ATMs in Monaco: Credit cards and fees
The tiny Principality of Monaco is a little slice of paradise on the Mediterranean coastline, and the second smallest independent state in the world, at just...
Moving to Monaco from the UK: Complete guide
Dreaming of moving to Monaco and enjoying the beautiful French Riviera every day? This glamorous city-state offers expats a blend of luxury and charm in a picturesque setting. In this guide, we’ll cover everything you need to know about moving to Monaco from the UK, including the cost of living, visa options, popular expat destinations and much more.
We’ll also show you a cost-effective way to manage your money across borders. With the Wise account from the money services provider Wise, you can send, spend and convert money in 40+ currencies at great mid-market exchange rates and low, transparent fees*. It’s not a bank account but offers some similar features, and your money is safeguarded.
Looking to take your savings with you? Wise can also help you with large transfers.
Learn more about the Wise account
Can you move to Monaco from the UK?
Yes, you can move to Monaco from the UK, but there are certain requirements you need to meet.
We’ll take you through the process and show you how to move to Monaco from the UK.
What are the requirements to move to Monaco?
Anyone planning to stay in Monaco for more than three months must apply for a residence permit. This requirement applies to everyone over 16, including minors.¹
Start by contacting the French Consulate in the UK. You can apply for a long-term visa before arriving in Monaco or obtain a permit after your 90 visa-free days. The requirements may vary based on the permit you get, but here are some of the main ones:
- A valid passport
- Proof of accommodation in Monaco
- Proof of sufficient funds
- A certificate of good conduct¹
How long can a British citizen live in Monaco?
British citizens can live in Monaco as long as their residence permit remains valid. There are one-year, three-year and ten-year permits and after that you can apply for citizenship.²
How to move to Monaco from the UK
Here are the key steps to follow when moving to Monaco from the UK:
1. Do job market research
Look into in-demand positions and salary averages, and be sure to check out job-seeking websites like Emploi Monaco.
2. Secure a job and gather the necessary documents
Once you land a job and sign the contract, your employer will take care of applying for your work permit. Just make sure to provide any required documents to help with the process.
3. Find a place to live
While waiting for your work permit, you can begin searching for accommodation. Since residency is not required to rent or buy property in Monaco, you may even be able to secure a place before you move.
4. Look into health insurance and Monaco banks
Take the time to research Monaco’s private healthcare options and the facilities in your area. This is also a good opportunity to explore Monaco banks and international bank accounts to see what options are available.
5. Read customs and imports rules before packing
Before packing, be sure to review Monaco's customs and import regulations. This will help you avoid bringing prohibited items or exceeding duty-free limits.
6. Consider hiring a moving company and pack only the most valuable items
Pack your important documents and personal valuables yourself. For the rest, hire a moving company to manage the packing and transportation.
Moving to Monaco with pets
When moving your pet to Monaco, you must follow specific rules and regulations. You’ll need proof of rabies vaccination, a rabies titer test and a veterinary certificate for Monaco. All pets must enter Monaco through Côte d'Azur Airport in Nice.³
Certain dog breeds are banned unless they have pedigree registration. This includes the Staffordshire Terrier, Pitbull Terrier, Mastiff and Tosa Inu. Be sure to stay updated on any changes to these regulations.³
To ensure your pet meets all health and documentation requirements for travel, it's best to contact the Animal and Plant Health Agency (APHA).
Visas and residence permits in Monaco
There are four main categories of Monaco residence permits:
- Temporary permit
- Ordinary permit
- Privilege permit
- Spouse of a Monegasque national permit⁴
Temporary permits are issued only to first-time applicants and they’re valid for a year. After you’ve lived in Monaco for three years, you can apply for an Ordinary permit. Lastly, after spending ten years in Monaco, you can apply for a Privilege permit.⁴
How to apply for residency
Before applying for a residence permit, you must first obtain a long-stay visa. You can apply for this at the French Consulate in the UK by requesting permission from Monaco’s Ministry of the Interior to apply at the French Embassy in Monaco.⁵
Once you receive your visa, you can start gathering the necessary documents for your residence permit. This includes proof of accommodation, such as a recent utility bill or rental contract. You’ll also need proof of sufficient funds, like a certificate from the Employment Office or evidence of a pension.⁵
Besides this, you’ll also provide your passport which includes the long-stay visa, your birth certificate and a certificate of good conduct.⁵
How to renew your residency
It's important to renew your residency on time, which should be easy since you can also complete the process online. The required documents are similar to those from your initial application.
