The Principality of Monaco, known for its economic dynamism, its Mediterranean climate and its exceptional lifestyle, attracts numerous expatriates seeking a prestigious, safe environment with an incomparable quality of life every year. With its unique lifestyle, modern infrastructure and exclusive services, Monaco appeals to those looking for a privileged setting conducive to business, leisure and well-being.
If you plan on moving to Monaco, it’s essential that you understand the administrative process and conditions of eligibility for residency. This guide will take you step-by-step from obtaining residency to integrating into Monaco life, including choosing accommodation and banking procedures.
1. Understanding the requirements for living in Monaco
Understanding the legal and administrative requirements is essential before moving to Monaco. Monaco resident status is compulsory for anyone wishing to live here for more than three months a year.
General conditions for obtaining Monegasque residency :
- Be aged over 16
- Demonstrate sufficient financial resources
- Have accommodation in Monaco suitable for the size of the family
- Produce a clean police record
2. How to find accommodation in Monaco
Buying or renting a property is a key step in the process of settling in Monaco. The Monegasque authorities require accommodation that is suitable for the size of your family.
Renting or buying: which option should you choose to live in Monaco?
- Renting a Monaco property is the ideal way to settle in quickly and enjoy a prestigious lifestyle with no long-term commitment. It’s also a flexible option that gives you access to modern residences with top-of-the-range services.
- Buying a Monaco property is a strategic investment that allows you to build up your wealth in an exclusive and dynamic property market. It guarantees exceptional property in a secure and sought-after environment.
Monaco boasts an exclusive property market, consisting mainly of top-of-the-range apartments with panoramic views, concierge services, private swimming pools and secure parking.
For those seeking an ultra-refined property, choose from a superb selection of penthouses, many boasting exceptional living spaces, vast terraces and sometimes private swimming pools. Or, why not opt for an exquisite villa or townhouse – often considered the creme de la creme of Monaco’s real estate offering.
Some rare and highly sought-after villas and townhouses can be found at Mareterra and Jardin Exotique. Whether you opt for an apartment or a villa, moving to Monaco means choosing a prestigious living environment and an incomparable quality of life.
Moving to Monaco – Popular districts :
- Mareterra: This pioneering district, built on the sea, embodies the Monaco of tomorrow. Combining modernity and environmental protection, it offers luxury residences, exclusive villas and green spaces on the Mediterranean coast. Moving to Monaco at Mareterra means choosing a pioneering and prestigious setting, where well-being and refinement come together in harmony.
- Monte-Carlo: The emblematic heart of the Principality, synonymous with prestige and elegance. It’s the ideal place to live in Monaco, close to the hustle and bustle, with its luxury boutiques, Michelin-starred restaurants and famous Casino. The residences here offer top-of-the-range services and privileged access to the most exclusive events.
- Fontvieille: A modern, peaceful residential area by the sea. Its private harbour, green spaces and well-designed infrastructure make it an ideal choice for settling in Monaco in a peaceful setting, while benefiting from shops and essential services nearby.
- La Condamine: A lively, authentic district, popular for its convivial atmosphere. Located near the Port Hercule and the Monaco market, La Condamine appeals to those who want to live in Monaco and be immersed in local life, with a dynamic and friendly atmosphere, perfect for families and young professionals.
- Jardin Exotique: Nestling high up in the hills, this residential area offers uninterrupted views of the Mediterranean Sea and the Principality. Perfect for those seeking peace and quiet without being isolated, it offers spacious light-filled residences, ideal for enjoying the unique lifestyle that Monaco has to offer.
Whether you are looking to live in Monaco for its dynamism or its luxurious lifestyle, each district has its own charm and meets the expectations of the most demanding residents.
3. Demonstrate your financial capacity
When applying for Monaco residency, you must provide evidence that you have sufficient financial resources to support yourself in the Principality. This requirement aims to ensure that every resident can maintain a standard of living in keeping with Monaco. Whether you wish to live in Monaco as an employee, entrepreneur or investor, it is essential to provide financial proof that meets the expectations of the authorities.
