Living in Monaco: Cost of Living, Healthcare and What to Know About Living in Monaco

Living in Monaco

Last updated on Mar 07, 2024

Summary: The approximate population of Monaco is 38,400 people. The largest cities in Monaco are Monte Carlo, La Condamine, and Fontvieille. Expats love living in Monaco for its Mediterranean climate, stunning scenery, and luxurious lifestyle. People describe life in Monaco as glamorous, luxurious, and exciting. The cuisine in Monaco is a mix of French, Italian, and Mediterranean flavors. Popular dishes include ratatouille, bouillabaisse, and socca. The cons of living in Monaco include the high cost of living, the lack of affordable housing, and the limited job opportunities. The average cost of living for an expat is around $3,000 to $5,000 per month. This includes rent, utilities, food, transportation, and entertainment.

What do I need to know about living in Monaco?

When we asked people what advice they would give someone preparing to move to Monaco, they said:

"Monaco is an attractive destination for retirees due to its low taxes, warm climate, and high quality of life. However, expats should be aware that the cost of living in Monaco is very high, and that the country has strict residency requirements. Expats should also be aware that Monaco is a very small country, and that there are limited housing options available. Additionally, expats should research the healthcare system in Monaco, as it is not part of the European Union and does not have a reciprocal healthcare agreement with other countries. Finally, expats should be aware that Monaco is a very safe country, but that it is also very expensive," remarked one expat who made the move to Monaco.

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About the Author

Betsy Burlingame is the Founder and President of Expat Exchange and is one of the Founders of Digital Nomad Exchange. She launched Expat Exchange in 1997 as her Master's thesis project at NYU. Prior to Expat Exchange, Betsy worked at AT&T in International and Mass Market Marketing. She graduated from Ohio Wesleyan University with a BA in International Business and German.

Some of Betsy's articles include 12 Best Places to Live in Portugal, 7 Best Places to Live in Panama and 12 Things to Know Before Moving to the Dominican Republic. Betsy loves to travel and spend time with her family. Connect with Betsy on LinkedIn.