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Living in Monaco: Cost of Living, Healthcare and What to Know About Living in Monaco | Expat Exchange
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Living in Monaco

By Betsy Burlingame

Last updated on Mar 07, 2024

Summary: The approximate population of Monaco is 38,400 people. The largest cities in Monaco are Monte Carlo, La Condamine, and Fontvieille. Expats love living in Monaco for its Mediterranean climate, stunning scenery, and luxurious lifestyle. People describe life in Monaco as glamorous, luxurious, and exciting. The cuisine in Monaco is a mix of French, Italian, and Mediterranean flavors. Popular dishes include ratatouille, bouillabaisse, and socca. The cons of living in Monaco include the high cost of living, the lack of affordable housing, and the limited job opportunities. The average cost of living for an expat is around $3,000 to $5,000 per month. This includes rent, utilities, food, transportation, and entertainment.

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What do I need to know about living in Monaco?

When we asked people what advice they would give someone preparing to move to Monaco, they said:

"Monaco is an attractive destination for retirees due to its low taxes, warm climate, and high quality of life. However, expats should be aware that the cost of living in Monaco is very high, and that the country has strict residency requirements. Expats should also be aware that Monaco is a very small country, and that there are limited housing options available. Additionally, expats should research the healthcare system in Monaco, as it is not part of the European Union and does not have a reciprocal healthcare agreement with other countries. Finally, expats should be aware that Monaco is a very safe country, but that it is also very expensive," wrote one member in Monaco.

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How do I meet people in Monaco?

When we asked people living in Monaco about club and activities where newcomers can meet others, they responded:

"Expats in Monaco can join a variety of clubs and activities, such as the Monaco Yacht Club, the Monaco Golf Club, and the Monaco Tennis Club. Expats can also join the Monaco International Club, which organizes social events and activities for expats. Additionally, there are many cultural and social events held throughout the year, such as the Monaco Grand Prix, the Monaco Yacht Show, and the Monaco International Film Festival. Expats can also meet people by attending local events, such as the Monaco Music Festival, the Monaco Dance Festival, and the Monaco Food Festival. Additionally, expats can join local sports teams, attend language classes, or join a local church or synagogue," wrote a member in Monaco.

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What is life like in Monaco?

When we asked people living in Monaco what life is like and how people spend their time, they said:

"Life for expats and digital nomads in Monaco is a unique experience. The country is known for its luxurious lifestyle, and expats and digital nomads can enjoy the same high-end amenities. Monaco is a safe and secure place to live, with a low crime rate and excellent infrastructure. The country is also home to a vibrant international community, with many expats and digital nomads from all over the world. The cost of living in Monaco is high, but the quality of life is excellent. There are plenty of activities to enjoy, from the beaches and nightlife to the cultural attractions and outdoor activities. Expats and digital nomads can also benefit from Monaco's excellent healthcare system and tax advantages," commented one expat who made the move to Monaco.

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Is there a lot of crime in Monaco?

We asked people if there is a lot of crime. They answered:

"Monaco is generally considered to be a very safe place to live, with low levels of crime. The principality has a very low rate of violent crime, and the police force is highly visible and effective. Monaco also has strict laws and regulations in place to deter criminal activity. The government takes a zero-tolerance approach to any kind of criminal activity, and the penalties for breaking the law are severe," commented one expat who made the move to Monaco.

Is there a lot of diversity? Are people in Monaco accepting of differences?

"Monaco is a small, diverse country with a population of around 38,000 people. It is home to people from many different backgrounds, including French, Italian, and Monegasque. The people of Monaco are generally accepting of differences and embrace diversity. Monaco is a tolerant and open-minded society, and people of all backgrounds are welcomed and respected," remarked one expat living in Monaco.

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What are the schools in Monaco like?

"The International School of Monaco (ISM) is one of the best international schools in Monaco. It is an independent, non-profit, co-educational day school offering an international curriculum for students from pre-kindergarten to grade 12. The school is accredited by the Council of International Schools and the New England Association of Schools and Colleges. ISM offers a rigorous academic program, with a strong emphasis on language acquisition, and a wide range of extracurricular activities. The Lycée Albert 1er is a bilingual school in Monaco, offering a French-English curriculum for students from kindergarten to grade 12. The school is accredited by the French Ministry of Education and the International Baccalaureate Organization. The school offers a wide range of courses, including French, English, Spanish, Italian, German, and Chinese. The school also offers a variety of extracurricular activities, such as sports, music, and art. The International School of Monaco-Monte Carlo (ISMC) is another excellent international school in Monaco. It is an independent, non-profit, co-educational day school offering an international curriculum for students from pre-kindergarten to grade 12. The school is accredited by the Council of International Schools and the New England Association of Schools and Colleges. ISMC offers a rigorous academic program, with a strong emphasis on language acquisition, and a wide range of extracurricular activities," wrote an expat with kids at in .

