Of all the magnificent attractions along the French Riviera, Monaco remains perhaps the most famous and iconic destination. Enjoying the warm climate and seaside views of the Mediterranean, and famous for its zero income tax, the principality has become the most popular location for the ultra-wealthy to set up a second, third, or fourth home.
While it’s a fabulous luxury destination, Monaco is also an excellent financial center and favorable to business. If you’re among the many expats looking to stay for business or employment reasons, you can expect the cost of living to be quite high, for starters. Here are a few more things to prepare for.
Consider residency requirements
Becoming a resident of Monaco can be easier than you’d expect, and confers the privileges and status of living among the elite – along with the benefits of residency in a tax haven, of course. Unless you have a direct employment contract with a Monagesque citizen, there are two ways to fulfill residency requirements.
Establishing a business in Monaco might be the main reason for your relocation, and is also a qualification for residency; thus, they frequently go together. After securing the necessary permits and business registration, along with a commercial lease for your premises, you can apply for residency.
The second option is to provide evidence of your wealth, primarily through a deposit in a Monaco bank. Documents such as proof of accommodation and income, as well as other records attesting to good character, education, and insurance, will be required. Once you’ve become a resident, it’s a simple matter of renewal as needed for the duration of your stay.
For any long term stay in Monaco, housing will be one of your most important considerations. The principality has one of the highest population densities in the world, with roughly a third being millionaires, and zero below the poverty line. The overall level of wealth, combined with Monaco’s many desirable qualities, has driven up prices considerably. If you can afford some of the world’s most coveted real estate, you can be confident that value will only appreciate over time and get you a good return on investment.
While you may be able to purchase the right location, property rentals in Monaco can be more cost-effective and realistic if you don’t expect your relocation to be a permanent one. Keep in mind that the cost of living here – from utilities to gas, and overall lifestyle – will be even higher than most places across the world.
There’s a simple reason why you should identify your place of stay before planning what to bring, aside from budget, of course. Living space in Monaco comes at a premium, and you’ll want to pay attention to the amount of floor area you have. Not only will moving services cost you more for a lot of stuff, but you also don’t want to end up having too little space when you get there.
You can hire overland movers to bring your packages via dedicated or shared consignment, or you can use international shipping services that will be processed and cleared at the principality’s port. Many services are available that provide insurance as well as state of the art satellite-based tracking for your peace of mind. You definitely wouldn’t want to have to shop for expensive replacements when you arrive.
Relocating to Monaco for work can be a dream combination of lifestyle and income. Manage the necessary logistics, and you’ll be all set to enjoy your extended stay.