Living in Monaco offers political and economic stability coupled with all the luxury offerings you would expect to find in one of the most exclusive destinations on the planet.
The world’s richest choose to live in Monaco not only for its luxury lifestyle and political and economic security, but because it is also an attractive place to do business, with robust financial infrastructures and a diverse private enterprise. Light taxation helps to protect family wealth, while Monaco’s luxury real estate has proven to be a sound financial investment, with prices more than doubling in the past decade.
Legal requirements for a Monaco residency
For those seeking to live in Monaco, it is important to know the difference between Monaco residency and citizenship. As a Monaco resident, you can live and work in the country, but you are still considered a foreigner. As a Monaco citizen, you can enjoy a complete legal relationship with the country and full political rights. Dual nationality is not authorised in the principality, so if you apply for Monaco citizenship, you must not hold another passport.
If you’re aged 16 or older and are looking to live in Monaco for more than three months of the year, you will need to apply for residency. Individuals seeking Monaco residency must provide proof of accommodation, demonstrate financial self-sufficiency, a clean criminal record, and pass the due diligence and pre-vetting checks.
Once you have collated the necessary documents, you must book an appointment with the Resident’s Section. Here, you will be asked to give details of your professional and family background. If you meet all the Monaco residency requirements, you will be able to collect your resident’s card from the Resident’s Section within a maximum of six weeks.
Living in Monaco; 8 unique districts
The Principality of Monaco is home to eight districts, each with its own unique characteristics, ensuring there is something for everyone living in Monaco to enjoy. For the first time the average property price in the principality has crossed the €50,000 per square metre threshold, according to the latest Real Estate Observatory report, which is published annually by the Monegasque Institute of Statistics. Investors that bought Monaco real estate a decade ago have now benefited from an increase of almost 75% on the value of their property.
Monte-Carlo is the most prestigious district in Monaco, known for its beautiful Belle Epoque Casino and the adjoining opera house, as well as countless fashion houses and designer boutiques. It is the most expensive and sought-after area, with exclusive hotels, restaurants, and shops. As one of Monaco’s most exclusive districts, Monte-Carlo was the most expensive district in 2021, with the average Monaco price per square metre at €59,991, followed closely by Fontvielle and Larvotto.
The Jardin Exotique district enjoys a privileged elevated setting overlooking the principality and beyond. It is one of the quieter parts of Monaco and is ideally located for services such as the Princess Grace Hospital and green spaces like the Princess Antoinette Park. The Jardin Exotique is one of the city-state’s least expensive districts, with the average price hovering around €35,400 per square metre.
Monaco-Ville is the oldest neighbourhood in Monaco, located on the Le Rocher. It is home to the Prince’s Palace, government buildings, the Oceanographic Museum and Albert I High School, making it a great choice for families. Similarly, Les Moneghetti is a mainly residential Monaco district with the highest concentration of classic villas with an average price per square meter of €30,000.
Ideal for sports enthusiasts, Fontvieille is well catered for with a huge sports complex, an Olympic swimming pool, an athletics track and the large Louis II Stadium.
The benefits of living in Monaco
One of the main benefits of living in Monaco is the ability to enjoy the country’s favourable tax system. Indeed, many foreigners acquire a Monaco residency to benefit from the country’s low taxes. Monaco does not impose income, inheritance, capital gains, or wealth tax. Furthermore, Monaco boasts a high degree of confidentiality, making it an attractive option for those who want to keep their finances private.
The Principality of Monaco is considered one of the safest places to live in the world. The entire principality is monitored by a 24-hour video surveillance system, and for every police officer, there are about 80 citizens, ensuring the utmost peace of mind. Equally, Monaco offers an excellent healthcare system, with very high standards of care and numerous specialists available.
The city-state enjoys a mild Mediterranean climate, with temperatures ranging from 10-18 degrees Celsius in the winter and 23-30 degrees Celsius in the summer. The principality also boasts an average of 300 sunny days a year, making it an ideal destination for those looking to escape the cold winters of other countries.
In addition, Monaco offers plenty of entertainment and recreational activities, ranging from casinos and nightclubs to beaches and parks. The country plays host to many international events, such as the Monaco Grand Prix, the Monaco Yacht Show, and the Monte Carlo Tennis Masters.
Finally, Monaco is home to some of the world’s most exquisite luxury real estate, covering properties of all sizes and styles. The views are breathtaking, nearly everything Monaco offers is within easy walking distance, and luxury apartments are routinely outfitted with the latest smart technology and sought-after amenities. Whether you are looking for a seaside apartment, a villa with a private pool, or a penthouse, Monaco has it all.
Contact a trusted real estate agency in Monaco today to find out more about living in Monaco.
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