Why Move to Monaco?
Forget Disneyland, Monaco is the adventure playground built for adults with golf courses, yachts, casinos and stunning beaches galore, not to mention glorious Mediterranean weather and 300 days of sunshine a year. The second smallest sovereign state in the world at just 200 hectares, Monaco is a French speaking country with a population of just 38,897, 30% of which are said to be millionaires, more than in Zürich or Geneva.
Heralded as the world’s most famous tax haven, Monaco has long been an attractive destination for affluent expats looking to set up business in a luxury environment. Whether it be managing high profile clients or growing your own business network, expats who work in Monaco gain the benefit of exposure to a whole new world of opportunity. Despite its extremely rich residents it is possible to live well in Monaco without breaking the bank, in fact the cost of living in Monaco is very much comparable to London or Paris and many regular Monegasque residents live modestly.
Outside of the darkened glaze of the Monte Carlo casinos, Monaco is by day an oasis of sea-soaked adventure, ideal for surfers, divers and swimmers alike. At night you can choose to unwind in world class restaurants and entertainment venues, all of which ooze class and sophistication. Monaco is probably best known however for being home to the annual street circuit motor race, the Monaco Grand Prix, one of the most hotly anticipated events in the Formula One calendar.
With strong ties to France, but also Italy, the nation’s residents primarily converse in French and many of Monaco’s law are derived from the French legal system. Some knowledge of French is a pre-requisite for arrival therefore. Being such a small island also, the country is incredibly densely populated which can make finding appropriate accommodation difficult, particularly as foreign investment increases. With its low-taxation system and almost zero crime, Monaco is however undeniably an enviable place to relocate to with plenty of working opportunities and enjoyable natural surroundings.
Working in Monaco
You cannot move to Monaco without first opening a bank account there. Each bank has slightly different rules, but you will be asked to make a minimum deposit initially of between of €500,000 to €1 million or more.
Once the account has been approved and opened, you need to instruct them to issue a bank attestation (letter) to the Surete Publique (Immigration) which confirms that you have sufficient funds to support yourself while living in Monaco. If you have employment, then a copy of your contract is also required. Once these steps have been taken you can then apply for residency through the Surete Publique.
Monaco has become a major banking centre and has sought to diversify its economy into the services sector and small, high-value-added, non-polluting industries. The state has no income tax, low business taxes, and is well known for being a tax haven.
Tourism accounts for close to 15% of the annual revenue and offers plenty of job opportunities. Monaco is also noted for its activity in the field of marine sciences and teaching English is a job which is currently in demand. If you speak French, the official language in Monaco, you will have a head start, however, Monaco has a very international job market and lots of English-speaking jobs across most sectors.
Visit the following web sites for further information on employment opportunities in Monaco:
Shipping My Effects to Monaco
The whole moving experience can be incredibly stressful, especially so when relocating abroad. White & Company, with its 145 years of experience in the removal industry, can help make the process a lot less traumatic.
White & Company move thousands of families around the globe each year and have branches all over the UK. We can arrange a free no obligation home survey and quotation. This will be carried out by one of our qualified surveyors, who is able to answer any of the questions and concerns you may have and offer advice where necessary.
The purpose of the survey is to determine the volume of effects you will be shipping. The cost of shipment is based on the space your effects will take up in our vehicle if transportation is by road and in a container if being shipped by sea. Following the visit, you will receive a written quotation.
Export Packing UK To Monaco
You will want to know that during your door-to-door service, your possessions are treated with respect and care. Our experienced teams located across the UK will pack and prepare your valuable, fragile and bulky furniture ready for export.
We use a modern range of environmentally friendly, purpose-made packing materials and can pack everything for you prior to your move. All china and glassware will be wrapped in special paper and then packed in double-thickness cartons. Furniture can be wrapped in bubble blanket for extra protection. Items requiring specialist care, such as antiques, can be packed in made-to-measure wooden crates.
Upon arrival at your residence in Monaco, our trusted agents will place boxes and furniture in appropriate rooms as directed. They will unpack your belongings onto flat surfaces and dispose of all packing materials.
You may find you need to store some or all of your possessions for a period of time prior to moving abroad. White & Company have storage facilities at all our branch depots across the UK and each of our depots offer secure containerised storage in personal dedicated storage containers. All our warehouses are clean, dry, secure and accredited to European standard BS EN 14873.
