Working and Living in Monaco

Labor market

There are many ways to work here. But most of them will have to look for permanent residence in France because of the high rents. At present, around 30,000 cross-border workers come to the principality every day.

To do a job, you need to have a very good knowledge of French. Any other foreign language is an advantage. This applies in particular to the Italian and English languages. Specialists from the tourism, hotel and catering sectors have the greatest chance of finding a job. Applicants should take a look at the specialist job portal on the Internet or directly on the homepages of the hotels and restaurants in Monaco.

As soon as you have a permanent job offer or an employment contract, you have to report to the employment authority. Your commencement of work will be officially approved here. The police controls are strict and part of everyday life. You should therefore always have the work permit with you.

In Monaco, according to countryvv, there is a VAT as in France, to which part of it is paid. According to Art. 3 Para. 2 CC it belongs to the customs territory of the European Community, as there is a customs agreement with France.

Cost of living

A student needs around 400 to 700 euros a month for food, clothing and leisure. This does not include costs such as books, rent and trips. This shows how high the cost of living is here.

You would need around € 11,840.89 in Monaco to maintain the same standard of living that you could have in Berlin with € 3,700.00 (assuming you rent in the cities).

  • Consumer prices in Monaco are 52.91% higher than in Berlin (excluding rent)
  • Consumer prices in Monaco are 220.02% higher than in Berlin (including rent)
  • Rental prices in Monaco are 601.62% higher than in Berlin
  • Restaurant prices in Monaco are 151.29% higher than in Berlin
  • Food prices in Monaco are 35.43% higher than in Berlin
  • The local purchasing power in Monaco is 36.58% lower than in Berlin

Average cost of living in Monaco (from 05/2019 – 10/2020)

Restaurant Ø € Price € Price from / to
Food, price w. restaurant 27.50 20.00 – 50.00
Middle class, 3 courses for 2 people. 150.00 120.00-250.00
Local beer, 0.5 l 6.50 4.00 – 8.00
Imported beer, 0.33 l 6.50 3.00 – 8.00
cappuccino 3.92 3.00 – 5.00
Coca / Pepsi (0.33 l) 4.40 3.00 – 10.00
Water (0.33 l) 4.33 4.00-5.00
Food Ø € Price € Price from / to
Milk (1 L) 1.68 1.00 – 2.50
White bread (500g) 2.57 2.00 – 3.50
Rice (white), (1kg) 2.00 2.00-2.00
Eggs (12) 3.05 2.60-3.50
Local cheese (1kg) 14.50 14.00-15.00
Chicken breast fillet (1kg) 12.25 8.00-18.74
Beef (1kg) 9.00 8.00-10.00
Apples (1kg) 1.50 1.00-2.00
Bananas (1kg) 4.00 4.00-4.00
Oranges (1kg) 1.50 1.00-2.00
Tomatoes (1kg) 2.00 1.00-3.00
Potatoes (1kg) 3.50 1.00 – 6.00
Onions (1kg) 1.50 1.00-2.00
Lettuce (1 head) 2.00 1.00 -3.00
Water (1.5 l) 1.75 1.00 – 2.50
Bottle of wine (middle class) 14.50 14.00-15.00
Local beer (0.5 l) 2.00 2.00-2.00
Imported beer (0.33 l) 2.50 2.00-3.00

Average costs for local transport, utilities, clothing, leisure, education of Monaco (from 05/2019 – 10/2020)

