A step-by-step guide for UK residents wishing to relocate to Monaco

The Principality of Monaco has long been considered the destination of choice for the world’s wealthiest individuals, thanks to its mild tax regime, enviable lifestyle, and stunning location along the French Riviera.

If you’re thinking about kissing goodbye to the UK and enjoying the sun-kissed shores of Monaco, read on.

Here, we share a step-by-step guide for UK residents wishing to relocate to Monaco. We cover the benefits of making the move to Monaco, the process in the post-Brexit era, how to navigate the complexities of relocation, and putting down roots in the city-state, including finding your ideal property for rent or sale.

Why choose to relocate to Monaco?

Relocating overseas is a significant decision and no small undertaking. Multiple elements need to be carefully considered, including social and economic stability, quality of life, access to suitable healthcare and educational institutions for those with children, and ease of travel to international hubs.

Monaco offers multiple benefits to individuals looking to leave the UK, either in search of a better lifestyle and weather, more attractive tax structures, or simply a new adventure.

Luxury lifestyle

Monaco’s luxury lifestyle is unmatched, with the principality home to an incredible selection of designer boutiques, lavish hotels and resorts, Michelin-star restaurants, and private members’ clubs. With approximately one in three of Monaco’s 38,500 population millionaires, it will come as no surprise that the principality is set up to deal with the demands and needs of the world’s wealthiest individuals, with multiple world-class service providers catering to HNW and UHNWIs.

Security

Monaco is considered one of the safest countries in the world; it’s why you will see residents happily walking the streets wearing expensive designer clothes and items of jewellery.

According to the Organized Crime Index, Monaco ranks 185th out of 193 countries for criminality and 43rd out of 44 countries in Europe. The principality’s safe environment is thanks to multiple factors, including a zero-tolerance on crime, a sophisticated 24-hour video surveillance system that covers the entire city-state, and a robust police force, with approximately one police officer per 100 residents.

In comparison, the UK ranks 61st out of 193 countries and ranks 10th out of 44 countries in Europe on the Organized Crime Index. England and Wales have approximately one police officer per every 409 residents.

Luxury real estate

Monaco boasts a superb selection of luxury real estate with modern developments designed to meet the demands of modern-day life. Many new residents come with a host of luxury amenities, including fully equipped fitness centres, spa and wellness facilities, swimming pools, and concierge services. Many also boast large terraces with spectacular views of the Mediterranean Sea, ensuring you can maximise the alfresco lifestyle.

Leading real estate agents, like us, offer a superb portfolio of luxury Monaco properties for sale and rent and can provide support and guidance to individuals seeking to relocate from the UK to Monaco.

Proximity to the UK

Monaco’s close proximity to the UK makes it highly appealing to UK residents. The closest airport to Monaco is the Nice Cote d’Azur International Airport, just 20-minutes by helicopter from the principality. From Nice Airport, it is just a two-hour flight to multiple airports in the UK, either via commercial aircraft or private jet.

Monaco’s central location in the heart of the Mediterranean also puts some of Europe’s key business and wealth hubs within easy reach, including Paris, Milan, Madrid, Geneva, Brussels, Amsterdam, Munich, Prague, Vienna, and Luxembourg.

Mild tax regime

Monaco’s mild tax regime is highly appealing to HNW and UHNW individuals seeking to protect wealth.

Residents of Monaco enjoy zero personal income, capital gains, gift, wealth or inheritance taxes. Furthermore, Monaco’s favourable tax rates for corporations make it a highly appealing destination to do business.

Moving to Monaco from the UK: Gaining residency

Now you understand just some of the many benefits of relocating to Monaco from the UK , it’s time to explore how to become a Monaco resident.

There are several key steps that must be followed in order to gain residency in Monaco, which gives you the right to reside in the Principality.

1 – Secure accommodation in Monaco

You must own or rent property in the Principality in order to secure residency

Renting: You must rent a property with a minimum 12-month lease, and the property must be large enough to accommodate everyone in your family.
Buying: Purchasing real estate in Monaco is also an option. Monaco’s real estate market has provided consistent returns for investors and is considered the most sought-after real estate in the world.