Our partners in Monaco can also offer you storage. You may be renting for a while and may not need all of your effects to be delivered immediately. If so you can arrange for certain items to be delivered and once settled in your new home, the rest can follow. Please note that storage rates may apply.
Contacting White & Company
For further information on our removals service to Monaco, or any other international destination, contact our international office on 01489 858768. Alternatively complete the form below with your details and we will contact you.
Moving to Monaco is a thrilling opportunity, but also one that requires dedication, plenty of organisation and time to research. For some helpful tips and information on settling into life in Monaco, visit some of the many expat forums online:
Here are a few sites to explore:
How you travel in Monaco will depend on whether you choose to live in the centre or in a bordering town. If you’re working in Monaco but living outside, you will probably choose to drive to work. However, because of the country’s small size, walking is one of the easiest ways to get around. It takes just 45 minutes to cross Monaco from east to west on foot. Everything in the principality is quite literally within walking distance!
There is a regular bus service throughout the island which is run by the Monaco Bus Company (C.A.M). This service it allows you to travel around the Principality between 7am and 9.30pm. C.A.M also runs a ferry service between Quai Kennedy and Port Antoine around Port Hercule. Taxis are also a common method of transport, but these tend to a little pricey.
Healthcare in Monaco is privately run and is of an excellent standard. All expats living on the island must take out private medical insurance, which compared to other countries is very expensive. When applying for your residence card, you may be asked to show documentary proof of your private medical insurance. There are plenty of pharmacies which operate on a rota system for late night opening.
Below are several good health insurance providers who will be happy to quote you and advise you as to which healthcare plan would best suit your individual requirements in Monaco:
Expats living in Monaco usually opt to rent a property initially before buying. It would be wise to avoid looking for a property during the tourist season, especially during April and May when the Grand Prix takes over the island. As well as being in very short supply, rental prices can double during this time. If the rent proves too high for your budget, many expats working in Monaco live in the bordering towns of France such as Cap d’Ail or Roquebrune Cap Martin, where prices tend to be cheaper.
If you are looking to buy property in Monaco prices can vary hugely based upon the location, size and condition of the property you are looking for. As a guide currently, the average cost per square metre of real estate is incredibly expensive at €53,700 (£47,187).
If you intend to rent a one-bedroom property, then you can expect to pay on average €2,760 (£2,425) per month. Rent is paid in advance on a quarterly basis and landlords will require an additional security deposit paid in advance equivalent to 3 months of the rent. This will be refunded to you if the property is left is a good condition.
The following site has a selection of properties for sale or rent:
All children living in Monaco must be in full time education from the ages of 6-16 years. It is possible le to send your children to public school in neighbouring France, a 50-minute journey, but most opt to send their children to nearby international schools, of which there are several options in Monaco.
Expats tend to choose to educate their children at an international school, especially if they only plan to stay for a few years. This option eliminates any concerns surrounding the language barrier and children can follow the curriculum of an expat’s home country, many of which offer the International Baccalaureate program.
There is one university in Monaco, the International University of Monaco. With a range of programmes for undergraduate, graduate and business students both full and part time and all courses are taught in English.
The following site will help you find a suitable international school: http://monaco.angloinfo.com
Although Monaco is not a member of the EU, its economy is closely tied to that of France and it does much of its dealings with the EU through its neighbour. As such its currency of choice is the Euro (€). ATMs are readily available throughout Monaco and major credit cards are accepted in most places.
When you are relocating to a new country, making sure you get the best currency exchange rate possible is crucial. Moving large amounts of money, such as when you purchase a new home, could potentially increase your return substantially.
If you want to beat your banks rates and services, simply contact our trusted FX partners, Frontierpay.
Opening an account with them couldn’t be simpler and it is totally free of charge. You can compare their rates with your own bank and see how much you can save below:
White & Company
European Removals since 1871
We recommend a visit from one of our Surveyors for all European moves, so that we can assess your requirements, and the volume of goods to be moved.
Below is a rough guide to the main locations in Monaco:
What Others Say…
Wayne Middleton and Brian Witherford were professional and extremely helpful. Did a brilliant job. Would recommend Whites to anyone. Thanks very much.
Have used this company regularly for 5 years including my time in the armed forces. They are professional and efficient. Will use them again on our next move.
The move went very smoothly and they were very polite.
A very smooth move by White and Co. The team worked very hard and were polite, professional and helpful.