Moving to Monaco: Tips for Expats and Long-Term Visitors

Monaco is long known for its friendly policies, luxurious amenities, and stunning views, so it’s no wonder that it attracts people from all around the world. Whether they’re drawn by the exclusivity of the lifestyle or sturdy economy, settling in the Principality is no doubt a unique opportunity. The decision to buy a house in Monaco is, for many, an important step in starting the exceptional way of life. Let’s look at the key steps to facilitate such a transition. 

Finding Accommodation: Renting or Buying?

One of the first decisions before ultimately moving to Monaco should be whether to buy or rent a property. Both options have pros and cons, depending on your plans for the future and, of course, your budget. Often, the initial choice for newcomers is renting due to its flexibility,the opportunity to explore different districts and offer access to Monaco’s opulent living without the upfront investment of property ownership. 

On the other hand, many expats believe buying a house in Monaco is a more beneficial option in the long run. Property in Monaco is not just a place to live, it’s a prestigious asset with significant value. Monaco’s real estate market is widely renowned for its high demand and property prices,  with the most popular areas including Monte Carlo, boasting the iconic casino and a wide array of luxury boutiques, and Fontvieille, a more tranquil district with picturesque sea views.

Understanding Monaco’s real estate market alone can be quite complex because properties are often limited and highly sought-after. Icon Property Monaco will help smooth out the process offering valuable insights to help you find the perfect property to suit your needs, all the while ensuring seamless transactions. 

Navigating Bureaucracy and Legalities

Before relocating to Monaco, it’s also important to understand all the property regulations and residency requirements. Expats who plan to stay longer must apply for a residence permit, which involves proving financial stability, securing accommodation, and completing an application process with local authorities. 

It’s also crucial to understand the local property laws, especially if you’re considering to buy a house in Monaco. While there’s no property tax, buyers must pay registration and notary fees. To ensure security and transparency, transactions are highly regulated, but this also means you must pay attention to legal details.

Icon Property Monaco has an in-house lawyer who can consult you on any legal issues or questions you may have – contact us today, and let’s find a solution. 

Practical Tips for Daily Life

Life in Monaco can truly be a rewarding experience, but it’s key to prepare so that the integration is as smooth as possible. It’s wise to start by familiarising yourself with base services like healthcare, which, in Monaco, is quite exceptional.

Transportation in Monaco is also well-developed despite the Principality’s small size. Perhaps the most popular option is walking, as most areas are easily accessible on foot. Still, the public bus system will surely come in handy for longer distances. If you prefer driving, keep in mind that parking can be limited, so compact cars or even a scooter will prove a practical option. 

Families will find a great choice of high-quality international schools, and learning French will surely facilitate adaptation to the local culture.