Living in Monaco

Located on the Mediterranean Sea, with France as its only neighbor, the Principality of Monaco is the second-smallest country and one of the wealthiest, boasting a GDP of almost USD 9 billion. Monaco offers a high standard of living, temperate weather, a high level of personal security, a modern and efficient infrastructure, and an absence of income or capital gains tax for Monaco residents.

The Principality of Monaco is an independent sovereign state and a full member of the UN. French is the official language, with Italian and English also widely spoken. It is in a customs and monetary union with France, and French VAT applies. 

To become a resident, an applicant must demonstrate the means to afford the lifestyle and, in particular, the ability to afford to rent or purchase real estate, the cost of which in Monaco is comparable to large capital cities.

Residents of Monaco (except for French citizens) are not subject to income tax, capital gains tax, or wealth tax. A residence permit in Monaco allows visa-free access to Europe’s Schengen Area.