Proof of Address: You will need to provide a signed lease or proof of property ownership as part of the residency application.

As a leading Monaco real estate agency, we can help find you the ideal property for rent or sale and effortlessly guide you through the acquisition process.

2 – Proof of financial stability

To relocate to Monaco from the UK, you must prove that you can financially support yourself. There are three main ways to show this:

Bank deposit: You must open a Monaco bank account and deposit a minimum of €500,000. The exact amount will depend on your chosen bank’s requirements.
Employment: If you are employed by a Monaco-based company, you can present your employment contract as proof of income.
Self-employment: If you start a business in Monaco, you must provide proof of your company’s registration and earnings.

3 – Criminal record check

You will be required to provide a criminal record check (police clearance certificate) from the UK and any other country where you have lived in the past five years. This proves you have no criminal record and are eligible to reside in Monaco.

4 – Residency application

To apply for Monaco residency, you must schedule an appointment at the Monaco Residents Section (Service des Résidents). The application process is in person, and you must submit the following documents:

A valid UK passport
Rental contract or property deed
Bank statements, job contract, or business ownership documents
Criminal record check
Civil status documents: If applicable, you’ll need birth certificates, marriage certificates, or documents related to any children who are moving to Monaco from the UK

During the in-person interview you will be asked to complete the residency application.

5 – Receive the residency card

Once your application is approved, you will be issued a temporary residency card (Carte de Séjour) valid for one year. After this initial period, you can renew your residency card every three years. Once you’ve been a resident for 10 years, you can apply for a permanent residency card (Carte de Séjour Privilege), which is valid for 10 years.

It’s important to note that to maintain residency, you must spend at least six months of the year in the Principality.

Relocating to Monaco; finding the perfect property

Monaco’s real estate market is the most expensive in the world, and, with high-demand, the market is fast-moving and competitive.

Working with an experienced real estate agent, one that is a member of the prestigious Chambre de Immobiliere, like us, can ensure a smooth process.

New developments and residences in Monaco

There are multiple new developments and residences in Monaco to choose from, from traditional Belle Epoque buildings to modern-day masterpieces designed by some of the world’s most acclaimed architects.

Several new developments will be highly appealing to refined individuals moving from the UK to Monaco. These include:

Mareterra

Mareterra Monaco is a transformative land-reclamation project scheduled to be completed in 2025. It will be Monaco’s first eco-district, built to align with HRH Prince Albert’s vision of reaching carbon neutrality by 2050. Once complete, this luxury Monaco development will feature exquisite apartments, penthouses, townhouses, and ultra-rare waterfront villas, with residents benefitting from a superb roster of on-demand services and amenities.

Bay House

Bay House is located in the exclusive district of Larvotto and is set to redefine luxury living in the principality. Once complete later this year, Bay House will feature 59 luxury residences (54 apartments and five villas) spanning seven floors. Residents will also enjoy access to a superb selection of amenities, including concierge services, a gym, sauna, valet, and advanced security.

Villa Ninetta

Villa Ninetta, located in the beautiful district of Jardin Exotique, is set to be completed in 2026 and is an elegant Monegasque residence spread across nine floors. The completed residence will boast a selection of apartments, from chic studios to two bedroom apartments, with luxurious finishes and designer touches.

Popular neighbourhoods for UK expats in Monaco

The Principality of Monaco comprises eight districts, sometimes called wards or quartiers. Despite Monaco’s compact size, each district has a distinct personality, and your choice of district will depend on your desired lifestyle and desire to be close to certain amenities.

Monaco’s districts are:

