It might surprise you to learn that, despite the reputation Monaco holds for being the playground of the rich and famous, it is not an impossibly expensive country for expats to move to and enjoy.
An upmarket city strip, Monaco bridges the gap between the glittering Mediterranean and the majestic French mountain range lining the border. There’s no doubt that the very name of the country is synonymous with glitz, glamour and luxury living. A world-famous tax haven, tempting businesses and the ultra-wealthy to flock to its shores and take advantage of all that’s on offer, Monaco is deserving of its reputation as the playground of the rich and famous. With super-yachts, sunny climes, vast golf courses and the famous casino of Monte Carlo, the economy of Monaco is firmly built on high-end tourism. It is not difficult to see why the assumption is that you need to have a net worth in the multi-millions to live there.
However, if you look beyond the images that come along with addresses such as the Avenue Princesse Grace, the street that regularly comes top of the polls as the priciest street in the world in which to purchase real estate, you will find that, in reality, the total cost of gaining residency in Monaco can be comparatively low.
Residency in Monaco
In order to realise the dream of residency in Monaco, you will need to demonstrate that you have the financial means to support yourself and, contrary to popular opinion, this certainly does not equate to millions. You are required to produce a certificate, supplied by a bank of Monaco, detailing that a specific amount of money has been deposited – returnable on leaving the country. Each bank stipulates different sums for the deposit, with quite a variety on offer, but one of the leading institutions, Société Générale, can provide certification for the amount of 100,000 Euros, or around £85,000.
Another essential consideration for residency in Monaco, and one that many expats may have assumed was out of their reach, is the need to buy or rent a local property. The Telegraph recently reported that Tribune Properties quoted 3,000 Euros (around £2,600) per month for a one-bed apartment with sea-views and a space for parking, with a two-bed starting from 5,000 Euros (around £4,300) per month. Not as expensive as you might have initially thought.
The cost of living in Monaco
Although it is perfectly possible to spend huge amounts of money on recreational activities such as shopping in the many luxury boutiques or wining and dining your way through the world-class restaurants and bars, the cost of everyday products and services is perfectly reasonable. Expect similar prices to that of Paris or London.
Other information for expats
Monaco is a small pricipality; a stretch of land consisting of no more than two square kilometres. As a result it is easy to navigate on foot, but there is also an excellent bus network and an abundance of taxis.
Around 80 percent of the population are expats and due to this cosmopolitan nature, you will find English widely spoken here as well as the official language of French. French is spoken in the ten state schools of Monaco but there is also one private, international school that many expats choose for their children.
If you are considering moving to Monaco, Cadogan Tate will assist you every step of the way – from your first enquiry  to unpacking at your new home, we are here to help and advise you.
Information correct at time of publication.