Watching the blue harbor opening towards the Mediterranean while sipping that favorite drink from your apartment veranda as the cool breeze blows in your face – this is just a sampling of the good life that awaits those who can afford it in Monaco. Indeed, living in the Monegasque principality is living a life alongside the elite. This means that average standards of living is not for those earning a meager income.
The good thing though, is that residents of Monaco have virtually zero income tax to pay their government. That means that despite the high standards of living, they’re still able to keep their income intact to offset all the extra expenses. To top it off, they’re enjoying a high level of security thanks to Monaco’s ever-present police force.
The idea of settling in the prestigious city state probably has come across your mind more than once. You may have gotten it from those post card pictures, or you probably have seen the Monte Carlo Grand Prix once and wanted to be back for good. In any case, you are likely willing to invest a fortune to avail of a citizenship in Monaco.
If you really desire to live in Monaco, then you have a few things to know about. The first is obtaining a resident status. The next one would be the costs of obtaining a residence. Both are important if you are to stay, and we’ll be tackling these two issues in the next few paragraphs.
Becoming a Resident in Monaco
You don’t necessarily have to be rich to become a citizen of the principality, but you’ll definitely need some money to invest on obtaining that coveted resident status. The first requirement you’ll have to satisfy is to live in the city for at least six months, in your own residence.
You’ll also need the deed of your Monaco real estate property. You’ll have to show residency officials the accompanying bank certificate that shows you’ve made a necessary deposit. This certificate should come from a bank in Monaco, where you should pay a fee of around €400,000.
Acquiring a Monaco Real Property
Of course, you won’t be able to present any deed if you don’t have a residential property of your own. Monaco has a healthily thriving real estate industry, and finding your personal niche in the city state is a breeze. Again, you don’t need to be rich to purchase a Monaco real estate property, but if you wish to live a comfortable life in the city, then you ought to be ready to spend.
Property can be rather expensive, though reasonable in Monaco. Rents, which normally cost a few thousand Euros are the cheapest, but this does not count as actually owning the place. On the other hand, purchasing an apartment – the most common type of residence in Monaco – can cost you some five-digit prices in Euro, per square meter. The cheapest of these can come around €500,000, while higher valued ones can be bought for at least twice the price.
Living in a Monaco real estate property and eventually becoming one of the city’s residents are the two essential steps in obtaining the privileges of the Principality’s regular citizens. Expensive, but worth it nonetheless.