Monaco

Relocation & Recruitment Advice

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OVERVIEW

Undoubtedly stunning and luxurious, Monaco is a small principality with a population of just over 32,000. It's a country and "microstate" which is situated in Western Europe and is just 1.98km2. In essence, Monaco is a constitutional monarchy with Prince Albert II as head of state. Although the country is independent, France is responsible for the country's national defence. In the twentieth century, Monaco has risen as an important financial and banking centre, with a dynamic and well-diversified economy. With its status as a tax haven, Monaco draws in investors globally while providing them with the scope to thrive within a technologically advanced and cosmopolitan environment. Apart from finance, Monaco’s economy generates a large share of revenue from tourism and gaming industry. The gaming industry in Monaco is famous worldwide for the luxury casinos and the affluent customers who enjoy entertainment, with the Monte Carlo’s casino making its way to several Hollywood blockbusters. Monaco has a reputation as the place for the rich and famous. With 30% of its population tagged as millionaires, it is no surprise that Monaco’s per capita GDP is the highest in the world. Everything about Monaco is luxurious and extravagant – be it the legendary casinos, formula one car racing, exclusive shopping streets, million-dollar yachts and heritage opera houses.

More information on Monaco

Monaco Government Website

WHY CHOOSE MONACO

Not only is Monaco attractive for tax purposes, it is a country with one of the highest GDP per capita in the world. Attracted by the pleasant Mediterranean climate, French cuisine and luxury lifestyle, many wealthy individuals and entrepreneurs have made this gorgeous little principality their home – making it the country with the highest density of millionaires. Apart from that, Monaco’s commitment to a business-friendly environment is reflected in its high standard of professionalism, sophisticated infrastructure, pro-business policies and well-developed regulatory regime. With exceptionally low unemployment and poverty rate, Monaco provides a high standard of living in a stable economic and tax-free environment. Monaco’s geographical position and the harbour – surrounded by France and the Mediterranean Sea - attract foreign investors globally. Although Monaco does not have its own airport, the closest one is Nice Cote d’Azur Airport in France, which is just a half hour drive. It has several docks; one of the busiest ones in Port Hercules, which attracts cruise ships and yachts on a daily basis during peak seasons. Besides, Monaco is well-connected with rail and road links to most major cities in France and Italy. Very few other countries offer as luxurious a life as Monaco does. From designer labels in high-end retails stores to elegant vintage goods in the historic Old Town, Monaco provides an exclusive shopping experience with high-end fashion and customer-friendly service. Monaco is the hub of some of the most prestigious international events - the Monaco Grand Prix, the annual fireworks display and the Monaco Yacht Show. When it comes to luxury casinos, Monaco has a special place in the hearts of high-flying individuals who are as much a tourist attraction as the casinos. It is not just the glamorous lifestyle, Monégasque also enjoy the services of an excellent healthcare system, which provides free and high-standard healthcare facilities to everyone employed in the principality. Monaco offers an international standard of primary and secondary education, and also prepares students to enter into prestigious British and American universities. There are plenty of investment options available in the rapidly growing real estate market. With limited restrictions and straightforward procedure, Monaco has become a popular destination for foreigners interested in purchasing real estate. Expatriates enjoy a comfortable and relaxed lifestyle with plenty of opportunities for leisure and recreation. Whether you want to enjoy by the beach or fancy some adventurous water sports like jet skiing, windsurfing or para-sailing, there are private and public beaches and exclusive clubs like the Monte Carlo Beach club, which provide the best facilities for all kinds of recreation. Sports enthusiasts, too, won’t be disappointed, with the Monaco’s Sports Association running a huge sports complex for diverse sporting activities. As Monaco is located within easy reach of France and Italy, travelling to other parts of Europe over weekends or holidays is a common practice among expats. With so much to offer, there is no doubt why Monaco is home to the super-rich. For more information, please visit the following websites.

Living in Monaco

REQUIREMENTS TO SET UP A COMPANY

Setting up a business in Monaco can take four different shapes: sole trading, partnership, limited company or a branch office. Whichever business structure you choose, it needs to be authorised by the government. The most commonly preferred legal structure in Monaco is a sole trader. This is also the most hassle-free and fastest way to get started in your business. However, each type of business structure has its own pros and cons – prior research and planning are required.

REQUIREMENTS FOR EMPLOYEES WISHING TO RELOCATE

Obtaining a valid work permit (Permit de travail) is the first step before relocating to Monaco. Priority is given to local people from Monaco or surrounding areas. Employers must contact the Service de l'Emploi to source a candidate to fill in the vacancy. If the Service de l'Emploi fails to find a suitable candidate within four days, then the employer can hire a foreign worker for that position. Thereafter, the employer is responsible to get a work permit for the employee, for which the employer needs to submit their contract of employment along with proof of residence and personal identification to the Servicede l'Emploi.