Moving to Monaco

The Complete Guide: Moving to Monaco

Every year, the city of Monaco attracts an international population because it offers its inhabitants a favorable living environment, an advantageous tax situation and a dynamic economy. However, it is necessary to organize your move and fully understand the issues and formalities related to settling in the Principality. You will find our different categories intended to facilitate your move to the Principality.

If you decide to establish your residence on the Rock, this guide will allow you to discover your favorite neighborhood as well as a selection of the main buildings. You can also estimate the cost of living or the salary that you can receive on average. On the other hand, this guide will inform you about the conditions for becoming Monegasque, obtaining a visa or a residence permit and thus benefiting from the advantages linked to residence: among other things, tax exemption.

If you are organizing your future move to Monaco, take the following elements into consideration and do not hesitate to contact Petrini Exclusive Real Estate Monaco for tailor-made support.

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Why live in Monaco?


The framework of life

Living in the Principality and obtaining resident status is a privilege that many covet. Indeed, a symbol of luxury, opulence and tranquillity, Monaco attracts new inhabitants every year from all over the world.

 

The Mediterranean climate

Located in the heart of the Côte d'Azur, between Italy and France, this country bordered by the sea and the mountains offers an incomparable living environment. Anyone who has chosen to live there, breathes an air of perpetual vacation thanks to its Mediterranean climate and its permanent sunshine.

 

Security

Whether personal, financial or digital, Monaco is a city renowned around the world for its modern and efficient security system. This protection has no cost for the population, which does not pay local taxes. In addition, it also has an excellent reputation for its hospital care, its schools, its banking establishments and its Place du Casino de Monte Carlo.

 

The dynamism of the country

Considered the most dynamic job pool on the Côte d'Azur, the city of Monaco recruits, employs and creates jobs. On average, the salary is 10 to 15% higher compared to France, with the minimum salary amounting to 1,786.33 euros gross. This is partly due to the system of social contributions, the rate of which is lower than that levied by the French State.

Read our page: Here is the essential information to work in Monaco

 

Taxation

On the other hand, the tax condition of the Rock is attractive since nationals and residents, with some exceptions, are not subject to income tax. Citizens with a residence or stay card are thus exempt from tax on their Monegasque income. The average salary is thus much more advantageous, especially for the French people who live there.

 

The banks

Monaco is widely known for its many banks, almost as numerous as its luxury hotels. Indeed, the financial center counts 29 banks listed on the territory of 2km² which total 129 billion euros deposited. There are no less than 19 in the Monte-Carlo district, the main square for banking establishments in the Principality. These data are a clear reflection of the economic prosperity of the Monegasque State, also making it possible to create jobs in the banking sector.

 

Administrative procedures

To become a resident, it is not enough to buy or rent an apartment. Indeed, any foreign person must apply for a residence permit when the period of residence exceeds 3 months per year. On the other hand, no visa is required for nationals of the European Economic Area. Nationals of non-EEA countries must apply for an establishment visa for Monaco.

In addition, to claim resident status, it is essential to certify that you are domiciled in Monaco in a dwelling whose size corresponds to the needs of the household. Another requirement is that the applicant must hold an employment contract, or have sufficient savings in a bank account in the Principality.

Read our page: How to become resident in Monaco and obtain the Monegasque resident card ?

 

Obtain Monegasque nationality

If you were not born to a father or mother of Monegasque nationality, there are other methods of acquiring nationality. The first solution: the civil marriage at the town hall. However, to make this request, you must meet certain conditions such as remaining married for ten years and living under the same roof as your spouse throughout the marriage. In addition, this period could be extended to 20 years.

The second option is to become Monegasque by sovereign naturalization. To do this, you must prove that you have lived in the Principality for ten years after coming of age. The decision regarding this privilege remains entirely at the discretion of H.S.H. Prince Albert II. In both cases, the applicant must also be integrated into the economic, social or cultural fabric of the Principality.

