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Introduction: The Monaco Advantage
I’ve spent over two decades helping high-net-worth individuals relocate their lives and optimize their global footprint. One destination that consistently delivers exceptional value is Monaco – a jurisdiction that continues to attract the world’s wealthy, particularly British nationals navigating the post-Brexit landscape.
Recently, I sat down with my colleague Irene Luke, Head of Savills Monaco, on her stunning terrace overlooking the Monaco port during the yacht show. Having lived in the principality for 32 years, Irene offers unparalleled insights into what makes Monaco so special and the practicalities of establishing residency there.
What’s driving this surge in interest? Beyond the obvious tax advantages, Monaco offers a unique combination of security, strategic location, and lifestyle benefits that simply can’t be replicated elsewhere. Let me take you through the complete process of making Monaco your home.
The New Post-Brexit Reality
Since Brexit, the process for British nationals has evolved. While not particularly difficult, it has become lengthier and requires proper planning. As Irene explains:
“British Nationals now have to apply for a Visa D from France. They do that in the UK before they leave, and then come to Monaco to do the next part of the process.”
Both parts of the application process involve demonstrating that you’re:
- Of good character (clean criminal record)
- Have secured accommodation in Monaco
- Have sufficient means to live in Monaco
For those not planning to work in Monaco, you’ll need to prove your financial capacity through a Monaco bank attestation – not from your existing bank in the UK or elsewhere. This is where the relationship with your financial advisors becomes crucial.
The Financial Requirements: What You Need to Know
One of the most common questions I receive concerns the financial thresholds for Monaco residency. While there’s no official government minimum, Monaco banks have established standard criteria that act as de facto requirements.
“A lot of the banks in Monaco will set their own criteria,” Irene notes, “but the minimum which is kind of set across the market here is you have to have a bank account in Monaco in which you have €500,000. If you’re a couple, that’s €1 million.”
This isn’t a government requirement but a banking standard. These funds serve as proof that you can maintain your lifestyle in Monaco without becoming dependent on the principality’s resources. The key point is that these funds must be held in a Monaco-based bank – your existing international banking relationships won’t satisfy this requirement.
The Step-by-Step Process to Monaco Residency
If you’re serious about relocating to Monaco, here’s the streamlined process I recommend to clients:
- Open a Monaco Bank Account: Initiate discussions with a Monaco banker to establish your account – this typically takes about a week and requires standard KYC procedures.
- Secure Accommodation: Work with a specialist agent to find appropriate housing. You’ll need a minimum one-year lease, not just a short-term arrangement. As Irene emphasizes, “You can’t do just a short-term letting. You have to have a one-year lease.”
- Apply for Visa D (British Nationals): Submit your application through the French Embassy in London, a process that takes approximately three months.
- Apply for Monaco Residency Card: Once your Visa D is approved, apply with the local Monaco police, essentially repeating the process but at a faster pace.
For EU nationals, the process is more streamlined as they can skip the Visa D stage entirely and apply directly for Monaco residency. As Irene notes, “If you’re a Swiss National or an EU National… you skip that whole Visa process.”
The total timeline from application to approved residency can take 4-5 months, so planning ahead is crucial for those looking to make the move.
Accommodation Options and Costs: The Reality of Monaco Living
Monaco is predominantly characterized by apartment living, with various options to suit different preferences and budgets. Let me be completely transparent about the costs:
“A two-bed apartment would probably… you could find something at say maybe €8,000-10,000 per month,” Irene explains. “But you could also find something that’s at €25,000 a month.”
For larger families requiring more space, the options become more exclusive. We recently helped a client secure a three-bedroom serviced (but unfurnished) apartment for €90,000 per month in a premium building with full services.
At the ultra-high end of the market, developments like Mareterra offer just ten exclusive villas, all of which sold out immediately with prices starting from €200 million. And yes, financing is available for these properties through our specialist lending network.
Many of my clients adopt a hybrid approach to property. They’ll establish their official residence in Monaco but maintain a weekend home just across the border in France. This gives them the best of both worlds – tax efficiency combined with more space and character in their leisure property.
The Day-to-Day Reality of Monaco Living
Despite its reputation for glamour and high-profile events, the day-to-day reality of Monaco offers a surprisingly normal lifestyle with all necessary amenities.
“Supermarkets, how do I go shopping in Monaco?” I asked Irene.
“There are supermarkets, and some of them are quite good actually, and some of them deliver,” she explained. “There’s a proper lovely farmers’ market which is open every day. It’s really cute, surrounded by cafes, the best ice cream in Monaco, that kind of thing.”
For those seeking a more low-key experience, the Fontvieille area has emerged as a popular neighborhood. “It’s built around a marina, it’s got a lot of good cafes and bars and restaurants, and it’s quite low-key. But all Monaco can be low-key if you want it to be, quite amazingly.”
Education Options for Families
For families relocating to Monaco, education is often a primary concern. The principality offers excellent options:
- Local State Schools: Where French is the primary language
- Semi-Private State School: With French as the main language
- International School of Monaco: Recently moved to impressive new premises in Beaurivage House on the Italian side of Monaco
“Schooling is covered from preschool to 16, right up all the way through,” Irene confirms. “Academic standards are very high in Monaco.”
Many residents also utilize international schools just across the border in France, or send their children to boarding schools in Switzerland or Britain. The proximity to Nice airport (30 minutes by car, 7 minutes by helicopter) makes international travel exceptionally convenient.
The Strategic Location Advantage
One of Monaco’s greatest benefits is its position as a central hub for European travel – something I’ve personally found invaluable:
- Nice International Airport is just 30 minutes away by car
- Helicopter service to Nice takes only 7 minutes (approximately €150)
- Ski resorts are within a 2-hour drive
- Florence is 4 hours away
- Milan is 3 hours away
- Approximately 300 days of sunshine annually
“The lifestyle here is incomparable to anywhere else,” Irene enthuses. “You’ve got a place in Europe which is pretty interesting itself, and across its borders there are lots of great places to see.”
Critical Advice Before Making Your Move
Having guided numerous clients through this process, I’ll share some crucial advice for those considering the move:
- Act Decisively: “We’re seeing a real wave of people coming here,” Irene notes, “not just Non-Doms affected by UK changes, but wealthy people from all over the world, especially from Britain, concerned about potential government changes.”
- Experience Monaco First-Hand: Before committing to the move, spend time in Monaco. Experience the lifestyle and environment to ensure it aligns with your expectations.
- Embrace Apartment Living: “Most buildings were constructed in the 1970s,” Irene explains, so finding character buildings can be challenging. Most people quickly adapt to and ultimately embrace the convenience of condo living.
- Consider Family Benefits: “Monaco is an amazing place for children to grow up,” Irene shares from her experience raising three children in the principality. The safety, education, and quality of life are exceptional.
Conclusion: Is Monaco Right for You?
Relocating to Monaco represents a significant lifestyle change that offers substantial benefits for those who appreciate its unique combination of security, tax advantages, central location, and Mediterranean living.
While the application process requires patience and the cost of living is undeniably high, those who make the move rarely regret their decision. As Irene summarizes after her 32 years in the principality: “It’s a great base, a fantastic place for children, and offers an incomparable lifestyle.”
Having facilitated numerous relocations to Monaco throughout my career, I can confidently say that for the right individual or family, it offers an unparalleled combination of financial optimization and lifestyle enhancement that few other jurisdictions can match.
“Ready to explore your Monaco relocation options? Schedule a private consultation with our team to discuss your specific circumstances and requirements.
