The Principality of Monaco covers 0.81 sq. miles and is the second smallest country in the world. What this tiny country lacks in space it makes up for in millionaires, with one in three citizens falling into the millionaire bracket. Monaco sits on the Mediterranean surrounded by France. The Grimaldi family have been ruling Monaco since the thirteenth century, apart from a short spell during the French Revolution. This beautiful country attracts millions of visitors every year who enjoy gambling, the Monaco Grand Prix or just watching the superyachts come and go.
If you are considering moving to Monaco, the various costs listed below will help you make an informed decision on what costs are involved when moving and living in this part of the world.
Quick Monaco Facts:
- Population: 39,520 (2021)
- Official Language: French
- GDP Per Capita:US$196,500 (2022)
- Gambling: Citizens and residents of Monaco are banned from gambling. To get into any of the casinos in Monaco you have to show our passport and Monégasques aren’t even allowed over the threshold.
- Currency: Euro (EU/€). As of 2022, €1= £0.86, US$1.05, $1.40 (CAD), $1.53 (AUD).
1. Moving and Shipping Costs to Monaco
Here are some sample container shipping costs to Monaco.
2. Monaco Housing Costs
Accommodation in Monaco is extremely expensive and consists mostly of apartments – albeit highly luxurious apartments. Only millionaires can afford houses in this tiny principality.
Monthly Rental Prices in Monaco
- 1 bedroom apartment in City Centre: €1,800.00 – €9,500.00
- 1 bedroom apartment outside the City Centre: €2,500.00 – €5,000.00
- 3-bedroom apartment in City Centre: €9,000.00 – €50,000.00
- 3-bedroom apartment outside the City Centre: €3,200.00 – €17,000.00
- Price per square meter (10.7 square feet) to buy in City Centre: €50,000.00 – €100,000.00
- Price per square meter (10.7 square feet) to buy outside City: €45,000.00 – €70,000.00
Source: Numbeo
Monaco Housing Cost Comparison
Below are how rents in Monaco compare with other countries around the globe.
United Kingdom is 88.33% cheaper
United States is 82.37% cheaper
Canada is 87.42% cheaper
Australia is 86.50% cheaper
France is 90.54% cheaper
Spain is 91.96% cheaper
Italy is 92.38% cheaper
Germany is 90.26% cheaper
Source: Numbeo
How to Save on Housing Costs
- Share an apartment or house. Have a look at the following sites to find your perfect flatmate: Erasmusu, Roomlala, and Soulrooms.
- Different areas – different prices. Unfortunately, accommodation is expensive everywhere in Monaco, whether you choose to live on the coast or on the hillsides with glorious views over the Mediterranean.
3. Monaco Food, Grocery and Restaurant Costs
Food and restaurants are expensive in Monaco, but the quality is outstanding. Menus are influenced by southern French and northern Italian cuisine with traditional local dishes added to the mix
- Inexpensive Restaurant: €15.00 – €52.00
- Domestic beer: €6.00 – €15.00
- Coke/Pepsi: €4.00 – €10.00
- 1L of milk: €1.50 – €3.00
- Loaf of Bread: €2.00 – €7.00
- 12 Eggs: €2.40 – €6.70
- 1kg Chicken Fillets: €10.00 – €19.90
- 1kg Beef: €15.00 – €25.00
- 1kg Apples: €1.00 – €5.00-
- 1kg White Rice: €2.00 – €5.00
Source: Numbeo
Below is how restaurants and food prices compare with other major countries in the world.
- UKrestaurants are 32% cheaper and groceries are 40.58% lower than in Monaco.
- United State restaurants are 99% cheaper and groceries are 13.51% lower than in Monaco.
- Canada restaurants are 58% cheaper and groceries are 21.60% lower in Monaco.
- Australia restaurants are11% cheaper and groceries are 13.11% lower than in Monaco.
- France restaurants are 20% cheaper and groceries are 21.53% lower than in Monaco.
- Spain restaurants are 14% cheaper and groceries are 50.76% lower than in Monaco.
- Italy restaurants are 08% cheaper and groceries are 37.39% lower than in Monaco.
- Germany restaurants are 68% cheaper and groceries are 38.94% lower than in Monaco.
Source: Numbeo
Bonus Tips for Cheaper Food, Restaurants and Groceries
- Know your supermarkets: You will find supermarket chains, independently owned grocery stores, organic food shops and amazing street markets in Monaco. Popular supermarkets in Monaco are Carrefour, Casino Supermarket and Spar.