Monaco-Ville, the oldest district in Monaco, located on a rocky promontory that juts out into the Mediterranean Sea. This district is home to the Prince’s Palace, cobbled streets, and traditional Monegasque buildings.
La Condamine, located around the iconic Port Hercule and famed for its weekly farmers market which offers fresh local produce and artisanal goods.
Monte-Carlo, arguably the most famous of all Monaco districts, is home to the iconic Monte-Carlo Casino, designer boutiques, and world-class service providers. Real estate around Monte-Carlo’s Carre d’Or, or Golden Square, is considered the most exclusive in the city-state.
Fontvieille, an artificially created area on Monaco’s West coast, home to the Stade Louis II, the Fontvieille port, and the Fontvieille HeliPort, which provides swift and seamless transfers direct to the Nice Cote d’Azur International Airport. Fontvieille is often considered Monaco’s commercial hub.
Larvotto, home to Monaco’s famous beach, making it a great destination for families, and within easy reach of the Monte-Carlo Country Club.
Moneghetti, often referred to as Monaco’s traditional district, borders Beausoleil in France and benefits from wonderful views due to its elevated position.
La Rousse Saint Roman, a popular residential district that borders Larvotto, with residents enjoying spectacular views thanks to its elevated position. Its border with France also provides quick access to neighbouring French towns.
Jardin Exotique is one of Monaco’s most beautiful districts, offering a quieter pace of life but still ease of access to busier districts such as La Condamine and Monte-Carlo. A highlight of this district is the stunning botanical gardens, filled with Mediterranean foliage and succulents.

If you are planning on relocating to Monaco from the UK, we can provide advice on the best district to reside in based on your needs. Contact us today.

Monaco real estate prices vs. the UK

According to the latest Real Estate Observatory Report, Monaco property prices have increased by 60% in the last decade, with the average cost per square metre now around 50,982 Euros. In comparison, the UK’s average per square metre price is around 3,500 Euros per square metre.

It is important to note that the price per square metre in the UK will be much higher in wealthy suburbs of key cities like London. For example, the average cost per square metre for residential property in the borough of Kensington and Chelsea is around 13,600 Euros.

Navigating the relocation process

Navigating an international move is no small undertaking and multiple aspects must be considered. To ensure a successful relocation to Monaco, you will need to plan and prepare the move carefully in advance.

Here are some key steps you will need to consider:

Make sure all the necessary paperwork and legal documents are in place for Monaco residency
Research reputable international shipping companies and secure a detailed quote based on the volume and weight of your belongings. If shipping by sea, you may have to plan several weeks without your belongings
Check customs and duties regulations in Monaco to ensure you are not importing any contraband
Make arrangements to travel with your pets, if required, ensuring all documentation and formalities are in place
Ensure that you have adequate healthcare coverage
Speak to a knowledgeable tax professional and legal advisor on how to potentially restructure your wealth in a way that is most tax-efficient
If you have school-age children, research the local educational options in Monaco and start the enrolment process before you move.
Set up utilities and services for your Monaco property, including electric, water, and Wifi services. You may also wish to obtain a local Monaco phone number.

Practical tips for relocating to Monaco

Language: While French is the official language, English is widely spoken, especially in business and expat circles. Learning some basic French can be helpful for daily interactions.
Currency: Monaco uses the Euro (€), making it convenient for international transactions.
Health Care: Monaco has a high standard of healthcare, and expats are eligible for public and private health insurance options.

Driving: UK driving licences are valid in Monaco for one year, after which you will need to apply for a Monegasque driving licence. You may also want to familiarise yourself with local driving laws.

Education in Monaco compared to the UK

Monaco offers a comprehensive range of public and private schools, including one which follows the British curriculum. Schools range from junior through to senior and on to university level.

Most schools in Monaco largely follow the curriculum set out by the French national system, with some bespoke elements. For example, schools in Monaco have a more intense focus on English, and French as a foreign language to facilitate non-French-speaking students. There is also a focus on Monaco’s history, culture, and the Monegasque language. For budding sports enthusiasts, schools in Monaco have a strong focus on sports, with swimming classes part of the school timetable, even for the youngest students.

Top choices for British expats in Monaco include the British School of Monaco, a junior school that follows the national curriculum for England, and the International School of Monaco, which offers a bilingual education from nursery through to junior school and lessons in English from senior school. The ISM offers International Baccalaureate programmes and is regularly listed as one of the world’s top 100 private schools.
Thanks to the high quality of education offered in Monaco, many individuals choose to study in Monaco as part of their higher education. For example, at the International University of Monaco, which offers a range of undergraduate and postgraduate degrees across a wide range of subjects. The university includes 900 students spanning 70 nationalities.

Getting Around: Proximity and accessibility

A highly favourable feature of Monaco is its proximity to the UK and other European countries, making weekend breaks to visit friends and family in the UK easy to achieve.

