10 Benefits of Living in Monaco

Monaco is a tiny country on the French Riviera and lies on the Mediterranean Sea in Western Europe.

With an area of 0.81 miles squared (smaller than New York’s Central Park) and just about 38,000 residents, it is the second smallest country on the planet after Vatican City. 

People worldwide have long considered Monaco a great state to live in because Monaco includes great benefits, such as no taxes and fantastic business opportunities.

Also, the principality provides first-class education, and citizens tend to have a lot of money and live a good life compared to those in other countries. 

Top 10 Benefits of Living in Monaco 

1. Almost No Taxes 

Many people call Monaco a tax haven because Monaco residents pay almost no taxes. The country has no capital gains tax, worldwide income tax, or wealth tax.

Also, property taxes are practically non-existent. This lack of taxes is why the principality is full of wealthy people and is a booming area for business. 

In Monaco, the only people who have to dole out a personal income tax are those of French nationality living in Monaco, and they pay according to French tax law.

Otherwise, no one in the state pays any sort of income taxes. 

The only taxes that citizens really have to deal with is a property tax in some instances.

However, instead of the property taxes that most people are used to, only renting citizens suffer property taxes every year, and it is only 1% of their annual rent. 

Also, those who deal in Monaco real estate must give up 33% of the profit they make on the property they sell.

But this tax is a small price considering that sellers won’t have to give the government anything else for the year. 

2. International Events 

The Monte-Carlo Tennis Tournament is one of the most famous tennis tournaments in the world.

The event is actually in Roquebrune-Cap-Martin, France, which is a commune that borders Monaco. However, the tournament is extremely popular in the country. 

Monaco has also held Formula One motor racing every year since 1929.

The Monaco Grand Prix forms the Triple Crown of Motorsports, along with the Indianapolis 500 and the 24 Hours of Le Mans. 

3. International Schools

Monaco offers some of the best schools on earth, including the world-famous International School of Monaco.

These prestigious schools supply kids with a champion education and get them ready to attend universities all over the world so that they have the best chances of living a good life. 

4. Interesting Districts 

One of the most interesting parts of the city-state is Monaco City (Monaco Ville in French).

Monaco City is not actually a city but, instead, a historic district in the south-central portion of the state right on the Mediterranean coast. 

Monaco City attracts countless tourists every year because the district still feels like a medieval village with quiet streets and virtual silence at night.

In the area, visitors will find historic places, such as the Prince’s Palace of Monaco, the Cathedral of Our Lady Immaculate, and St. Martin Gardens. 

There is also La Condamine which is the central ward in the principality and houses landmarks, like the Rainier Nautical Stadium, the Princess Antoinette Park, and Port Hercules. 

5. Luxury Real Estate 

Monaco real estate is always absolutely gorgeous, which is why the country has the highest average price per square foot than anywhere else, with residents paying an average of $5,350 to $5,920.

Also, the median price of a resale home is $4.7 million, so you know that the average citizen lives in luxury. 

Furthermore, over the last century, Monaco has been building on reclaimed land from the sea so that the city-state now offers even more brand new seafront assets. 

6. Ski Resorts

Around Monaco, there are several top-of-the-line French ski resorts that are some of the best in the world.

Located throughout the Southern Alps, these resorts offer other luxuries as well, such as paragliding, swimming, spas, hiking, and rooms with views of the stunning surrounding areas. 

7. Cultural Centers 

Monaco living wouldn’t be complete without the surplus of culture that the state offers to citizens, foreign residents, and visitors.

Some of the centers located in the country include La Maison de France (FGFM), the Institut Audiovisuel de Monaco, and the Grimaldi Forum. 

Also, the state houses The Jewish Cultural Center of Monaco, an award-winning cultural center that focuses on Jewish culture in Monaco and France. 

Additionally, there is the Auditorium Rainier III, which puts on shows, such as performances by Monaco’s own philharmonic orchestra. 

8. Nearby French Cities 

France surrounds Monaco on its northern, eastern, and western borders, so no matter where a person lives in the tiny state, they are never more than a stone’s throw from France.

The biggest French cities nearby include Saint Tropez, Nice, and Cannes. 

Monegasque residence also allows for easy trips to the Cote d’Azur.

Additionally, the principality is only 30 minutes from the airport in Nice which can connect people to every major city, making the area great for business. 

9. Excellent Restaurants 

Since Monaco is such a high-class area of the world, you can definitely expect great restaurants and food.

Monaco’s premier eateries, such as La Table d’Antonio Salvatore au Rampoldi, offer citizens and visitors modern and historic Monegasque cuisine. 

10. Great Health Care 

The Principality of Monaco has some of the greatest health care in the world, according to the OECD.

The state also has many public hospitals and clinics, so those of Monegasque nationality can always get help. 

FAQs

Is Monaco part of the European Union?

Monaco is partially part of the EU via France.

Therefore, the state is only held to certain EU policies but does have some say in the EU. 

Monaco also uses the Euro and is part of the EU customs territory and VAT area. 

Is the crime rate low in Monaco?

Yes, living in Monaco means you are very safe.

The principality has a sophisticated surveillance system that can monitor the whole state 24 hours a day.

There is also about one police officer per every 100 residents. 

Is Monaco crowded?

Yes, Monaco is the most densely populated country in the world, with 49,106 people per square mile.

For perspective, Singapore comes in second place with only 20,192 people per square mile. 

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