Monaco

Western Europe

EuropeNon-EU

A low-tax European country with a strong passport and residence by investment, but a high cost of living, a long 10-year naturalisation wait and no dual citizenship.

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Overall score

Insufficient data · 62% data coverage

Language

French

Currency

EUR

Citizenship

10 years (discretionary)

Personal tax

Generally no personal income tax for residents, except French nationals under bilateral rules

Cost of living

€5,000+ / mo (single)

Rules change often. Confirm any immigration, tax or legal decision with a qualified professional.

Score breakdown

Access

17%

93Residence12%

25Citizenship and passport5%

–

Earning power

25%

–Salary and work12%

–Buying power13%

Business and wealth

20%

94Taxes7%

78Business8%

50Investment5%

Daily life

25%

92Quality of life18%

57Education7%

Rights and institutions

13%

84Freedom6%

85Rule of law7%

Pros

A strong passport
Residence by investment

Cons

A high cost of living
A long 10-year naturalisation wait
No dual citizenship

Best for

Low-tax relocatorsInvestors

Score profile

Access

Residence

Citizenship

Passport

Earning power

Salary & work

–

Buying power

–

Cost of living

Economy

–

Business and wealth

Taxes

Personal tax

100

Corporate tax

Business

Investment

Wealth building

–

Daily life

Safety

Healthcare

100

Environment

Infrastructure

–

Education

HDI

Rights and institutions

Freedom

Rule of law

How the scores are calculated

Access

Residence

Openness to residents

Excellent

Migrant stock70.2% of population (2024)

Regulatory quality1.10 (−2.5 to 2.5) (2024)

Source: World Bank World Development Indicators

Main pathways

EmploymentStudyFamily reunificationBusiness or investment where eligible

Student	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.
Work	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.
Self-employed	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.
Permanent	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.

Citizenship

Citizenship accessibility

Low

Years required	10 years (discretionary)
Dual allowed	No
Language	Check the current naturalisation rules for the selected route
Residence	Typical headline route: 10 years (discretionary); qualifying residence and absence rules apply
Notes	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.

Passport

Passport power

Excellent

173 / 198

Mobility

#20

Global rank

Yes

Biometric

Visa-free124
On arrival44
eTA5
Visa required25

Placeholder estimates for 2024 to 2025. Check entry rules with each destination before travelling.

Earning power

Salary & work

Labour-market strength

Data not available

–

Tech salary (estimate)	Varies substantially by city, seniority, and employer
Freelance	Market access depends on language, sector, and work authorisation
Job market	Use current local vacancy and salary data for role-specific decisions.

Buying power

Purchasing power score

Data not available

–

Cost of living

Affordability

Good

Rent	Varies substantially by city and neighbourhood
Monthly	€5,000+ / mo (single)
Cities	Monaco

Economy

Economic strength

Data not available

–

Output & income

GDP$11.1B (2024)

GDP / person$288,002 (2024)

GDP growth8.5% / yr (2024)

Source: World Bank World Development Indicators

Sector composition

Industry12.8% of GDP (2024)

Services87.2% of GDP (2024)

Source: World Bank World Development Indicators

Main industries

Tourism & hospitalityBanking & wealth managementReal estateGaming

Type	High-income, finance- and tourism-led
Key sectors	Private banking, Luxury tourism & casinos, Real estate
Summary	A wealthy city-state built on private banking, luxury tourism, real estate and tax-friendly residence.
Currency	Euro (used by agreement with the EU)

Business and wealth

Taxes

Tax friendliness

Excellent

Personal	Generally no personal income tax for residents, except French nationals under bilateral rules
Corporate	25% where the business falls within the profits-tax regime
Capital gains	Treatment varies by asset, holding structure, residence, and treaty position
Dividends	Rates and withholding depend on residence and treaty eligibility
Exit tax	Check current domestic rules before changing tax residence
Foreign companies	Management, permanent-establishment, CFC, and reporting rules may apply