 

Accommodation in Monaco

Finding accommodation in the Principality has a certain cost. Indeed, the average price per square meter recently exceeded the 50,000 euro mark, i.e. a price increase of almost 75% in ten years. Despite the advantageous taxation of the country, it is necessary to calculate the ratio between the cost of your installation in the Principality and the tax exemption.

Thus, living in the Principality of Monaco has a certain cost, but this is counterbalanced by attractive taxation.

Do you have questions about your move to the Principality, the ideal neighborhood to raise your children or the list of banking establishments? The real estate agency Petrini Exclusive Real Estate supports future residents in each of the steps related to their move to the Principality. As real estate professionals, we select excellent opportunities for you at the best prices.

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The Districts

Here is the complete list of all the districts of Monaco

The Principality of Monaco extends over 2.02 square kilometers and includes 11 districts. Despite its small size, the country of the Grimaldi family is steeped in history and charm. Over the decades, the territory has been massively urbanized and this continues with several large-scale projects. The inhabitants are of different nationalities, the official language is French, but also Monegasque. The population is composed mainly of French, Italians, British. The principality is known for its many restaurants and hotels. The recently renovated Hotel de Paris is the best known. It offers sumptuous apartments including the Prince Rainier III and Princess Grace Kelly suites, which can reach a price of several thousand euros per night....

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immeuble de Monaco

The list of buildings in the Principality of Monaco

The Principality of Monaco currently has approximately 350 buildings, whether luxurious, housing breathtaking penthouses or studios with luxurious finishes, these exceptional properties are gathered on this page. Each of these residences offers a variety of luxury apartments, for sale or for rent, for your installation in Monaco.

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Average salary in Monaco | Petrini Exclusive Real Estate

A higher salary than in other countries

In the minds, Monaco is a small paradise on earth where money and champagne flow freely. But what is it really? Focus on the standard of living and the benefits of Monegasque citizens and international workers.

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Conditions to live in Monaco| Petrini Exclusive Real Estate

What are the requirements to live in Monaco and be a Monegasque resident?

The Principality of Monaco has many lovers around the world. This is partly explained by its worldwide reputation, in particular thanks to its very glamorous princely family, its Casino de Monte-Carlo or even for its international sporting events. Among these people, all would dream of settling in the Principality for its living environment, its Mediterranean climate or even its advantageous taxation. But what are the conditions for living in Monaco and obtaining the Monegasque resident card (also called residence permit)?

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Working in Monaco | Petrini Exclusive Real Estate Monaco

Here is the essential information to work in Monaco

The Principality of Monaco, its tax advantages, its full employment and its flourishing economy attract many foreign workers. Indeed, the country's economic dynamism continually generates the creation of new job offers within Monegasque companies. On the Côte d'Azur, Monaco is undoubtedly a highly coveted employment pool.

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Monaco tax | Petrini Exclusive Real Estate

Tax in Monaco

The job market and quality of life are not the only reasons that explain the enthusiasm for the Principality. Indeed, the advantageous tax status which exempts Monegasque residents from income tax is a significant advantage. In addition, there is no wealth tax, property tax, housing tax, or inheritance tax.

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Real Estate Prices

Real estate prices in Monaco

The Principality of Monaco, located between France and Italy, offers an impressive housing stock. Very dynamic, this sector records a constant increase in living space. Indeed, the many current and future projects guarantee a stable and prosperous real estate market.

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what is the area of Monaco | Petrini Exclusive

What is the area of ​​Monaco 

The famous principality, located in the heart of the French Riviera and only a few kilometers from Italy, never ceases to attract citizens from all over the world. Its idyllic living environment, the variety of its economic and cultural infrastructures, as well as its international artistic and sporting influence make Monaco a privileged destination, a land of opportunities. Here is some information on the basic geography to know about the most emblematic Rock of the Mediterranean.

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The notaries of Monaco| Petrini Real Estate

The notary in Monaco

The notary is a public and ministerial officer responsible for the development, authentication, registration and conservation of legal acts having the force of law. The legislation of the Principality of Monaco authorizes him to be replaced in his functions and consulting services by an assistant or a clerk of his office.

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Port Monaco

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