Expat Monaco

For those seeking to live the Riviera lifestyle of sun, fun, and excitement, one place definitely should be at the top of your list. Monaco is one of the most prestigious places to live and besides being a playground for the rich and famous, for those with less resources, it can be a beautiful area to enjoy the Mediterranean Sea, one of the top man made beaches in the world and all the joys of this tiny principality.

The Principality of Monaco is known for many things, however gambling, tax havens and the Monaco Grand Prix come to mind. In Europe, Monaco is one of the top draws for those with enough money to enjoy the wonderful weather, casino gaming, luxury shops and yachting, this small state offers.

Monaco is extremely small, measuring a full 485 acres. However with such a small area, there are more people per mile than any where in the world (Monaco has a population of 32,000). In Monaco the official language is French, however you will find plenty of people speaking English as well as German.


One of the main draws of Monaco is her wonderful climate. Monaco’s climate is extremely mild throughout the year, due to its location on the Mediterranean Sea. Monaco is part of the Riviera and offers sunny skies year round, warm summers with temperatures in the 80.s, cool winters never dropping below 50 degrees and enjoyable spring and fall seasons. Rainfall usually is the most abundant in the winter months of January and February. Sunny skies are extremely frequent with only 60 days of rain per year.

Monaco is perfect for those that enjoy the outdoors, yachting and sunny skies. For those that like to lay on the beach, Monaco has built a man made beach that is extremely clean and comfortable. While Monaco is extremely small and has plenty of people living within her borders, there is a surprisingly amount of green and open spaces with a botanical garden, park and palace square.


The government of Monaco is considered a constitutional monarch. The Prince of Monaco is the head of state. Besides the Prince, there is an executive branch and cabinet, and a unicameral parliament. The government is extremely stable and very fair. One of the main ways that Monaco has spurred investment into the state is by devising a very attractive tax haven. However, a tax haven alone did not bring so much wealth and investment to the country, it was the idea that Monaco should serve as a playground for the rich and famous that brought investment and money to this principality to begin with.

The Monte Carlo Casino is one of the most impressive and prestigious casinos in the world, and for a long time it was the only source of income for Monaco. However, today investments in real estate, business and tourist dollars make Monaco an extremely profitable enterprise.

While Monaco is known for its rich and famous residents, you don.t have to be rich and famous to enjoy many spoils of Monaco. The beach is free to use by the public, as well as the botanical gardens, palace square and park. Many expats live in Monaco or by the surrounding area working for companies located in Monaco. If you are an American, a passport is required, but no visa. You are allowed to be a tourist in Monaco for up to 90 days, at which time you must leave, have your passport stamped and then can return. Since Monaco is located in France, there is no border crossing making coming and going from Monaco to France very easy.

If you want to be a resident of Monaco, you must live in Monaco for 6 months out of the year. In addition, you must deposit at least 400K Euros into a Monaco bank. In addition, you will need a property deed. Before you pack your bags, you should know that the lowest prices for property range at about 400K euros. For all intent and purposes, in order to legally reside in Monaco, you will usually need to be a millionaire.

Tax System

One of the most attractive reasons to live in Monaco is its tax system. Monaco has no personal income tax. If you are a resident of Monaco (except for French Nationals) you do not have to pay personal income tax. Besides not having a personal income tax, there is no capital gains tax (except for French Nationals) and there is no inheritance tax. No inheritance tax applies only to direct heirs or spouses.

For corporations there are taxes, however for the first 5 years after incorporation, tax rates are reduced. For instance, the first 2 years there is no tax, the third year, there is a tax of 8.33%, the fourth year, there is a tax of 18.67% and the fifth year the tax is 25%. For the 6th year and on, the tax rate is 33%, however, since there is no personal income tax, many businesses transfer the companies profits to the individual, in essence paying no tax.

Medical Care

Medical care in Monaco is extremely adequate and can be comparable to that found in the US or UK. Besides the health care located in Monaco, France being only a mile or two away also have very good Healthcare at nearby cities of Nice and Cannes.

For expats that are working in Monaco, you should be able to receive health care insurance through your employer, for expats with tourist status, you might want to purchase an international traveler insurance plan in case you need hospitalization. For those expats without insurance, you can pay for medical care out of pocket, however it can be costly.

Real Estate

Real estate in Monaco is extremely expensive; however for foreigners purchasing real estate of any kind it is easy and straightforward. It should be known while there are no restrictions on foreigners purchasing real estate in Monaco, there are very high closing costs involved.

The cost of an apartment in Monaco will easily run you 500K euros or more. A studio for instance, can cost 400K Euros. If you are looking for a two bedroom apartment with decent views, expect to pay about 1 million Euros. For those that want a comfortable home, expect to pay 3 million or more Euros.

For many expats that work in Monaco, living outside the borders of Monaco are usually their best bet and far more affordable. You can easily find real estate prices that are moderate once outside of Monaco, however for those seeking the tax shelter of Monaco, you will have no choice, but to purchase in the principality.


If you are looking for some of the best shopping in the world, Monaco delivers. Monaco has many ritzy and luxurious shops in short distance from one another. In addition, you can find almost any service that is required; Monaco is truly a place to enjoy the millionaire lifestyle.

Obviously, you can easily find the basic necessities and always leave Monaco and shop at the many stores near the borders or drive a little while to Nice or Cannes for even more shopping opportunities.

Besides shopping, you can find plenty of great restaurants, entertainment and activities. Some of the best restaurants in the world are located in Monaco or extremely close by and there are many great bars and clubs around Monaco or within her borders for those seeking the ultimate nightlife. One of the biggest attractions is the Monte Carlo Casino which is one of the top casinos in the world and renown for its opulence.

Cost of Living

The cost of living is obviously high in Monaco due to the fact that you must buy property and at first deposit at least 400K Euros into a Monaco bank in order to reside within her borders. It should be noted, you can withdraw or use the money as you like, once it is deposited. Besides the very high cost of property and initial living expenses, restaurants and bars can be costly. Entertainment can be costly as well. However for the basics, prices are moderate and cost around the same as large cities such as Paris, New York and San Francisco.

Extradition from Monaco

The Extradition treaty between Monaco and the United States of America was signed on February 15, 1939

This treaty was entered into force on March 28, 1940

Map of Monaco