You’ll need the following:
- Your passport
- A recent electricity bill
- Proof of sufficient funds (a recent payslip, a reference issued by a Monaco bank)
- A Certificate of Accommodation (only if you’re not the owner or tenant of your accommodation)
- A signed Sworn Statement⁶
You can complete the online application on the website of the Monaco Government. If applying in person, visit the Residency Section at 9 rue Suffren-Reymond in Monaco. Alternatively, you can submit your documents by mail to: Section des Résidents, 9 rue Suffren-Reymond, 98000 Monaco.⁶
Options for retiring to Monaco from the UK
Monaco doesn’t offer a specific retirement visa, but UK citizens can still retire there by securing the appropriate residence permit. And since financial stability is a key requirement for any permit, your pension can be used as proof of sufficient funds.
After living in Monaco for at least five years, you may become eligible for a retirement allowance. The state provides financial assistance to retirees with lower incomes, provided they can demonstrate a genuine need for support.⁷
If you manage to retire in Monaco, you can also claim your UK state pension there. It can be paid into a UK bank account or a Monaco one, in which case you’ll be paid in the local currency. You can choose how often you’ll get paid - anywhere from 4 to 13 weeks. Contact the International Pension Centre to get the most recent information.⁸
Living in Monaco - The key facts
Here are some basic facts you should know about Monaco if you’re considering moving there:
| 💰 Currency: | Euro (EUR) |
|---|---|
| 🗣️ Main language: | French |
| 👥 Population: | 38,451⁹ |
| 🇬🇧 Number of British expats: | around 2,800¹⁰ |
Popular cities and locations for expats
Although Monaco is a small state, there are still various attractive places you can live in. Some popular destinations are Monte Carlo, La Condamine, Fontvieille, Beausoleil, La Turbie and Monaco City.¹¹
Cost of living in Monaco
As you might expect, Monaco is significantly more luxurious and far more expensive than the UK. Let’s see how much more you’ll need to spend after you move to Monaco from the UK.
The overall cost of living, excluding rent, is nearly 130% higher in Monaco, while the total cost, including rent, is about 300% more. Rent alone is 700% higher and groceries will cost you around 70% more than in the UK.¹²
Property prices are also vastly different, with apartments in Monaco averaging ten times the cost of those in the UK. Dining out is more expensive as well, with restaurant prices about 70% higher. However, utility costs remain roughly the same in both places.¹²
One of the few areas where Monaco is actually cheaper is public transportation, as a monthly pass costs over 70% less than in the UK.¹²
Opening a Monaco bank account
Opening a bank account should be one of the first things you do after moving to Monaco from the UK. It’s crucial for covering rent, managing daily expenses and getting payments from your employer.
There are around 30 banks in Monaco, which makes it a great destination for quality banking services. To open a bank account, you’ll usually need to contact the bank directly or work with local advisors.¹³
You’ll need a strong financial profile and a large deposit, which can range from €500,000 to €3,000,000, depending on the account type. Banks also require a background check and proof of the source of your funds.¹³
Aside from that, documents such as a valid ID, proof of address, financial statements and details about the source of your funds. Since requirements and minimum deposits vary by bank, it’s recommended to seek professional assistance when opening an account.¹³
Whether you’ll be able to keep your UK bank account after moving depends on your bank. For example, Barclays closes your account once you move abroad.¹⁴
Renting and buying property in Monaco
You can rent and buy property as a UK citizen if you follow the location requirements. You can own property in Monaco even before becoming a resident and the only restriction is that you cannot purchase property near the residence of the Prince of Monaco.¹⁵
Monaco does not impose property or income taxes. The only costs you will need to cover are the registration tax and notary fees, which typically range from 6% to 12.5% of the property value.¹⁵
When it comes to renting, you will be required to pay a security deposit equivalent to three months' rent. However, this deposit may sometimes vary depending on the size and condition of the apartment.¹⁶
Since Monaco has one of the most expensive real estate markets in Europe and the world, it is highly recommended to consult a real estate agency before investing or renting.¹⁶
Healthcare in Monaco
Monaco has one of the best healthcare systems in the world. Public healthcare is available to all long-term residents of Monaco, as well as citizens of France and Italy. Every Monaco resident is obliged to contribute to the state-funded healthcare system called Caisses Sociales de Monaco or CSM.¹⁷
The private sector is also well-developed and modern. Some of the main hospitals are Centre Hospitalier Princesse Grace, Clinique de Monte-Carlo and Clinique du Louvre.¹⁷
Health insurance
If you are employed, you will likely be covered by the Monegasque Social Security system. While the public healthcare system is excellent and relatively affordable, certain expenses, such as occupational accidents or work-related illnesses, are only covered by private insurance.¹⁸
The cost of public health insurance and healthcare services depends on your family quotient. There are three types of health cards available: carte verte, carte rose and carte bulle, with carte verte offering the lowest costs and carte bulle the highest.¹⁸
Although the public healthcare system is excellent, you also have the option to invest in private insurance and take advantage of its additional benefits.