Is the cost of living in Monaco high?

We asked people how much they someone comfortably live on in Monaco, they wrote:

"The cost of living in Monaco is generally considered to be high. Prices for basic goods and services, such as groceries, transportation, and housing, are significantly higher than in many other countries. Monaco is known for its luxury lifestyle, and this is reflected in the cost of living. Eating out, entertainment, and other leisure activities can be expensive, but there are also many affordable options available," remarked one expat who made the move to Monaco.

"The cost of living in Monaco is generally high, with prices for goods and services being higher than in many other countries. Monaco is known for its luxury lifestyle, and this is reflected in the cost of living. Renting an apartment in Monaco can be expensive, with a nice 1 bedroom apartment costing around $2,000 USD per month and a nice 2 bedroom apartment costing around $3,500 USD per month. Eating out in Monaco can also be expensive, with a dinner at a moderately priced restaurant costing around $50 USD per person. Generally, the more central areas of Monaco tend to have a higher cost of living than the more suburban areas," mentioned an expat living in Monaco.

What type of recreational facilities are in Monaco?

When we asked people living in Monaco about recreational activities, they mentioned:

"Monaco offers a variety of recreational facilities for its residents to enjoy. There are several parks and gardens, including the Jardin Exotique, which features a stunning array of exotic plants and flowers. The beaches of Monaco are also popular, with many offering a variety of activities such as swimming, snorkeling, and sunbathing. The city also has a number of museums, galleries, and cultural centers, such as the Oceanographic Museum and the Prince's Palace. For those looking for a more active lifestyle, Monaco has a number of sports facilities, including tennis courts, a golf course, and a swimming pool. Additionally, Monaco is home to a number of casinos, offering a variety of gaming options," mentioned one expat inMonaco.

What is the weather like in Monaco?

"The weather in Monaco is typically mild and sunny, with temperatures ranging from the mid-50s to the mid-70s Fahrenheit throughout the year. The summers are usually warm and humid, while the winters are mild and wet. Rainfall is fairly common throughout the year, but it is usually light and short-lived," said one expat.

Are there good restaurants in Monaco?

"One of Monaco's most popular restaurants is La Saliere, located in the heart of Monte Carlo. This restaurant offers a unique blend of French and Mediterranean cuisine, with a focus on fresh, local ingredients. The menu features a variety of seafood dishes, as well as a selection of meat and vegetarian options. The atmosphere is relaxed and inviting, and the staff is friendly and attentive. Another popular restaurant in Monaco is Le Louis XV, located in the Hotel de Paris. This Michelin-starred restaurant offers a luxurious dining experience, with a menu featuring classic French dishes and a selection of fine wines. The restaurant is renowned for its impeccable service and exquisite presentation. Finally, La Vigie is a popular seafood restaurant located in the Port of Monaco. The restaurant offers a wide selection of fresh seafood dishes, as well as a selection of meat and vegetarian options. The atmosphere is relaxed and inviting, and the staff is friendly and attentive," commented one expat living in Monaco.

Where will I buy groceries and do other shopping in Monaco?

"People living in Monaco typically buy groceries and do other shopping at the many supermarkets, convenience stores, and specialty shops located throughout the city. There are also a number of markets and farmers' markets where fresh produce and other goods can be purchased. Additionally, Monaco has a wide variety of boutiques, department stores, and luxury shops for those looking for more upscale shopping experiences," mentioned one expat inMonaco.

What are the visa & residency requirements in Monaco?

"In order to visit Monaco, foreign nationals must obtain a Schengen visa from the French consulate in their home country. The process of applying for a visa involves submitting a valid passport, a completed application form, a passport-sized photograph, proof of accommodation, proof of financial means, and a travel itinerary. In order to obtain residency in Monaco, foreign nationals must submit an application to the Monaco Immigration Department. The application must include a valid passport, a completed application form, a passport-sized photograph, proof of accommodation, proof of financial means, and a detailed description of the applicant's professional activities. The applicant must also provide a criminal record certificate from their home country. Once the application is approved, the applicant will be issued a residency permit," wrote one expat living in Monaco.

Are healthcare and health insurance expensive in Monaco?

"Healthcare and health insurance in Monaco are generally considered to be expensive. The cost of medical care is high, and the cost of health insurance is also high. Monaco has a public health system, but it is not as comprehensive as those in other countries. Private health insurance is available, but it is often expensive and may not cover all medical costs. Additionally, Monaco has a high cost of living, which can make it difficult to afford healthcare and health insurance," said one expat.

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About the Author

Betsy Burlingame 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.

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