Ever fancied living in a billionaire’s paradise?
Welcome to Monaco, one of the world’s most expensive cities to live in.
Monaco has a lot to offer. Not only does it provide a high quality of life and safety, but people also live longer there and are generally healthy.
But before you start packing up your belongings and relocating to one of the most desirable countries in Europe, you might want to consider the cost of living in Monaco first.
Our guide tells you everything you need to know about the cost of living in Monaco.
The average salary in Monaco
Before we look at living costs, let’s discuss how much you can expect to earn in Monaco.
The average salary in Monaco is approximately 50,980 EUR per year, which is comparable to $53,490 in America. The average monthly net salary ranges from 2,415 EUR for the lowest-paying job to 7,933 EUR for the higher-paid jobs.
Like most European countries, you’ll need a work permit before starting working in Monaco. Key industries that regularly hire new employees in include finance, insurance, technology and tourism.
Got your sights set a bit higher? Some of the best-paying careers in Monaco include:
· Doctors and Surgeons
· Bank Managers
· Chief Financial Officers
· Marketing Directors
Unsurprisingly, Monaco has the lowest employment rate in the world at 0%.
What is the cost of living in Monaco?
Monaco is home to many well-known celebrities such as Formula 1 driver Lewis Hamilton, Bono, Leonardo DiCaprio and Beyonce.
But do you need a celebrity’s wealth to live comfortably in this desirable destination?
Well, the estimated monthly cost of living for a single person living in Monaco is approximately €1,752.
For a family of four, estimated monthly costs are €6,504 excluding rent.
Real estate in Monaco is in high demand and it isn’t easy to find an average-sized property for less than one million euros.
Rent for an apartment will cost you around €3,500 a month, whilst the regular price of a property is a minimum of €10,000 for every square meter.
Because of the high prices, most people n Monaco live in apartments.
Monaco’s streets are crammed with designer brands such as Hermes, Gucci and Prada. Customers also pay nearly 20% tax on any goods that are purchased in the city.
As such, you can expect to pay more for clothes here than in the United States. Here are a few popular clothing items and their prices.
· A pair of men’s leather business shoes – €195
· Jeans – €68
· Nike running shoes – €110
Eating and drinking out
Monaco has a cuisine all of its own – a blend of French and Italian cuisines.
For the ultimate dining experience, Monaco is home to six Michelin-star restaurants. Meal prices start from €85.
For those on a budget, an inexpensive restaurant charges between $8-16 per person.
A meal for two at a mid-range restaurant will cost around €100.
Like in France, domestic beer is fairly expensive (between $5.26-8.42).
Mid-range wine is priced between €7 – 10.
Monaco is one of a few countries that has a 0% tax rate, which means you won’t have to part with any of the cash that you earn while living there. However, you will need a legal residence permit and a minimum of 500,000 euros to be approved.
There is also no real estate tax in Monaco, however rental properties are taxed at 1% of the yearly rent.
Unlike India, Russia and China, Monaco imposes an inheritance tax on property. The amount you pay will depend on your relationship with the deceased. For example, 0% between spouses but 8% between siblings.
Lots of people travel to Monaco each year to spot the many supercars that line the streets. It’s a car lover’s heaven.
If your budget doesn’t quite stretch to a Porsche, the most popular modes of local transport in Monaco are taxi, boat and bus. As with most countries, children under five travel for free.
· Taxis will cost you an average of €15 per trip.
· Bus ticket prices start from €2.
· Single and return boat journeys are available for €2 each way.
Monaco citizens that contribute to the Caisses Sociales de Monaco (CSM for short) have access to an excellent healthcare system.
The Principality also has a large number of private doctors available for private consultations and treatments. You can expect to pay a monthly fee of around €85 for one visit.
The pros and cons of living in Monaco
There are many benefits of living in Monaco, but there are also some things to consider too.
· It’s the only tax haven in Europe.
· It’s the safest place to live in the world.
· The commute to other European cities is easy.
· An extravagant lifestyle and social scene.
· It’s really small.
· It’s home to some of the highest property prices.
· VAT is charged on most purchases.
· It can get extremely busy during the Formula 1 season.
Places to live in Monaco
Need more temptation? Here is a breakdown of the top five neighborhoods in Monaco.
Le Rocher – famous for its winding streets and Grimaldi palace, Le Rocher is a quaint area.
Monte-Carlo – perhaps the most famous area of Monaco, Monte-Carlo is the place to go for the best restaurants, hotels and shops.
La Condamine – a traditional neighborhood with daily markets selling local produce and boutique shops.
Larvotto – as one of the most expensive areas of Monaco, it’s a popular destination for celebrities. If you can afford a property here you will benefit from its own beach and breathtaking views.
Fontvieille – an ultra-modern area famous for its stunning marina. Fontvieille is a quiet, family-friendly area of Monaco.
Would you like to live in Monaco?
Becoming a resident of Monaco may be a dream for many people, but if you can afford the cost of living, then you’re guaranteed a lifestyle of luxury.
Need help budgeting and saving for a relocation or a down payment on a property? Check out our financial guides for the latest tips and advice.