Moving to Monaco
Last updated on Dec 04, 2023
Summary: Expats and digital nomads move to Monaco for its low taxes, high quality of life, and excellent infrastructure. The most popular cities for expats and digital nomads in Monaco are Monte Carlo, La Condamine, and Fontvieille. People looking for a place to live in Monaco can search online for rental properties, contact a real estate agent, or look for postings on local expat forums.
What do I need to know before moving to Monaco?
When we asked people what advice they would give someone preparing to move to Monaco, they said:
"Monaco is a small, independent city-state located on the French Riviera. It is known for its luxurious lifestyle, tax-free environment, and stunning scenery. Expats should be aware that Monaco is an expensive place to live, with high costs of living and property prices. Additionally, Monaco is a very small country, so it is important to research the local culture and customs before moving. Expats should also be aware that Monaco is a very safe place to live, with low crime rates and a high quality of life. Finally, it is important to note that Monaco is a very international city, with a diverse population of expats from all over the world," replied a member in Monaco.
How do I find a place to live in Monaco?
We asked expats how they chose their neighborhood and found a place to live. They answered:
"Finding a place to live in Monaco can be a daunting task. The best way to start is by researching the different neighborhoods and areas of Monaco to determine which one best suits your needs. You can also look into local real estate agents who specialize in Monaco properties, as they can provide valuable insight into the local market and help you find the perfect place to call home. Additionally, there are a number of online resources available that can help you find available properties in Monaco, such as websites dedicated to Monaco real estate and listings from local newspapers. Finally, it is always a good idea to reach out to friends and family who may have connections in Monaco that can help you find the perfect place to live," said one expat in Monaco.
What is a typical expat home or apartment like in Monaco?
"Expat homes and apartments in Monaco tend to be luxurious and modern, with high-end amenities and features. Many of the apartments have stunning views of the Mediterranean Sea, while some of the homes are located in the hills overlooking the city. Expats can expect to find spacious living areas, modern kitchens, and plenty of natural light. Many of the homes and apartments also come with access to private pools, gyms, and other amenities," said one expat in Monaco.
What is the average cost of housing in Monaco?
If you are thinking about moving to Monaco, cost of living in probably a key consideration. Expats commented about the cost of housing:
"The cost of housing in Monaco is generally quite high, with the average price for a one-bedroom apartment in the city centre being around €2,000 per month. Prices for larger apartments and villas can be significantly higher," commented one expat who made the move to Monaco.
Should I buy or rent a home in Monaco?
If you have not spent a lot of time in Monaco, you should rent before even thinking about buying. We asked expats there about the buy vs. rent decision:
"Buying a home in Monaco can be a great investment, as the real estate market is strong and the cost of living is relatively low. However, it is important to consider the cost of purchasing a home in Monaco, as well as the cost of upkeep and maintenance. Renting a home in Monaco can be a great option for those who are not ready to commit to a long-term purchase, as it allows for more flexibility and can be more cost-effective in the short-term. Ultimately, the decision to buy or rent a home in Monaco should be based on individual needs and preferences," said one expat in Monaco.
What should I pack when moving to Monaco?
We asked people living in Monaco to list three things they wish they had brought and three they wish they had left behind. They responded:
"When moving to Monaco, it is important to pack items that will help you adjust to the climate and lifestyle. Pack clothing that is suitable for the warm Mediterranean climate, such as light, breathable fabrics and comfortable shoes. Bring items that will help you stay organized, such as suitcases, boxes, and storage containers. Don't forget to bring any necessary documents, such as your passport, visa, and any other paperwork. Additionally, it is a good idea to bring items that will help you feel at home, such as pictures, books, and other personal items," said one expat who made the move to Monaco.
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What cultural faux pas should I try to avoid making in Monaco?
We asked people in Monaco if they could share any humorous cultural blunders they commited. For new expats, keep in mind that these incidents are an inevitable part of expat life. Learning to laugh about them is the key!:
"It is important to be respectful of local customs and traditions when visiting Monaco. It is considered impolite to be overly loud or disruptive in public places, and it is important to dress appropriately for the occasion. It is also important to be aware of the local laws and regulations, and to avoid any activities that may be considered illegal. Additionally, it is important to be mindful of the local language and to avoid using offensive language or making derogatory comments about the local culture. Finally, it is important to be respectful of the local people and to avoid making assumptions about their culture or beliefs," remarked one expat in Monaco.
Why do people move to Monaco?
When we asked people why foreigners move to Monaco, they responded:
"Monaco is an attractive destination for expats due to its low tax rates, high quality of life, and excellent infrastructure. The country is known for its Mediterranean climate, stunning scenery, and vibrant culture. Additionally, Monaco is a safe and secure place to live, with a low crime rate and excellent healthcare system. The country also offers a wide range of leisure activities, from its world-famous casinos to its beautiful beaches and marinas. With its close proximity to France, Italy, and other European countries, Monaco is an ideal location for expats looking to experience the best of Europe," commented one expat who moved to Monaco.
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How are healthcare services Monaco?
When we asked expats and global nomads about the quality of medical care in Monaco, they replied:
"Monaco offers a comprehensive range of healthcare services, including primary care, specialist care, hospital care, and emergency services. The public healthcare system in Monaco is of a high quality, with modern facilities and highly trained medical staff. Foreign residents in Monaco have access to the public healthcare system, and can use it in the same way as local residents. Expats in Monaco can use the public healthcare system by registering with the local health centre and obtaining a Carte Vitale, which is a health insurance card. This card allows them to access the public healthcare system and receive the same level of care as local residents," wrote one expat living in Monaco.
What are medical services in Monaco like?
When we asked expats and global nomads about the quality of medical care in Monaco, they replied:
"Monaco has a comprehensive healthcare system that provides high quality medical services to its citizens and visitors. The country has a number of public and private hospitals and clinics that offer a wide range of medical services, including general and specialist care, emergency services, and preventive care. Monaco also has a number of specialized medical centers, such as the Princess Grace Hospital Center, which specializes in cardiology, oncology, and neurology. Additionally, Monaco has a number of highly qualified medical professionals, including doctors, nurses, and other healthcare professionals, who are dedicated to providing the best possible care to their patients," stated one expat who made the move to Monaco.
About the Author
Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.
Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.
Other Questions:
- How do I meet people in Monaco?
- What is life like as an expat in your area?
- Is there a lot of crime in Monaco?
- What do I need to know before retiring in Monaco?
- Is there a lot of diversity? Are people in Monaco accepting of differences?
- What are the schools in Monaco like?
- Is the cost of living in Monaco high?
- What advice do you have for expats having a baby in Monaco?
- What are healthcare services like in Monaco?
- Is the cost of living in Monaco high?
- What type of recreational facilities are in Monaco?
- What is the weather like in Monaco?
- Are there good restaurants in Monaco?
- Where will I buy groceries and do other shopping in Monaco?
- What are the visa & residency requirements in Monaco?
- Are healthcare and health insurance expensive in Monaco?
- What do I need to know when buying property in Monaco?
- Are foreigners allowed to own property in Monaco?
- What appliances are typically included in a rental?