Retire in Monaco
Last updated on Oct 26, 2023
Summary: Retirees are attracted to Monaco for its luxurious lifestyle, stunning scenery, and tax-free environment. Monaco is known for its mild Mediterranean climate, with warm, sunny summers and mild, wet winters. The average temperature in Monaco ranges from the mid-50s to the mid-70s Fahrenheit (12-24 Celsius).
What is it like to retire in Monaco?
"Retirees in Monaco and its surroundings enjoy a luxurious lifestyle with a variety of cultural attractions, recreational activities, and nightlife. The principality of Monaco is a popular destination for retirees, with its mild climate, low taxes, and high quality of life. There is an active expat community in Monaco, with many retirees from all over the world. There are plenty of cultural attractions to explore, such as the Monaco Grand Prix, the Monaco Yacht Show, and the Monaco Opera. There are also plenty of recreational activities to enjoy, such as golf, tennis, sailing, and swimming. Monaco also has a vibrant nightlife, with plenty of bars, clubs, and restaurants to explore," explained one retiree living in Monaco.
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What are the most challenging aspects of retiring in Monaco?
"One of the most challenging aspects of retiring in Monaco is the high cost of living. Monaco is one of the most expensive countries in the world, and the cost of housing, food, and other necessities can be prohibitively expensive for retirees. Additionally, Monaco is a small country with limited space, making it difficult to find suitable housing. Furthermore, Monaco is a tax haven, meaning that retirees may be subject to higher taxes than they would be in other countries. Finally, Monaco is a very exclusive country, and it can be difficult to gain access to the social and cultural activities that are available," said a person in Monaco.
What are the most rewarding aspects of retiring in Monaco?
"Retiring in Monaco offers a unique opportunity to experience a luxurious lifestyle in a beautiful and vibrant city. With its stunning Mediterranean coastline, mild climate, and world-class amenities, Monaco is an ideal destination for retirees. The country also offers excellent healthcare, a low tax rate, and a safe and secure environment. Additionally, Monaco is home to a vibrant cultural scene, with a wide range of activities and attractions to explore. Retirees can also enjoy the convenience of being close to major European cities, as well as the opportunity to make new friends and connections," remarked one retiree in Monaco.
What are healthcare services like in Monaco?
We asked retirees if they have access to good medical care in Monaco. They wrote:
"Monaco has a comprehensive healthcare system that provides high quality medical services to its citizens. 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. The country also has a number of pharmacies and medical laboratories that provide a variety of services. In addition, Monaco has a number of health insurance plans that provide coverage for medical expenses," said one retiree in living in Monaco.
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," said a retiree who moved to Monaco.
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," said one retiree in living in Monaco.
What do I need to know before retiring 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," said a person in Monaco.
What type of recreational activities are there in Monaco?
"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," explained one retiree 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," explained one retiree living in 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.
Additional Information:
- Monaco Guide
- Healthcare & Health Insurance in Monaco
- Members Talk about Healthcare & Health Insurance in Monaco
- Best Places to Live in Monaco
- Guide to Real Estate in Monaco
- Pros & Cons of Living in Monaco
- Cost of Living in Monaco
- Boating, Sailing and Yachting in Monaco
- Pros and Cons of Living in Monaco 2024