Many people wonder how they can work in the Principality of Monaco. The city-state has a diverse work force from all corners of the globe, with many residing just beyond the principality’s borders in France.
Monaco’s vibrant economy means that there is demand for a wide range of skill sets. Key economic pillars include tourism, finance, the service industry, including retail and food & beverage, and commerce.
Can a foreigner work in Monaco?
Yes, you do not need to be a Monegasque national to work in Monaco. Monaco real estate is amongst the most expensive in the world, meaning most worker’s will not be able to afford to live in the principality. In fact, it is estimated that most of the city state’s workers are foreign nationals – many residing in the bordering towns of France
According to the Monaco government, there are over 140 nationalities represented in Monaco. The population of Monaco is currently over 39,000 with around 8,000 Monegasques and almost 10,000 French nationals. Indeed, Monaco jobs for French nationals are the most abundant, followed by Italian and British nationals.
How can I get a job in Monaco?
In order to work in Monaco you will need to be employed by a local company. As Monaco isn’t a member of the European Union, EU nationals will therefore require a work permit, along with all other foreign nationalities.
Once you have a job offer and your employment contract has been confirmed, your Monaco employer will apply for a work permit – or a permit de travail. Documents that need to be supplied to secure a work permit are an employment contract endorsed by the Employment Service, a valid form of identity, and proof of address.
Your employer will also need to apply for permission to hire a foreign national from the Service de l’Emploi, which ensures due diligence has been carried out during the recruitment process to hire a Monegasque national or resident, both of whom have priority in the application process.
It’s important to note that when you move jobs in Monaco your new employer must apply for a new permit.
Do I need to live in Monaco to work in the principality?
No, you do not need to live in Monaco to work in the principality. Many people who work in Monaco are foreign workers who live in the bordering cities, including Nice, Beausoleil, Cap d’Ail, Roquebrune Cap Martin, and Menton. Many people commute to the principality by train, car, bike, or by foot, depending on the distance.
Nice is a vibrant city about 20 kms away from Monaco. Typical journey times by car are 31 minutes, although this can be more in rush-hour traffic. A regular train service runs from Nice to Monaco, taking around 27 minutes.
Beausoleil is a commune in France that sits along Monaco’s northern border. It’s close proximity to the principality makes it especially popular with those who work in the city-state. Many will walk into the principality, taking advantage of the many elevators and escalators. Scooters and bikes are another popular form of transport for commuters in Beausoleil.
Cap d’Ail sits to the west of Monaco along the French Riviera. The seaside commune is just 3.6 kms from the principality, taking around 10 minutes by car and around 24 minutes by train.
ROQUEBRUNE CAP MARTIN
Roquebrune Cap Martin is around 8 kms to the east of Monaco. Car journeys take around 20 minutes – although they can be longer during rush hour. There is a regular train service, with average journeys taking around 30 minutes.
The pretty town of Menton is just a mile on from Roquebrune Cap Martin, about 9kms east of the principality. Car journey times are around 30 minutes with direct trains into Monaco taking under 20 minutes.
What are the benefits of working in Monaco?
There are multiple benefits to working in Monaco. Monaco jobs for foreigners offer an opportunity to enjoy an exciting career in one of the world’s most luxurious and vibrant destinations. For workers that reside in the principality, there are also multiple favourable personal and corporate tax rates, including no income tax or capital gains levied by the city-state.
Will I have to pay income tax when I work in Monaco?
Whether you have to pay tax when you work in Monaco will depend on where you are ordinarily resident and your nationality. If you are living in France but working in Monaco, you will be subject to French taxes, regardless of your nationality. Income tax in France kicks in on anything earned above 10,065 Euros, with a rate of 11% for earnings up to 25,659 Euros. After this, the rate is 30% up to 73,369 Euros, and then 41% up to 157,806 Euros. The highest income tax rate is 45%.
While Monaco has no income tax rate, some residents who reside in the principality will still be required to pay tax. For example, French residents who live in Monaco must still pay French income tax. Additionally, those who hold a US passport or Green Card must also pay US income tax, as US taxes are based on citizenship, not residency.
To learn more about living and working in Monaco, contact the real estate team at La Costa Properties Monaco.