The Nice Cote d’Azur International Airport lies just 30 kms away from Monaco and can be reached by car or helicopter from the Monaco heliport.

Here are some flight times from the Nice Cote d’Azur International Airport to key European destinations.

1 – Paris, France

Flight Time: ~1 hour 30 minutes
Distance: ~685 km (425 miles)

2 – London, UK

Flight Time: ~2 hours
Distance: ~1,025 km (637 miles)

3 – Rome, Italy

Flight Time: ~1 hour 15 minutes
Distance: ~460 km (286 miles)

4 – Madrid, Spain

Flight Time: ~2 hours
Distance: ~950 km (590 miles)

5 – Berlin, Germany

Flight Time: ~2 hours 10 minutes
Distance: ~1,095 km (680 miles)

6 – Amsterdam, Netherlands

Flight Time: ~2 hours
Distance: ~980 km (610 miles)

7 – Zurich, Switzerland

Flight Time: ~1 hour 15 minutes
Distance: ~440 km (273 miles)

8 – Vienna, Austria

Flight Time: ~1 hour 45 minutes
Distance: ~865 km (537 miles)

9 – Brussels, Belgium

Flight Time: ~1 hour 50 minutes
Distance: ~830 km (516 miles)

Relocating to Monaco: The UK Community in Monaco

There are around 2,800 British nationals resident in Monaco, creating a thriving UK community.

With the vast majority of those living in Monaco expatriates (there are just 8,000 Monegasques from a total resident population of around 39,000), residents enjoy a cultural melting pot with like-minded individuals from all over the world.

Multiple exclusive membership clubs and expatriate networks help those relocating to Monaco from the UK build friendships and network with others.

Some clubs and networks include:

The British Association of Monaco (BAM), a lively part of Monaco’s anglophone community, organises various events focused on networking and forging connections with other Brits in Monaco
The French American Association French Riviera & Monaco, while focused on the US, it is also popular with British expats and other nationalities seeking a convivial social group
Slammers Bar, popular with British expats
Trinity Bar, also popular with British expats

Living the Monaco Lifestyle

Monaco’s lifestyle is notoriously lavish and there are no shortage of places to indulge yourself in the city-state.

Top spots include:

Dining

Le Louis XV – Alain Ducasse

Location: Hôtel de Paris, Monte Carlo
Michelin Stars: ★★★ (3 stars)
Cuisine: French, Mediterranean

This iconic restaurant, led by world-renowned chef Alain Ducasse, offers a sublime dining experience inspired by the flavours of the French Riviera. Expect expertly prepared dishes with locally sourced ingredients, paired with an extensive wine list.

Yoshi

Location: Hôtel Métropole, Monte Carlo
Michelin Stars: ★ (1 star)
Cuisine: Japanese

The only Michelin-starred Japanese restaurant in Monaco, Yoshi is under the guidance of chef Takéo Yamazaki. The restaurant offers fresh, contemporary Japanese cuisine, including sushi, sashimi, and beautifully presented bento boxes, all served in a stylish and serene setting.

Le Vistamar

Location: Hôtel Hermitage, Monte Carlo
Michelin Stars: ★ (1 star)
Cuisine: French, Seafood

Offering spectacular views of the Mediterranean, Le Vistamar specialises in seafood with an emphasis on fresh, local ingredients. Cuisine is refined, with a focus on simplicity and letting the quality of the ingredients shine.

Blue Bay

Location: Monte-Carlo Bay Hotel & Resort
Michelin Stars: ★★ (2 stars)
Cuisine: Fusion (Mediterranean and Caribbean influences)

Chef Marcel Ravin brings a unique fusion of flavours from his Caribbean roots and the Mediterranean in this creative Michelin-starred restaurant. Expect bold combinations and visually stunning dishes in a chic, waterfront setting.

Joel Robuchon Monte-Carlo

Location: Hôtel Métropole, Monte Carlo
Michelin Stars: ★★ (2 stars)
Cuisine: French, Mediterranean

Joël Robuchon Monte-Carlo offers inventive and masterfully crafted French cuisine. Guests can enjoy the show kitchen where they can watch the chefs at work.

