Let’s get this out of the way: no one in Monaco lives below the poverty line. You, at least, should have a good background in business or employment. Or, you could be a world-famous celebrity or athlete since they seem to love to stay in Monaco for good. Many millionaires and billionaires—famous and not famous—live in Monaco because they like the privacy that the wealthy nation provides.
In truth, not all who live in Monaco are Monégasques, which is what they call the Prince’s subjects. With a population of around 38,000 people, most of those living in Monaco know each other or know about each other’s family history. Of that number, only 8,800 are Monégasques. These are the people who were born in Monégasques families. It’s not about how much they have in the bank. To be called a Monégasque, you need to have the bloodline.
If you want to be a citizen of the tiny wealthy nation, you need to live there for 10 years or marry a Monégasque. If you’ve also done something special, the Prince might offer citizenship to you as a gift. To become a resident, you have to stay and work or do business in Monaco for six months and one day. Most of the residents there are of French and Italian descent, seeing how close the lifestyle in Monaco is to France and Italy.
Then, there are, of course, the rich foreigners—celebrities, athletes, and businessmen. Monaco is a tax haven. There is no tax on profits for businesses that have 75% of their output made in the principality. It also does not collect capital gains taxes. Monaco has no property taxes either for commercial or residential properties, although rental properties have a 1% annual tax and other charges.
Can You Live in Monaco If You Are Not Wealthy?
This is a question that might be in your mind given the wonderful sights of Monaco. The answer is it’s possible to live there if you’re not part of the ultra-wealthy clan. You may not afford to buy a house in Monte Carlo, but if you can afford to rent a flat, then you’ll be good, too. The only problem is that a flat costs around 5,000 Euros ($5,900) a month. That’s pretty steep.
Employment by Profession
Foreigners can find employment in Monaco, which is the only thing that can bring you there. Most of them are working in investment, insurance, and banking. If you have qualifications for these jobs, you can try to find employment in Monaco. But foreign employment in Monaco works differently than in other countries. The government has to give you a work permit. And every time you change companies or positions, you have to ask for another permit. Don’t worry, if you have the proper documents, you shouldn’t have any problem with this.
Employment by a Resident
There’s another way for you to afford to live in Monaco. You can be employed by someone who lives there. For example, you can work for a world-renowned artist who lives there. You can work as the personal accountant of a very wealthy athlete who resides in Monaco. They will be the ones to process your employment papers if they decide to hire you and get you to Monaco. Of course, coveting these positions is not easy. You need to find the proper recruitment agency that handles these things for the rich and famous.
Become a Business Owner
There is no tax on profits for businesses in Monaco if 75% of your business’ output is made in the principality. So, if you have the capital, you can start a business there. The government has to review the documents before you make any move, though. If they find your documents sufficient and believe you will contribute to the principality, you can get your permits and licenses approved. Maybe you will not be as wealthy as the rich foreigners who live in Monaco, but you will be able to afford to live there with a business.
There is nothing impossible in your dreams if you plan and work for them. Even if your dream is to live in a place as wealthy as Monaco, that is possible if you research and find a loophole. You don’t have to be a billionaire (though that will certainly help) to live in Monaco. You have to identify your strengths and determine how you can use these to carve a life for you in Monaco.