- Find Cheap Eats:This not an easy task in Monaco but perhaps the following sites will provide possibilities – Trip Advisor, In Your Pocket and Zomato.
4. Monaco Alcohol Costs
Monaco may be tiny, but it still has space for a distillery and the occasional brewery. You’ll find every type of alcoholic beverage in Monaco, including highly prized and expensive wines, spirits and liqueurs from all over the world.
- Bottle of imported beer at a restaurant/pub: €8.00 – €11.00
- Pint (0.5L) domestic beer at a restaurant/pub: €6.00 – €15.00
- Pint (0.5L) domestic beer at a supermarket: €0.90 – €3.50
- Bottle of imported beer at a supermarket: €2.00 – €5.00
- Mid-range bottle of wine at a supermarket: €9.00 – €30.00
Source: Numbeo
How to drink for less in Monaco
- Google restaurants, bars and supermarkets regularly to see what’s on offer.
- Happy Hours are usually from 6pm until 8pm. Have a look at the following sites for more tips on where to go to save money on a night out – Trip Advisor, As We Travel and Here Magazine.
5. Monaco Transportation Fares
Monaco is so small that you can walk from one end to the other in 40 minutes, but you may want to take advantage of the public transport system which is excellent. It consists of bus, rail and ferry services. Trains are operated by the French SNCF. CAM is the main bus operator in Monaco. Note that Monica doesn’t have its own airport. The closest is Cote d’Azur airport in Nice, France which is a short thirty minute drive away. Have a look at iExplore to learn more about Monaco’s public transport
Below are some example ticket costs.
- One-way ticket (Local transport: €2.00 – €3.00
- Monthly Pass, (Regular Price): €22.00 – €60.00
- Taxi start (normal tariff): €3.00 – €6.60
- Taxi 1km (normal tariff): €1.70 – €3.00
Source: Numbeo
How to save money on public transport
- Public buses are the cheapest in Monaco
- Renting a bike, motorcycle or scooter is a good option for convenience and flexibility
- Monaco is so small that most people just walk from one area to another
6. Cost of Internet in Monaco
Internet in Monaco, like most things, is expensive but it’s reliable and fast. Here are some sample broadband internet prices from early 2022 for unlimited downloads, based on a 12-month contract:
- Starlink SpaceX – €93.95/Mo for 200 Mbit/s
- iDirect Evolution W6 – €122.17/Mo for 200 Mbit/s
7. Cost of Clothing, Personal Items, Gym and Leisure
Monaco is known for its wonderful Mediterranean climate. It has dry, warm summers with an average temperature of 26C and mild, rainy winters with temperatures of between 8C and 14C. August is generally the hottest month and January is usually the coldest, with October being the wettest. Monaco’s annual rainfall is 715mm.
Here are some clothing prices, together with other useful prices.
- Pair of Jeans: €25.00 – €123.00
- Summer Dress: €30.00 – €40.00
- Running Shoes (Trainers): €90.00 – €170.00
- Business Shoes: €175.00 – €550.00
- Short Doctor’s visit (15 mins): €60
- Deodorant: €4.37
- Shampoo: €6.00
- Toilet Paper (4 rolls): €5.00
- Gym membership per month: €58.33 – €1,200.00
- Movie (cinema) ticket: €10.00 – €12.00
Source: Numbeo and Expatistan
8. Cost of Owning a Car and Driving a Car in Monaco
There are 35,500 registered car owners in Monaco which equates to every resident having way more than one vehicle. Registering your car in Monaco is an easy process, as is buying a vehicle. Have a look at AngloInfo for detailed information on buying and selling vehicles in Monaco and general information on road rules and driving conditions. You can drive on your home country’s driving licence in Monaco as long as you have other ID with you, such as your passport.
Here are some other sample costs of owning and driving a car in Monaco:
- Volkswagen Golf:€16,000.00. – €20,000.00
- 1 litre (¼ gallon) of gas (petrol):€1.11 – €2.00
- Other fees (if any): The average monthly cost of owning and driving a car in Monaco, including depreciation is €424
Source: Numbeo
Ways to save money driving in Monaco
- Car sharing or pooling is the best option to save money. Have a look at the following site – Carpool World.
- Taxis can be a cheaper option, especially if you are parking all day which is a exceptionally expensive in Monaco City.