Shopping

Le Metropole Shopping Center

Located near the iconic Casino de Monte-Carlo, Le Metropole Shopping Center is a stunning, marble-lined luxury mall with over 80 boutiques. It features high-end designer brands such as Chanel, Gucci, Valentino, Saint Laurent, and Céline. The elegant interior and opulent atmosphere make it a prime destination for luxury shopping in Monaco.

Avenue des Beaux-Arts

One of the most exclusive streets for shopping in Monaco, Avenue des Beaux-Arts in Monte-Carlo is a short but elegant street filled with luxury boutiques from the world’s top designers. It’s home to flagship stores for brands like Chanel, Louis Vuitton, and Bulgari, offering everything from haute couture to accessories and fine jewellery.

One Monte-Carlo

Opened in 2019, One Monte-Carlo is Monaco’s newest luxury shopping district. It’s a collection of ultra-modern boutiques nestled around the legendary Place du Casino. This chic space offers high-end fashion brands and exclusive designer collections.

Carré d’Or (Golden Square)

The Carré d’Or district is renowned for being the heart of luxury shopping in Monaco. It’s home to a prestigious array of designer stores and jewellers, making it a shopping paradise for those looking for couture, luxury watches, and high-end accessories.

Fontvieille Shopping Center

While Fontvieille Shopping Center offers a more relaxed shopping experience compared to the glamorous boutiques in Monte Carlo, it still houses some designer brands alongside more practical stores for everyday essentials.

Entertainment

Opéra de Monte-Carlo (Salle Garnier)

The stunning Opéra de Monte-Carlo, housed in the famous Salle Garnier, is one of Monaco’s premier cultural venues. Known for its opulent Belle Époque design, it hosts world-class opera performances, concerts, and ballets. The venue also holds prestigious events like the Monte-Carlo Jazz Festival.

Casino de Monte-Carlo

A symbol of luxury and glamour, the Casino de Monte-Carlo is not only a famous gambling destination but also a hub for high-end entertainment. Visitors can enjoy the lavish atmosphere, gaming rooms, and a variety of exclusive events, including performances and gala dinners. It’s important to note that citizens (not residents) are forbidden to enter the gaming rooms of the casino as gambling is banned.

Jimmy’z Monte-Carlo

As one of the most iconic nightclubs in the world, Jimmy’z Monte-Carlo is the place to experience Monaco’s vibrant nightlife. The club attracts international DJs, celebrities, and a glamorous crowd, offering a VIP experience with private lounges and top-tier service.

Grimaldi Forum

A contemporary conference and entertainment centre, the Grimaldi Forum hosts a wide range of events, including exhibitions, concerts, theatre performances, and international conventions. Its state-of-the-art facilities and stunning location on the waterfront make it a cultural and business hub in Monaco.

Monte-Carlo Sporting Club (Salle des Étoiles)

The Salle des Étoiles is a legendary open-air concert venue at the Monte-Carlo Sporting Club. Known for hosting the Monte-Carlo Summer Festival, it features performances from international superstars in an elegant, waterfront setting. The retractable roof allows for incredible views of the Mediterranean.

La Rascasse

Famous for its prime location at the heart of Monaco’s Formula 1 Grand Prix circuit, La Rascasse is a lively bar and club offering live music, DJs, and a relaxed party atmosphere. It’s a favourite spot for locals, UK expats, and visitors to unwind with stunning views of the harbour.

Le Bar Américain

A classic and sophisticated venue, Le Bar Américain in the Hotel de Paris Monte-Carlo is known for its vintage charm and glamorous atmosphere. The bar often hosts live jazz performances and is a popular spot for those seeking a more relaxed, luxurious evening with signature cocktails.

Monaco Yacht Club

The Monaco Yacht Club is an exclusive members-only club known for its chic atmosphere, stunning architecture, and premier yacht events. It regularly hosts private galas, sailing events, and elite gatherings, often attracting international yacht owners and enthusiasts.

World-class events

Monaco Grand Prix

The Monaco Grand Prix is one of the most prestigious Formula 1 races in the world, held every May. The challenging street circuit winds through the narrow streets of Monte Carlo, with iconic landmarks like the Casino de Monte-Carlo and Port Hercule in the backdrop. VIPs, luxury yachts, and the high-octane atmosphere make this event a highlight of the global racing calendar.

