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.
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.
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
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.
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.
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.