Need your car/vehicle moved to Monaco? Then read our guide to Car Transport & Vehicle Shipping
9. Taxes in Monaco
There is no personal taxation in Monaco. Corporate tax is 33.33%. Tax on rental income is 1% and there’s 33.3% tax to pay if you sell your property. VAT in Monaco is 20% on most goods and services but some goods and services attract lower rates of 10%, 5% and 2.1%
10. Flight Costs from Monaco
If you do make the move to Monaco, here’s approximately how much it will cost to fly to other major world cities based on the lowest, one-way fares from Skyscanner as of 2022:
- London: €43
- Paris: €42
- New York: €256
- Los Angeles: €378
- Toronto: 390
- Dubai: €320
- Sydney: €556
- Melbourne: €558
- Cape Town: €487
- Hong Kong: €320
Other Monaco Relocation Tips
The above costs and pricing should give you a good idea of the cost of living in Monaco. But perhaps the following extra tips will make your move go smoothly.
11. Relocating to Monaco Alone
Making a move abroad is exciting but moving alone can be really stressful. However, the atmosphere in Monaco and the Mediterranean will help you ease into your new life. Here are a few tips about settling in Monaco.
- Meetups:Connect with many groups through Meetup to participate in a wide range of activities in Monaco such as yachting, gambling and wine tasting.
- Attend local events: Monaco is renowned for putting on lavish events. There is always something happening in Monaco. Have a look at the following sites for inspiration – Trip Advisor, The Crazy Tourist, and Planetware.
12. Moving to Monaco with a Family
Moving with family has many challenges but Monaco has so much to offer that these challenges will fade into the background. There are art galleries, museums, churches, the Palais Princier de Monaco, botanical gardens, plus everything the Mediterranean has to offer.
- New parents (or parents-to-be):Connect your family with various groups like Mum Abroad and Monaco Mums for advice, courses, and ways to meet other parents or parents-to-be.
- Live in a family-friendly area:The whole of Monaco is family-friendly. Areas that are highly recommended for families include Fontvieille, Saint-Roman, Monte Carlo, and Moneghetti.
- Find things to do with the kids:Monaco has many things for children to do. Have a look at the following website for inspiration – Miells, The Culture Trip, Trip Advisor and Iconic Riviera.
13. Moving to Monaco for Work
Moving to a new country for work is one of the most common reasons people choose to move. While it is possible to move without a job, it makes sense to ensure there are jobs in your field before you make a move.
Monaco is a big tourist destination and employs people in hospitality, tourism and gambling sectors. Finance, insurance and IT are other sectors that welcome foreigners.
Here are a few things to consider when moving for work:
- Salary: The costs we outlined above should give you a rough idea, how much more you’ll want to be making to make the move worthwhile. You can also check salary ranges on sites such as Glassdoor and Payscale.
- How to find work: If you want to have a job lined up before you move to Monaco, but aren’t sure where to begin, the following sites are good places to start: LinkedIn, Monte Carlo Jobs, Million Makers and Indeed. You may also want to Google recruiters in your industry, as they can often help land you some initial interviews as well.
14. Moving to Monaco from Australia
There are a small number of Australians are living in Monaco. If you are thinking of moving from Australia to Monaco, here are a few things to consider.
- Size comparison:Australia is 3,870,610 times bigger than Monaco. The population of Australia is 25,739,000 whereas the population of Monaco is 39,520.
- Join expat groups: Internations and Meetup offer ways of meeting up with other Australians in Monaco.
15. Moving to Monaco from Canada
There are a few Canadians living in Monaco. If you’re considering making the move from Canada, here are a few things to consider.
- Size:Canada is 4,992,335 times bigger than Monaco. The population of Canada is 38,246,000 whereas the population of Monaco is 39,520.
- Expat groups:Meet fellow Canadians in Monaco through Expat, Internations, and Meetup.
16. Moving to Monaco from the United Kingdom
Around 5% of population of Monaco is from the UK. If you’re considering joining them, here are a few bonus tips:
- Size: The UK is 121,805 times bigger than Monaco. The population of the UK is 67,327,000 whereas the population of Monaco is 39,520.
- Expat groups:Connect with fellow Brits in Monaco through Expat, Internations, and Meetup.
Hopefully, the tips and costs above are helpful. If want to get started pricing out how much it will cost you to move to Monaco you can start by comparing moving quotes here.
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