local income. This may seem like a high requirement, but it reflects the reality of a microstate with unparalleled luxury and limited resources. If you are thinking of taking the plunge and becoming a Monegasque resident, our agency is at your disposal to assist you in all the steps. With our experience in the local market, we can connect you with trusted bank advisors, help you find suitable accommodation (to buy or rent) and guide you through every administrative step. Do not hesitate to contact us to make your life project in the Principality of Monaco a reality, in complete discretion and efficiency.
Article written by Paolo Petrini, Monegasque real estate expert.
Frequently Asked Questions (FAQs)
What is the minimum recommended amount to live in Monaco ?
There is no official threshold set by law. However, in practice, Monegasque banks recommend a deposit of at least €500,000 in a local account to support an application for residence without professional activity. This amount is used as a reference to issue the bank certificate required by the administration. Some private banks may ask for more (often €1 million or more depending on the client's profile), but €500,000 remains the minimum commonly accepted for a single person.
Do we have to deposit €500,000 per person or per family ?
As a general rule, the threshold of €500,000 applies per applicant for residence. Each adult who applies for a residence permit must prove that they have sufficient resources, i.e. an account funded to the tune of half a million euros in their name. In fact, a married couple can often fund a joint account with €500,000 per spouse (i.e. €1 million in total) so that each can obtain their bank certificate. If one of the spouses has an employment contract in Monaco or their own assets, the other can be presented as having means through marital care. As for minor children, they are attached to the parents' file and do not have to prove personal funds.
Can you become a Monegasque resident without depositing € 500,000?
Yes, you can if you have other ways to prove your creditworthiness. Bank deposit is just one of the three accepted options. The others consist of presenting either an employment contract in Monaco, or regular professional income (e.g. dividends from a company, significant rental income), or proof that a third party is taking care of you financially (e.g. a spouse who is already a resident or a wealthy relative). In these cases, the Monegasque bank may issue the certificate on the basis of your payslips, proof of income or a letter of commitment from the third party, without requiring a deposit of €500,000 . In practice, however, many wealthy retirees or investors use the deposit route, as it is the simplest and fastest method to convince the authorities.
Is the deposited money (€500,000 ) blocked in the account ?
No, it is not confiscated money or a " ticket to entry" with lost funds. The €500,000 remains your property and is deposited in your Monegasque bank account in your name. You can invest them in investments (shares, funds, etc.) via the bank to make them grow. On the other hand, you must maintain a balance of at least €500,000 at all times for the duration of your residence in Monaco. The bank will confirm this balance when renewing your residence permit. So you can't withdraw most of the funds right after you get the certificate – in which case, at the next annual check, you would lose the certificate and jeopardize your residency. It is sometimes referred to as a " locked-in " sum, but technically it is available and manageable, simply subject to a minimum floor requirement to maintain your status.
What happens if my financial resources decrease after I move in ?
If you have obtained your residence card with €500,000 in an account, it is important to maintain a standard of living consistent with this status. In the event of a loss of income or a major expense that significantly reduces your capital, the bank may refuse to renew the certificate the following year. In concrete terms, if your balance were to increase, say, from €500,000 to €100,000 , this would pose a problem when renewing your card. However, the Monegasque authorities are being cautious : if you also have a salary or real estate assets, or if the decrease is temporary, your residence will not be immediately called into question. The main thing is to demonstrate that you still have the means to support yourself. In the event of a financial setback, it is possible to present other guarantees (for example, an employment contract if you find one, or the support of a third party).
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