Monaco Yacht Show

Held at Port Hercule every September, the Monaco Yacht Show is the ultimate luxury yachting event. It showcases the world’s most prestigious superyachts, cutting-edge marine technology, and luxury services from leading yacht service providers.

Rose Ball (Bal de la Rose)

Organised by the Princess of Monaco and held every May, this charity event is one of Monaco’s most glamorous social events. The Rose Ball raises funds for the Princess Grace Foundation, supporting humanitarian and cultural projects. Each year, it is themed and designed by a world-class artist or fashion designer, with A-list celebrities and royalty attending.

Monte-Carlo Rolex Masters

Part of the ATP Masters 1000 series, the Monte-Carlo Rolex Masters is a major tennis tournament played on clay courts every April. Held at the Monte-Carlo Country Club, it attracts the top players in the world, including Rafael Nadal, who has dominated the event for years.

Monaco Red Cross Ball

Founded by Prince Rainier III in 1948, the Monaco Red Cross Ball is a prestigious charity event held every July. The event raises funds for humanitarian causes and is held at the Salle des Étoiles. The gala attracts celebrities, dignitaries, and philanthropists. A high-profile auction, entertainment, and a star-studded guest list make it a highlight of Monaco’s social calendar.

Investment opportunities in Monaco

Multiple investment opportunities exist in Monaco. The first, and most popular with individuals moving from the UK to Monaco, is luxury real estate.

Monaco’s real estate market has seen steady growth over the past decade, with prices up 60% compared to a decade ago, driven by soaring demand and limited land mass. With consistently high returns, not only does a property investment offer a gateway to residency and eventually citizenship, but it also offers a sound investment as part of a diverse asset portfolio. Both residential and commercial real estate offer excellent investment opportunities for British expatriates in Monaco.

Another prime investment opportunity is to establish a business. While Monaco is more often than not known primarily for its luxury lifestyle, the principality boasts a thriving and diverse economy, with prime industries including hospitality and tourism, yachting, luxury goods and retail, financial services, and technology.

Monaco is increasingly focusing on attracting tech entrepreneurs and innovative startups, particularly in fintech, cleantech, smart city technologies, and medtech. The MonacoTech incubator, the government’s flagship startup incubator, is at the forefront of this movement.

Prince Albert II’s commitment to environmental causes and desire to reach net zero by 2050 means that there is also increasing emphasis on sustainability and green technologies in the Principality for entrepreneurial individuals relocating to Monaco from the UK.

The principality’s international outlook means it actively encourages new business ventures from UK expatriates, ensuring a smooth process and limiting cumbersome red tape.

While Monaco is not part of the EU, reciprocal agreements with France mean that many EU laws apply, facilitating business transactions with the rest of Europe and providing business inventors with peace of mind.

Tips for long-term residency and renewing your residency permit

Once you have relocated to Monaco from the UK you will want to consider long-term residency and, perhaps, eventually securing citizenship.

The initial residency permit is issued for one year, and thereafter, it must be renewed every three years. After 10 years of residency, it is possible to secure a Carte de Resident Privilegie, which is renewable every 10 years. At each renewal, you will be required to provide updated documentation, which may include proof of accommodation, updated financial statements, and a police check.

During your time in Monaco, it is vital that you comply with all legal and residency status requirements to maintain your residency status, including financial obligations. You should start the renewal process in plenty of time to ensure you have time to address any potential issues.

Although Monaco has strict requirements for citizenship (including renouncing your previous nationality), you can apply for Monaco citizenship after 10 years of residency. Monaco’s naturalisation process involves reviewing your ties to the principality and assessing your integration into local life.

How can we help you relocate to Monaco from the UK?

As a trusted real estate business, we have been a key player in Monaco’s high-end property market since 1980. The world’s most discerning individuals turn to us for our trustworthiness, discretion, and access to the most luxurious Monaco rentals and property for sale in Monaco. Buying or renting property is one of the first steps to securing Monaco residency. Let us help you relocate to Monaco from the UK. Contact us today.