Moving to Monaco? Such an endeavor feels like it's only a dream, right? Visiting Monaco alone is a privilege that seems reserved for the rich and famous. For a lot of people, just visiting the principality one is already enough. A huge achievement of having experienced luxury even for just a short while. What more when you actually relocate there? How would it pan out? Will you know what to do? Will you even have enough money to live out your own lifestyle there? Before you panic, let this relocation guide help you move to Monaco without any problems at all.
Overview
As it's practically only a city-state, Monaco's population is considerably smaller than those of the neighboring countries. As of 2021, the principality only has 39,511 residents, comprised of locals and expats alike. Located along the
French Riviera, the climate here tends to stay on the warmer side. On average, the hottest it gets here is 24°C (75°F) which often peaks in August. The coldest Monaco gets is during January at an average low point of 9.5°C (49°F). Furthermore, since Monaco used to be part of France, French is the most spoken language here. You can even learn it with the
many French-language schools in the city-state!
Source: Wikimedia Commons
Visa
You probably already know that you need a
Schengen Visa in order to gain entry to Monaco and the rest of the EU. Especially if you're coming from a non-EU country. There's also the option of getting into the country via the
ETIAS Visa Waiver Program. If you're eligible, you can travel to Monaco even when you don't have a Schengen Visa. But to stay here for more than 90 days (approximately three months), you'll need to apply for a residency permit. This will allow you to stay for at least a year and from there, you can start the legal process of actually moving here.
Source: Wikimedia Commons
Getting Around
Even though luxury cars are zooming everywhere in Monaco,
the principality's public transport is thriving nonetheless. Just because the place is a haven for the world's elite, that doesn't mean all the people who stay here are wealthy. There are still those who can't afford their own vehicles and rely on public transport to get to where they need to be. The buses are the most common system among all of them. With various lines and several stops throughout the city-state, as well as affordable rates, the general public relies on them the most. You can still take a taxi to get around Monaco too, especially with the aid of a
transportation app.
Source: Wikimedia Commons
Where to Live
Perhaps one of the more pressing challenges you'll face when you plan to move to Monaco is choosing where to settle down. It's easy to think that the city-state is just this one big district where everything looks the same but it's far from the.
Monaco's many neighborhoods are far too diverse to make this decision lightly. Of course, the most famous of them, Monte Carlo, is perfect for those who want to live 'the good life' full of luxury and debauchery. La Rousse, on the other hand, is great if you want to live a normal life and start a family in a peaceful residential area.
Source: Wikimedia Commons
Real Estate
Even if you've picked what you think is the right neighborhood for you, you still have to contend with
the living costs here. You probably don't need anyone to tell you that Monaco is an expensive place. Visiting the principality alone will cost you a lot, what more when you relocate here? Whether you go for a luxury apartment or a nice villa along the outskirts of town, renting or buying a place here will cost you a pretty penny. Specifically, the common rental fees in Monaco range from €3,700.00 to €14,555.56 a month. While each property here costs €40,000.00 to €100,000.00 per square meter.
Source: Wikimedia Commons
Employment
With all these high costs, you'll need to get a job right? Well, luckily for you,
Monaco's job market is pretty stable right now. Since it's a relatively small principality, it currently has an unemployment rate of 0.00%. It's one of the lowest in the world right now, even amidst the Covid-19 global pandemic. It's also good news, at least to those who wish to relocate to Monaco, that a good portion of the jobs available here are filled up by foreign residents. So
getting a job here isn't impossible. It will, however, still be challenging nonetheless!
Source: Wikimedia Commons
Education
You shouldn't overlook education in Monaco too. If you're bringing along your family with you when you move to this city-state, you'll have no problem at all. Monaco has
a number of prominent international schools where they can continue their studies hassle-free. And a good many of these well-respected institutions were established specifically to cater to expat kids such as yours. More than just advancing their academic skills, these schools also encourage them to partake in extracurricular activities and the like. And, of course, they'll learn how to speak French and other languages here too!
Source: Wikimedia Commons
Healthcare
What about
Monaco's healthcare? What will you need to do in order to gain access to it? Are you guaranteed to get treated properly no matter what happens for you here? Overall, those moving to Monaco won't have to worry all that much when it comes to healthcare. Since the country's system operates universally, once you become a legal resident here, you'll be eligible to gain access to Monaco's public healthcare option. And even if you get private insurance instead, as long as you're covered, you can still get treated at any of
Monaco's finest hospitals.
Source: Wikimedia Commons
Safety
Even though there's no such thing as a crime-free place in this world, Monaco certainly comes close to that! As of 2021, its
general crime rate is at 17.42%, one of the lowest in Europe and the entire world. It seems that even though Monaco is a place where some of the richest people in the world either live or frequently visit, that's not enough of a bait to invite a lot of crime. Even when you want to talk around, it's 87.42% safe during the day and 84.56% safe at night. That's totally not bad, isn't it?
Source: Wikimedia Commons
Taxes
Monaco is a tax haven. This means that people who go and live here aren't as liable to taxes as they would be in other countries and principalities. Simply put, thanks to
Monaco's tax system, taxpayers here don't have to contribute as much as others. In fact, the city-state famously doesn't have income tax at all. Whatever you earn here in Monaco, you get to keep, save, and spend it all. For a lot of people, this is reason enough to pack their bags and move here. However, there are still a few taxes you have to pay here, including the VAT, Social Security, and more.
Source: Wikimedia Commons
Relocation Tips
It'd be unwise for you to move to Monaco without
opening a local bank account here. Even though online and mobile banking is slowly becoming the norm, having an actual account in any of the banks that operate here is always safer and more secure for your money. Remember that cybercriminals can easily steal all your savings in a blink of an eye. Also, the moment you get to Monaco, getting a local SIM card should also be a top priority.
The mobile networks here offer great deals with awesome data, exciting promos, and more! You have no reason not to join one!
Source: Wikimedia Commons
Though it may feel like a dream, relocating to Monaco is very much real to many people out there. And if you chose to move here yourself, you're gonna need to know a lot of things to ensure you do it properly and hassle-free!
