As a small, wealthy city-state located on the French Riviera, Monaco offers a unique living experience for expats. Here is some information on various aspects of life in Monaco:
Wages and salary in Monaco
Monaco is known for having one of the highest standards of living in the world, with correspondingly high wages. However, the cost of living is also very high, particularly for housing.
Housing costs in Monaco
Housing in Monaco is notoriously expensive, with some of the highest real estate prices in the world. Rental prices are also very high, with one-bedroom apartments typically starting at around €2,500 per month.
Cost of domestic bills in Monaco
Utility costs such as electricity, water, and gas are generally included in the cost of rent in Monaco. Internet and phone services are also available but can be pricey.
Healthcare costs in Monaco
Monaco has a high-quality healthcare system, but it can be expensive for non-residents without health insurance. Expats are advised to obtain private health insurance to cover any medical expenses.
Childcare costs in Monaco
Childcare in Monaco can also be expensive, with full-time daycare for one child costing around €1,000 per month.
Study costs in Monaco
Monaco has a limited selection of schools and universities, and the cost of tuition can be high. However, public schools in Monaco are free for residents.
The cost of food and drink in Monaco
Restaurants and bars in Monaco can be expensive, particularly those located in the upscale Monte Carlo area. However, there are also more affordable options available in other areas of the city-state.
Transport costs in Monaco
Public transportation is limited in Monaco, but the city-state is small enough to navigate on foot or by bicycle. Taxis are also available, but they can be pricey.
Leisure activities in Monaco
Monaco is known for its luxury lifestyle, with many high-end shops, restaurants, and cultural attractions. However, there are also plenty of affordable or free leisure activities available, such as visiting the beaches, parks, and museums.
Taxation and social security in Monaco
Monaco has a unique tax system that is more favorable to high earners. There is no income tax or wealth tax in Monaco, but residents are required to pay a social security contribution.
Assistance with living costs in Monaco
Monaco offers a range of financial and social assistance programs to help residents with living costs, particularly for families and seniors. However, these programs are typically only available to Monaco citizens and long-term residents.