Personal tax

Excellent

100

Personal	Generally no personal income tax for residents, except French nationals under bilateral rules
Freelance	Registration, immigration permission, tax, and social contributions may apply
Capital gains	Treatment varies by asset, holding structure, residence, and treaty position
Dividends	Rates and withholding depend on residence and treaty eligibility
Exit tax	Check current domestic rules before changing tax residence

Corporate tax

Low

Corporate	25% where the business falls within the profits-tax regime
Capital gains	Treatment varies by asset, holding structure, residence, and treaty position
Dividends	Rates and withholding depend on residence and treaty eligibility
Foreign companies	Management, permanent-establishment, CFC, and reporting rules may apply

Business

Business friendliness

Good

Regulation & bureaucracy

Regulatory quality1.10 (−2.5 to 2.5) (2024)

Government effectiveness1.74 (−2.5 to 2.5) (2024)

Source: World Bank World Development Indicators

Operating rules

Foreign company	Generally possible, subject to sector, registration, tax, and substance rules
Local company	Available company forms and capital requirements vary
Freelance	Registration, immigration permission, tax, and social contributions may apply

Investment

Investing environment

Moderate

Capital gains	Treatment varies by asset, residence, holding period, and treaty position
Dividends	Data not available yet
ETFs & funds	Data not available yet
Wealth tax	Check current national and subnational rules
Brokers	Local and international availability varies by residency and compliance checks
Foreign access	Data not available yet
Tax-advantaged	Data not available yet

Wealth building

Wealth accumulation

Data not available

–

Salary & work

Data not available

–

Business

Good

Investment

Moderate

Tax friendliness

Excellent

Cost of living

Good

Daily life

Safety

Safety & stability

Excellent

Personal safety

Homicide rate3.1 per 100,000 (2001)

Source: World Bank World Development Indicators

Institutions & stability

Control of corruption1.80 (−2.5 to 2.5) (2024)

Political stability1.24 (−2.5 to 2.5) (2024)

Source: World Bank World Development Indicators

Check current government travel and security advice before relocating.

Healthcare

Healthcare score

Excellent

100

Outcomes

Life expectancy86.5 years (2024)

Under-5 mortality2.7 per 1,000 births (2024)

Source: World Bank World Development Indicators

Capacity & resourcing

Physicians8.61 per 1,000 (2020)

Hospital beds21.99 per 1,000 (2014)

Health spending$9,797 PPP / person (2023)

Source: World Bank World Development Indicators

System & costs

System	Public/private mix varies by eligibility and residence status
Insurance	Check residence-permit and local coverage requirements
Average cost	Depends on eligibility, income, insurer, and chosen coverage

Environment

Environment score

Excellent

Environmental pressure

PM2.5 exposure11.4 μg/m³ annually (2023)

Source: World Bank World Development Indicators

Infrastructure

Infrastructure score

Data not available

–

Digital infrastructure

Internet use99.0% (2024)

Source: World Bank World Development Indicators

Utilities

Electricity access100.0% (2023)

Source: World Bank World Development Indicators

Transport

Air connectivity78 departures / million people (2019)

Source: World Bank World Development Indicators

Education

Education score

Moderate

Attainment

Expected schooling21.7 years (2023)

Mean schooling0.0 years (2023)

Source: UNDP Human Development Report 2025

Participation & investment

Tertiary enrolment77% gross (2024)

Education spending1.7% of GDP (2023)

Source: World Bank World Development Indicators

Tuition	Limited local provision; costs vary
Public university	Varies by institution, programme, and student nationality
Languages	French
Student work	Rules depend on status and circumstances; verify the current requirements with the competent authority before acting.

HDI

Human development score

Low

HDI0.000 (2023)

Source: UNDP Human Development Report 2025

Long & healthy life

Life expectancy86.4 years (2023)

Source: UNDP Human Development Report 2025

Knowledge

Expected schooling21.7 years (2023)

Mean schooling0.0 years (2023)

Source: UNDP Human Development Report 2025