City guide
🇲🇨 Living in Monaco
0% income tax, Mediterranean lifestyle, French Riviera: the ultimate tax-free destination
At a glance
Population
39,000
Currency
EUR
Avg. salary
€60,000–€150,000+
Effective tax
0% (social contributions only)
Climate
Mediterranean
Tax regime
0% personal income tax (residents)
Nomad visa
–
Net salary calculator
Calculate your take-home pay in Monaco with our detailed tax calculator.
Calculate net salary →Cost of living
| Rent (1-bed, center) | €3,500/mo |
| Rent (1-bed, suburb) | €2,800/mo |
| Groceries (single) | €500/mo |
| Groceries (family) | €1,100/mo |
| Transport pass | €30/mo |
| Restaurant (2 people, mid-range) | €100 |
| Coffee | €5.00 |
| Gym membership | €80/mo |
| Healthcare | Mandatory CCSS system, high-quality private clinics available |
Frugal
€4,500
/month
Moderate
€6,500
/month
Comfortable
€10,000
/month
Budget calculator
Build a detailed monthly budget for Monaco based on your lifestyle.
Build your budget →Why choose Monaco?
0% personal income tax for residents (since 1869)
Mediterranean climate, 300+ days of sunshine per year
Safest place in the world: 1 police officer per 100 residents
French-speaking, 10 min from Nice, 2h from Milan
World-class events: F1 Grand Prix, Monte-Carlo Rally, Yacht Show
International community: residents from 140+ nationalities
Quality of life
Overall
9
Safety
10
Healthcare
9.5
Education
8
Air Quality
8.5
Expat Community
8
English Proficiency
7
Moving to Monaco : checklist
- 1Secure accommodation in Monaco (required for residency)
- 2Deposit ~€500,000+ in a Monaco bank account
- 3Apply for Monaco residence card at Sûreté Publique
- 4Register with CCSS (social security)
- 5Open bank account (CMB, CFM, Barclays Monaco)
- 6Note: French nationals remain subject to French tax
Frequently asked questions
What is the cost of living in Monaco?+
Monaco is the most expensive city in Europe. Expect €4,500–6,500/month minimum for a single person. 1-bed apartments start at €3,500/month in the center. However, with 0% income tax, high earners keep significantly more of their income.
How much tax will I pay in Monaco?+
Zero personal income tax for Monaco residents. You only pay social contributions (~9% for employees). Important exception: French nationals residing in Monaco are still subject to French income tax under the 1963 bilateral convention.
How do I get residency in Monaco?+
You need to: (1) rent or own property in Monaco, (2) deposit approximately €500,000+ in a Monaco bank, (3) provide clean criminal record, (4) apply at the Sûreté Publique. EU citizens have an easier process. The minimum financial requirement ensures only high-net-worth individuals relocate.
Is Monaco good for families?+
Yes, Monaco is extremely safe, has excellent international schools (ISM, FANB), good healthcare, and a strong community. However, apartments are small and expensive, so families typically need a larger budget.
Compare Monaco with
EXPATRIATION.IO
Going further with your move?
Explore expatriation.io for the guides, tools and resources to plan your expatriation, all in one place.