How does moving to Monaco work?
Moving to Monaco follows a sequence in which housing opens the other steps. The authorities of the Principality ask for proof of housing, proof of means and a bank reference before a first residence permit. The conditions depend on your nationality and your professional situation, so confirm them with the authorities before you commit to a lease or a purchase.
| Step | What you do | Document produced |
|---|---|---|
| 1. Housing | Rent or buy an apartment in the Principality | Rental contract or title deed |
| 2. Bank | Open an account and request a reference letter | Bank reference less than one month old |
| 3. Residence permit | File your application with the authorities | Application file with housing and means |
| 4. Installation | Connect utilities, insure the home, register the family | Insurance and school enrolment |
This page covers housing and timing. Our guide on becoming a resident covers the administrative procedure in detail.
Where to live first in Monaco
The Principality covers 2.08 km² and counts several districts, each with its own price level. The IMSEE average price per m² for 2025 is €57,569 for the whole territory.
| District | Average price per m² in 2025 | Setting |
|---|---|---|
| Larvotto | €71,167 | Seafront and beaches |
| Monte-Carlo | €54,009 | Casino, shops and restaurants |
| Fontvieille | €52,518 | Marina and residential blocks |
| La Condamine | €52,104 | Port, market and daily life |
| La Rousse | €51,265 | Residential, above the port |
| Jardin Exotique | €45,168 | Hillside, views over the Principality |
| Les Moneghetti | €43,797 | Residential, near the border |
Choose two or three districts that fit your routine: school, office, sport and the places you visit each week. A rental of one year gives you time to test a district before a purchase.
Rent first or buy when you arrive
Both options provide the housing proof for the residence permit. The choice depends on your horizon and your capital.
| Criterion | Rent | Buy |
|---|---|---|
| Price level in 2026 (asking) | €136 per m² per month for a studio, €99 for a 1-bedroom, €106 for a 2-bedroom, €126 for a 3-bedroom | €50,865 per m² for a studio, up to €61,479 for a 3-bedroom |
| Example, 30 m² studio | About €4,080 per month, or close to €49,000 per year | About €1.53 million at the average studio price |
| Cash at the start | A year of rent in advance, or three to six months with a commitment to open a Monaco account | Deposit of about 10% at the offer, then the balance and the costs at the deed |
| Extra costs | Utilities, insurance, parking | About 9.9% on a resale for an individual, with registration duty, notary fees and buyer commission |
| Flexibility | High; you test a district | Low in the short term; suits a long-term plan |
| Timeline | Good rentals leave the market within days | Four to twelve weeks from the accepted offer to the deed |
Housing proof and bank reference for your residence permit
The authorities ask for proof that you have a home in the Principality. A rental contract or a title deed serves this purpose. The proof of means depends on your situation.
- A first arrival without professional income: Monegasque banks commonly ask for around €500,000 held in a Monaco bank before they issue the reference letter. No law sets this amount
- A salary, a professional income or the support of a resident relative are also accepted as proof of means
- The reference letter is less than one month old when you submit it
- The funds remain yours and are available for investment
- A new reference is sometimes requested at renewal
Opening a bank account has no legal minimum, but banks set their own conditions, which vary by category of institution. Prepare the origin of your funds before the first meeting.
Moving to Monaco from the UK, the US or another country
The rules that apply to you vary with your nationality and your professional situation. Three points change from one country to another.
Documents and funds
Gather identity papers, proof of address, proof of income or capital, and the documents that show the origin of your funds. Banks apply know-your-customer checks to every new client, and documents translated or certified in advance shorten the process.
Tax position
Monaco levies no personal income tax on residents in general. French nationals follow a separate convention, and citizens of the United States remain subject to US tax filings. Ask a tax advisor in your country of origin and in Monaco before you set a date.
Remote search
You do not need to be in the Principality for the first stage. Pre-selection by video, a first visit of two or three days and a power of attorney for the signature are common practice. Our team organises viewings and coordinates the notary when you buy remotely.
Your timeline from search to keys
The table gives a planning base for a move. The real timing depends on the property, the landlord and your file.
| Period | Action |
|---|---|
| 3 to 4 months before | Define budget, districts and criteria; contact a bank; gather the origin-of-funds documents |
| 2 months before | Visit properties; make an offer or a rental application |
| 6 to 12 weeks before | For a purchase, sign the preliminary agreement and pay the deposit of about 10% to the notary |
| Arrival | Sign the lease or the deed; collect the housing proof; request the bank reference |
| First weeks | File the residence permit application; connect utilities; insure the home |
Your first 90 days in the Principality
- Week 1: keys, inventory of the apartment, insurance, utilities, mailbox and building rules
- Weeks 2 to 4: residence permit file, bank account in service, health cover and a first parking solution if you own a car
- Months 2 and 3: school or work routine, local contacts, and a review of your housing choice before the lease runs further
Garage space costs €400 to €1,000 or more per month according to a guide to the cost of living, and spaces are scarce, so settle parking before you sign.
At Balkin, our team combines local expertise since 2005 with the Knight Frank global network. We find rentals and properties for sale, on and off the market, and we coordinate with your notary and advisors. Arrange a private consultation to share your timeline and your criteria in confidence.
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