English-speaking doctors and medical staff
Since Monaco has a large international community, many doctors are likely to speak English. However, it is best to confirm this with your doctor before booking an appointment.
Medication and prescription requirements and restrictions
Medication can be quite expensive in Monaco, although some insurance plans may cover certain medications. If you take prescription medication, be sure to carry it in its original packaging and keep it in your hand luggage when moving to avoid any issues.¹⁸
Finding a job and working in Monaco
You can work in Monaco as a British citizen if you obtain a work permit. However, each time you change jobs or positions, you'll need to apply for a new permit.¹⁹
While Monaco is very foreigner-friendly, locals may still have an advantage in the job market. You can start your job search by browsing websites like Emploi Monaco or sending your CV to companies. Since UK passport holders don’t require a visa to enter Monaco, you can visit to attend interviews with potential employers.¹⁹
The average salary in Monaco is around €49,000 a year. For example, accountants earn €35,000, while private bankers make around €120,000 annually.²⁰
Studying in Monaco
Monaco has only one university, the International University of Monaco, which specializes in business and finance. A key advantage of studying here is being immersed in an international business hub, allowing you to witness industry practices firsthand.²¹
EU and non-EU students have different tuition fees. On average, postgraduate programmes for non-EU students cost €17,500, while bachelor programmes start at €18,000. Once you find a programme that interests you, it's best to contact the university directly for detailed information on fees and potential scholarships.²²
Save on your relocation costs to Monaco with Wise
Before moving to Monaco, you’re likely to have lots of costs to cover. Some of these, such as real estate costs, visa application fees and rental deposits, will need to cross borders and can get expensive because of the transfer fees and exchange rate markups.
Open a Wise account and you can send money between the UK and Monaco for low, transparent fees* and the mid-market exchange rate. It's not a bank account but offers some similar features and your money is always safeguarded.
You can also get the Wise card for a one-time fee of £7 to spend in EUR from the moment you step off the plane. It works in 150+ countries and automatically converts your pounds to the local currency whenever you spend, only adding a tiny, upfront currency conversion fee*.
| Here’s an overview of the main benefits of using Wise: |
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**Capital at risk. In the UK, Interest and Stocks are provided by Wise Assets — this is the trading name of Wise Assets UK Ltd, a subsidiary of Wise. Wise Assets UK Ltd is authorised as an investment firm and regulated by the Financial Conduct Authority (FCA). Our FCA number is 839689. We do not give investment advice, and you may be subject to pay tax. If you're not sure, seek qualified advice. You can find more information about the funds on our website.
Wise Interest isn’t currently available to use with a Monaco address.
Conclusion
- Monaco offers three types of residence permits based on the length of stay: Temporary Permit, Ordinary Permit, and Privilege Permit
- There is no specific retirement visa, but you can still retire in Monaco by proving you have sufficient funds
- You can rent or buy property in Monaco before officially becoming a resident
- All residents must have health insurance, and Monaco’s public healthcare system is excellent
- The cost of living in Monaco is significantly higher than in the UK
Sources used:
- Monaco Embassy to United Kingdom - settling in Monaco
- Monaco Advisers - permanent residency
- Air Pets - relocating pets to Monaco
- MonServicePublic - residence permit
- MonServicePublic - applying for a residence permit
- MonServicePublic - renewing your residence permit
- MonServicePublic - retirement allowance
- Gov.uk - State Pension if you retire abroad
- Worldometers - Monaco population
- MonServicePublic - British expats in Monaco
- Brussels Morning - best places to live in Monaco
- Numbeo - cost of living comparison between the UK and Monaco
- Monaco Advisers - opening a bank account in Monaco
- Barclays - living outside the UK
- Immigrant Invest - real estate guide
- Valeri Agency - renting an apartment in Monaco
- Monaco Advisers - healthcare system
- MSH International - health insurance for expats
- Expat Focus - working in Monaco
- Payscale - Monaco salaries
- Masters Portal - study in Monaco
- Go France - International University of Monaco
Sources last checked on date: 11-Feb-2025
*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.
This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.
We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.