The various options accepted:
- Bank deposit in a Monegasque bank
A bank deposit in a Monaco bank is the most common method for expatriates and investors wishing to settle in Monaco. The minimum amount required varies depending on the bank and the applicant’s profile, but is generally a minimum of €500,000 to be deposited in a bank account in the Principality. Once the deposit has been made, the bank issues a bank certificate, which serves as proof of solvency and enables the administrative procedures for obtaining Monegasque residency to begin.
- Work agreement in Monaco
If you are employed by a Monaco company, your employment contract and pay slips are all you need to prove your financial standing. This option is ideal for those who wish to live in Monaco for professional reasons, while benefiting from the Principality’s dynamic economy and numerous opportunities.
- Starting or buying a business in Monaco
If you wish to set up a business in Monaco, you must demonstrate that you have sufficient funds to run your business. A strong business plan and an initial financial contribution are generally required to obtain a licence to operate. This option offers the opportunity to live in Monaco while benefiting from a dynamic business and investment environment.
- Certificate of third-party care
If you benefit from the financial support of a guarantor, whether a family member, your partner or a company, an official certificate of support must be provided to justify your solvency. This option is often chosen by the partners or children of Monegasque residents who wish to live in Monaco as a family or in a secure environment.
Is it necessary to combine several options?
No, one option is usually enough. However, in some cases, a combination of supporting documents may be required to strengthen your case, particularly if your income or bank deposit is considered insufficient.
Advice on moving to Monaco with complete peace of mind
Before applying for residency, it is advisable to consult a local bank or an expatriation specialist to make sure that your financial documents comply with Monegasque requirements.
If you’re planning to relocate to Monaco and want to enjoy all that the Principality has to offer, La Costa Properties Monaco can help you plan your move and put you in touch with specialist banking and legal partners. Living in Monaco represents a unique opportunity, and careful preparation is the key to a successful relocation.
4. Open a bank account in Monaco
Before applying for residency, opening a bank account in Monaco is mandatory.
Required documents:
- Valid passport
- Proof of address
- Bank details
- Proof of sufficient funds
Advice: Some banks require a face-to-face meeting and solid financial references before opening an account.
5. Applying for residency in Monaco
Once you have secured accommodation and opened a bank account, you can apply to the Direction de la Sûreté Publique for a residence permit.
Required documents:
- Completed application form
- Passport and police record
- Proof of address (lease or property deed)
- Bank certificate or employment contract
A police investigation will then be carried out to check that the application is in order. Once validated, the resident’s card is issued within 6 to 8 weeks.
6. Organising your move to Monaco
Once you have been granted residency, there are a number of practical steps to take.
Health and insurance
- Subscribe to health insurance (compulsory for the non-salaried).
- Obtain a Monegasque social insurance card if you work in the Principality.
Driving licence
- Residents may keep their foreign licence for a limited period.
- After one year, an exchange for a Monegasque licence may be necessary.
Schooling for children
Monaco boasts several renowned educational establishments, including state, private, and international schools such as the International School of Monaco.
Read our guide to schooling in Monaco
7. Making the most of Monaco
Moving to Monaco means much more than simply selecting a prestigious place to live: it means embracing an exclusive art of living, combining elegance, dynamism and refinement. The Principality offers an exceptional quality of life, where each day can be punctuated by prestigious events, varied leisure activities, gastronomic experiences and exceptional places dedicated to well-being and luxury.
Events and culture: a prestigious calendar
Monaco is the scene of an intense cultural and events scene, attracting artists, and celebrities from all over the world.
- The Monaco Grand Prix is one of the world’s most famous motoring events, where the excitement of F1 racing meets the luxury of yachts anchored in the harbour.
- The Monte-Carlo Tennis Tournament or Rolex Monte-Carlo Masters, one of the major tournaments of the ATP season, brings together the greatest players on the circuit.
- Exclusive evenings at the Casino de Monte-Carlo, in an emblematic setting combining glamour and elegance.
- The Ballets de Monte-Carlo, for lovers of dance and exceptional shows.
- The Monaco Yacht Show is a prestigious gathering of nautical enthusiasts and the world’s most beautiful yachts.
- The Monte-Carlo International Circus Festival is a not-to-be-missed event for enthusiasts of spectacular shows.
- The many art exhibitions and concerts organised throughout the year at the Monte-Carlo Opera House, the Grimaldi Forum, and prestigious galleries.
