The Principality of Monaco is one of the smallest and at the same time the richest countries in the world.
37 thousand people live in the country or at least have a residence permit in Monaco.
If you decide to learn a little more about Monaco and find the answers to the following questions: “Is everyone in Monaco fabulously rich? ” or “How Rich Do You Need to Be to Live in Monaco?” then I suggest you read this article where we will explore Monaco and get a little closer to the country of billionaires.
How Rich Do You Need to Be to Live in Monaco?
Very Rich! You must have more than 100,000 € .
It is not enough to live in Monaco with the average salary of a local resident, what is about 2,000 € .
You can’t even rent a house for that kind of money in Monaco.
Therefore, many people who work in Monaco in the service sector and simple personnel commute from Nice.
It is impossible to live in Monaco if you do not have a bank account in a local bank.
Without an account, you cannot rent an apartment or apply for a SIM card .
In order to open an account with a bank, you need to deposit at least 100,000 € .
Citizens of European countries are required to provide a bunch of documents to open an account( for example : certificates about the purity of your savings).
Citizens of America must collect even more documents.
Banking System in Monaco
There are no banks in our usual understanding, no branches with polite assistants.
You can’t just enter the bank from the street: the door is always closed. To get inside, you have to go up and ring the bell .
Only private banking works for clients – this is when you have a personal banker, who is also your financial advisor.
A personal banker actually manages your account.
This is how it works:
You can write your personal banker a letter: “Dude, pay the rent” – and he will make a transaction.
It goes without saying that a personal banker is convenient, but it takes a long time to get used to it.
Banks in Monaco also have mobile applications, but nothing can be done there, you can only see the balance, card limits and recent transactions.
There are no SMS messages about transactions.
There is simply no such service in Monaco, because the write-off occurs with delays of up to several weeks!
Cards are accepted here, but not everywhere. Often, a card is allowed to pay for purchases from 10—15 €.
Many people pay only in cash.
How Rich Do You Need to Be to Live in Monaco?
Do you Have to be Rich to Move to Monaco?
Yes, you have to be not only rich but also an outstanding person.
You can’t just walk into a casino here and lose a million euros.
You need to apply in advance and inform them that you are going to lose a large amount.
You also need to provide a lot of documents stating that this is your legitimate money.
The bank has the same structure.
If someone sends 1000 € to your account, the money will not be credited immediately.
You will need to provide information about where they are from, for what, how the sender earned them.
You must have an official proof( if sold the car – show the document of sale. If you receive a salary – attach the contract. If you pay for the apartment – provide a lease agreement).
Which Celebrity Lives in Monaco?
Prince Albert II of Monaco, Alex Smurfit ,Charlotte Casiraghi.
Prince Albert II of Monaco is actively involved in charity work, cooperates with the United Nations and is the Honorary President of the International Napoleonic Society.
Alex Smurfit is an Irish businessman, billionaire.
Charlotte Casiraghi is a journalist, businesswoman,11th in line to the throne of Monaco.
Monaco has long-standing relationships with the most famous celebrities and supports famous people and celebrities who are living in its territory.
You can meet celebrities who come back home with their purchases in flip-flops.
At the same time, no one runs around them and asks for a selfie.
There is an unspoken law of respect for privacy.
How To Get a Resident Permit in Monaco?
As a tourist you can always come here from France without a visa, there are no physical borders between the countries.
The territory of the states is divided only legally, the house can stand with one half in France, and the other in Monaco. But formally it has its own state: a constitutional monarchy headed by a prince.
But in order to get a resident permit in Monaco you have to collect a package of documents and send them to the French embassy in your country in order to obtain a residence permit in France at first, which then usually changes to a Monaco resident card if you are lucky of course =).
You can wait several months, but as a rule the answer will be given in 7 days.
Then You can pack your luggage and fly towards your dream.
To obtain a passport for the Principality of Monaco, you must be on good terms with the prince of Monaco, as well as an outstanding person: a world-famous sportsman, artist or legendary musician or somebody similar.
There are less than seven thousand citizens of Monaco with a real Monaco passport. The rest live with a residence permit.
How to Rent an Apartment in Monaco?
In Monaco, it is difficult to rent an apartment without an account in a European bank, and an account will not be opened without a permanent place of residence.
It is a Vicious circle, really!
To break it, you have to spend thousands of euros in cash.
In Monaco,any apartment is always rented through an agency.
You as a tenant will never communicate with the owner of the apartment. All issues are decided by the agency,what can be comfortable at 1 point, but if not for one big problem:
the agency will charge up to 3 monthly fees for its services, and you will still need to make a deposit for three months.
3000 € is the average cost of renting a studio in Monaco per month.
On average, rental housing costs from 3000—3500 € .
You will have to pay about 500 € for utility bills, this amount includes electricity, water, concierge and more.
Are you still ok? How Would you feel after reading this information?
The rent is usually paid a year in advance. Sometimes you can agree and pay quarterly.
Nobody pays monthly.
Repairs in the apartment cannot be done, any changes must be agreed upon. Most likely, it will not even be possible to hang a picture without approval of an agency.
Buying a Home In Monaco
Cheaper than a million euros to find a house to buy is almost impossible.
For a million, you can buy an unkempt little apartment in a bad location.
A decent studio of 323 feet sqm costs from 2,000,000—2,500,000 € .
To buy an apartment, you need to prove the purity of money again.
Mortgages in Monaco are given at 2-3% per annum, the minimum installment is 20% of the cost of the apartment. If you buy an apartment for 2. 5 million euros, then at least 2 million must be on your account.
Mobile Sim Cards
Mobile communication is 100—120 € per month for communication with internet.
The Internet is usually attached to mobile communications.
You can separately install your own home Internet, but in Monaco there is only one mobile operator and Internet operator – Monaco-telecom.
The prices for mobile tariffs in Monaco are absurd.
Some tariffs include roaming in France, which is a five-minute walk away!
Conclusion
Happy me dreaming about Monaco
I like to travel from time to time to Monaco, there are no stereotypes and no division of people by age, income, gender, nationality.
In a restaurant, bar or club, you can meet guests in their seventies who spend time and party just like eighteen-year-olds.
People of different ages have the same leisure time.
Monaco, is a place where you will want to live until old age.