Mode of Transport Ø € Price € Price from / to
One-time ticket 2.00 1.00-2.00
Monthly pass 50.00 27.00 – 65.00
Taxi base amount 3.00 3.00-3.00
Taxi 1 km 4.00 3.70-5.00
Ancillary housing costs Ø € Price € Price from / to
for 85 sqm apartment (electricity, water, garbage, etc. 189.00 141.67-250.00
1 minute prepaid mobile tariff 0.15 0.15-0.15
Internet (60 Mbps or more, unlimited data, cable / ADSL) 62.50 59.99-89.00
Clothes, shoes Ø € Price € Price from / to
Jeans (Levis 501 or similar) 68.33 25.00-120.00
Summer dress (Zara, H&M,… 50.00 50.00 – 50.00
Nike sports shoes, middle class 117.50 100.00-130.00
Leather business shoes 230.00 175.00-300.00
leisure time Ø € Price € Price from / to
Fitness center, month / adult 140.00 41.67-200.00
Tennis, 1 hour on weekends 28.67 25.00 – 31.00
a movie ticket 12.00 12.00-18.00
training Ø € Price € Price from / to
Preschool / Kindergarten, private, whole day, monthly per child 1200.00 1,200.00 – 1,200.00
International primary school per year and child 23,000.00 18,000.00 – 28,000.00

Average rental prices / purchase and salaries of Monaco (from 05/2019 – 10/2020)

Monthly rental price Ø € Price € Price from / to
Apartment (1 bedroom) in the city center 3,875.00 2,500.00 – 6,000.00
Apartment (1 bedroom) outside the center 3,200.00 2,500.00 – 4,000.00
Apartment (3 bedrooms) in the city center 17,750.00 15,000.00 – 20,000.00
Apartment (3 bedrooms) outside the center 11,250.00 8,000.00 – 15,000.00
Purchase price of apartments Ø € Price € Price from / to
Price per square meter for an apartment in the city – purchase 68,750.00 55,000.00 – 85,000.00
Price per square meter – apartment outside the center – purchase 49,000.00 40,000.00 – 60,000.00
wages Ø € Price € Price from / to
Average monthly salary (after taxes) 5,200.00

General provisions for travel and residence (until the corona pandemic)

Entrants from the EU, the Schengen states and Great Britain who come from states with a Covid-19 incidence higher than 60 cases per 100,000 residents in the past 14 days, regardless of their nationality, must report to the Monegasque health authority immediately after entering the country report and can be required to present a current negative virological Covid-19 test or to quarantine.

Stay up to 3 months

With a valid passport or identity card, citizens from Germany, Switzerland and Austria can stay here for up to three months without a visa. If you want to stay longer, you have to apply for a residence permit at the responsible police station. Students must bring their proof of study with them.

Stay over 3 months

If you want to stay in Monaco for more than 3 months a year, you need a residence permit. The conditions for this depend very much on the nationality of the applicant. However, you must provide the following evidence in any case.

  1. accommodation

Either through proof of ownership; if you are the manager of a company that owns a house or apartment; rental contract

  1. Sufficient financial resources

Salary; sufficient savings (the amount considered sufficient depends on the bank in Monaco where the reference is given); Community in which you are financially secure

  1. Criminal record certificate

From the last two countries you lived in in the last 5 years prior to arriving in Monaco.

  1. Birth certificate
  2. Identification document

However, the dream of a permanent life in Monaco will probably not come true for an average European, because whoever wants to obtain permanent right of residence in Monaco must deposit a sum of 400,000 euros with a Monegasque bank and also purchase a property with a minimum value of Has 700,000 euros.

Obtaining a residence permit is very difficult even with a permanent employment contract. For a permanent residence permit, you need, among other things, a rental agreement or an accommodation certificate from the local residents’ registration office. With an average salary, however, you cannot buy property in Monaco. Even for renting a room or a small apartment, the income generated will hardly be enough. Alternatively, there is still the option of staying permanently in a Monegasque hotel, but these rents are also unaffordable.

Students can live here for at least a few years. If you want to study at the University of Monaco, you need to be fluent in French. With the receipt of a study place, the university arranges relatively cheap rooms. Since the cost of living is very high, you need a good financial cushion.

Emigration and Life in Monaco

Monaco is either something for the “well-heeled”, for commuters who love to travel or for bon vivants. It is not recommended for everyone else.

Working and Living in Monaco