Leisure and sport: an ideal setting for an active lifestyle
Monaco offers a wide range of activities for sports and outdoor enthusiasts.
- Yacht clubs and yachting: thanks to its privileged position by the sea, Monaco is a destination of choice for yachting and water sports enthusiasts.
- Golf: just a few minutes from the Principality, the Monte-Carlo Golf Club offers a spectacular course with panoramic views over the Sea.
- Scuba diving: the crystal-clear waters of the Côte d’Azur offer the chance to explore exceptional marine flora and fauna.
- Motor sports: from the famous Grand Prix circuit to the many motoring activities on offer, Monaco is a haven for lovers of luxury cars and thrills.
- Hiking: just a few minutes from the Principality, the paths of the Alpes-Maritimes offer spectacular scenery, perfect for lovers of nature and wide open spaces.
- Larvotto beach: enjoy a moment of relaxation in the sun or try your hand at activities such as paddle boarding and jet-skiing.
- Fitness clubs and luxury spas: Monaco offers top-of-the-range wellness facilities, from modern gyms to the most prestigious spas, perfect for a balanced lifestyle.
- Horse-riding and polo: close to the Principality, several equestrian centres offer the chance to enjoy horse-riding in an exceptional natural setting.
Shopping et mode : des boutiques de prestige
Monaco is a shopper’s paradise, with an exclusive selection of luxury boutiques and houses. The best of Monaco shopping can be found in iconic locations such as the Carré d’Or, the Métropole Shopping Monte-Carlo and the Promenade Monte-Carlo Shopping, where the world’s leading haute couture, jewellery and watch brands come together for an exclusive experience.
- The Carré d’Or, located around the Place du Casino, is home to the biggest names in haute couture and jewellery, including Chanel, Hermès, Louis Vuitton, Cartier and Bulgari.
- The Métropole Shopping Monte-Carlo, a refined shopping centre combining fashion, accessories and designer boutiques.
- The Promenade Monte-Carlo Shopping, a unique experience where elegance meets the Monegasque art of living.
Gastronomy and Michelin-starred restaurants
Monaco is also a leading gastronomic destination, offering everything from haute cuisine to more relaxed dining destinations.
- Le Louis XV – Alain Ducasse: 3 Michelin stars, a benchmark for French and Mediterranean gastronomy.
- Le Blue Bay: 2 Michelin stars, offering creative cuisine with Caribbean and Mediterranean influences.
- Le Grill: located at the top of the Hôtel de Paris, this Michelin-starred restaurant offers spectacular panoramic views over the Mediterranean.
- Yoshi: a Michelin-starred Japanese restaurant in the Hôtel Métropole Monte-Carlo.
Trendy addresses: Buddha-Bar, Coya Monte-Carlo, Cipriani, Sass Café and La Môme Monte-Carlo are must-visit places for lovers of refined gastronomic experiences.
Discover the best Michelin-starred restaurants in Monaco
Wellness and luxury spas
Monaco is home to some of the most prestigious spas in the world.
- Les Thermes Marins Monte-Carlo: a 6,600 m² space dedicated to relaxation and top-of-the-range treatments, with breathtaking sea views.
- The Spa Métropole by Givenchy: an oasis of serenity combining luxury and made-to-measure treatments.
- The Spa Cinq Mondes at Monte-Carlo Bay: a benchmark in well-being, offering treatments inspired by traditions from around the world.
- Wellness institutes and clinics: several specialist centres offer anti-ageing treatments, advanced beauty treatments and personalised fitness programmes.
Private clubs
Monaco is also renowned for its private clubs reserved for a discerning clientele.
- The Monte-Carlo Country Club, an iconic venue for tennis and sports enthusiasts.
- The Yacht Club de Monaco, a prestigious circle of enthusiasts and yacht owners from all over the world.
- The Club des Résidents Étrangers de Monaco (CREM), offering an influential network and exclusive events for newcomers to the Principality.
- The Monte-Carlo Golf Club, offering a spectacular course with panoramic views over the Mediterranean.
An unrivalled lifestyle
Living in Monaco means enjoying unrivalled security, a mild climate all year round and a cosmopolitan environment where luxury and excellence are omnipresent. Between relaxation, culture, gastronomy and prestigious events, settling in Monaco means making the most of every moment in an exceptional setting.
