Living in Monaco: cost of living, real estate, citizenship

A small principality in the south of Europe has big ambitions. Everything is perfect here : nature, climate, architecture, culture, nightlife, day bustle, morning coffee at the fabulous terraces ... If you still do not dream to live in Monaco, then most likely, you have not  been on the two square kilometers of idyllic yet.

The Principality of Monaco has attracted the wealthy and influential people from around the world. Those acquiring real estate here, develop a regular business, relax, invest money. Owning an apartment or the whole house in a dwarf state, where the land is like  gold, it  is very prestigious, by the standards of modern success.

How did life looks like in Monaco? What is special in this tiny principality? And as far as it is comfortable to live, work and play?

CLIMATE OF MONACO

 300 days of sunshine per year await  you.The comfortable and affectionate Mediterranean waters, rich in shrimp, sea fish, oysters and other delicacies are on the one hand. The Alps, snow and beautiful views of mountains are on the other hand. It is situated next to France, Italy, Côte d'Azur, the resort towns as Nice, St Tropez.

Summer is warm, dry here with an average temperature of 20-25 degrees. Winter is mild, rainy, it is tolerated comfortably, the temperature does not fall below 10 degrees.

THE COST OF LIVING

It is above average. The Principality of Monaco is considered one of the most expensive countries in Europe for living. However, the main source of expenses is real estate. Regarding products, the prices here are comparable to those in France and the Côte d'Azur. Due to the lack of appropriate tax, the cost of food in supermarkets is affordable.

Regarding clothes, you will find boutiques of all famous brands in Monaco. As well as the mass market. For example, Zara and H & M are popular with locals and visitors. A mixture of styles is not considered bad manners.

As for the cost of services - they are above average. Internet, communications, utilities and other services - everything is expensive. For example, in the communication and the Internet market "Monaco Telecom" is a monopolist and the average monthly rate of a communication and an intern for the telephone will cost 120 euros.

With regard to a comfortable life, and general feelings of self-sufficiency, living in the Principality of Monaco will be comfortable with an annual income of 500 or more thousand euros.

CITIZENSHIP

Only 15% of the population have the principality of Monaco passport. The rest may apply for a residence permit, a limited visa. Obtaining citizenship in the Principality  is almost impossible: you need to be an outstanding personality,an athlete who is  known for his achievements , artists, buy the most expensive apartments in Monaco or be a good acquaintance of the Prince.

No other way. But even with a residence permit people in the Principality live well and enjoy all the privileges of living in one of the richest regions of Europe.

BANKING & PERSONAL FINANCE

Living here without a bank account is unreal. To buy real estate, to rent apartments in Monaco, to buy sim-card, rent a car, etc. - all these things are possible only through a bank account. And that's what you need to know about him:

  • to open a personal account you must put at least 100 thousand euros on deposit;
  • there is no conventional banks, and all transactions with the account are conducted through a personal banker: through it you decide virtually all transactions with the account ;
  • any receipt of funds should be documented to assure: salary, sale of personal property, winning the lottery - everything should be transparent and clearly described in the paper;
  • banks have mobile applications, and they serve only to check your balance, view the latest transactions on the account;
  • debiting and crediting funds into the account are hold with a delay of 1-7 days.

REAL ESTATE AND RENTAL

The price per square meter starts from 10,000 euros and increases depending on the prestige of the area. Not surprisingly, the most expensive apartments in the world are sold in Monaco.

Renting an apartment costs an average of 3,500 euros per month. Add to this amount utilities bills of 400-700 euros and get the price of housing for rent in the amount of the average salary.

Renting of apartments is possible only through an agency. In this case, you have to pay for services of an agent and a deposit. You may forget  about repairing or making any changes to the layout and design of the apartment. You need to negotiate everything with the agent (you are unlikely to see the owner ) and it is often refused.

Because of expensive real estate, those who work in Monaco, prefer to live on the French Riviera (the Cote d'Azur) . Here you can rent apartments which are cheaper and more comfortably.

If you are planning to buy real estate in Monaco - it is useless to look for it cheaper than a million euros. This is the price of a small apartment with an outdated and unsuccessful repair location. More or less decent housing starts from 2 million euros and ends somewhere at around 390 million for a penthouse in the Tour Odeon.

SALARY AND TAXES

The average salary in the principality for qualified employees is from 7000 euros. Serviced for personnel - from 4 thousand euro.

With regard to taxes, many of the usual ones are absent here. For example, the income tax,  the real estate tax, the approach tax, inheritance tax, etc. This list makes the country particularly attractive for investors and businessmen.

TRANSPORT

The most popular vehicles in Monaco is a bicycle. The highlands, small distances between districts , narrow streets and few parking make the principality not the most attractive region for motorists. But there are cars here. And how else yoy might travel all over the Côte d'Azur, spend weekends in France and Italy.

As for public transport - it is here. Buses run frequently, the only taxi service no more than 12 cars, and is the most popular service  is karshering.

SECURITY

They do not close cars here. You can forget the last iPhone on a cafe table and an hour later to pick it up at the same place. A small state is almost completely under video surveillance. And the mentality of locals does not allow itself to behave such a way.

In addition, the streets are patrolled by police every day and night.

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