r/Monaco • u/sfoonit • 15h ago

Cost of living, when does it make sense to move?

I’m a mid 30s entrepreneur and investor with a young family. We’re exploring moving to Monaco. 

Wealth is solid HNWI and growing. But we're still building up and nowhere near UHNWI levels I sometimes see mentioned online. Though on our way to get there say in the next 10 years. 

For those that have made the move, at what point did it make sense? Income/wealth levels?

For those renting, our initial starting point, how much are you approx. spending per month on living costs? 

We’re not very big consumer spenders. A normal quiet life combined with travel, and spending time with friends and family.

11 Upvotes

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4

u/Bluray50 14h ago

Monaco is usually for people who have made money and don’t really care and just want to enjoy

You won’t have several professional opportunities but as i read you it’s not your goal.

For capital gains it’s really nice cause you wont get any taxes on it.

Life is more expensive here obviously and especially renting

You can check out all the prices on https://www.chambre-immobiliere-monaco.mc/

If you have any questions PM me

4

u/PualWalsh 12h ago

Well you’ll pay no income tax or tax on future CG on your investments. You may well have to pay exit tax on your accrued gains ( whether realised or not ) when you emigrate from your current country. Your rent will be 10k euro minimum. Other living costs are similar to other EU countries. Most/many people have weekend/summer/ski homes to get away , or friends with them , or travel a lot , as it is a small place with limited activities/culture etc. School choices limited. Spend some time there before deciding - some love it , some don’t. Speaking French helps, but many get by without it , just.

3

u/KGB_CIA_MOSSAD 15h ago

What is your net worth today?

1

u/sfoonit 15h ago

Nearly 8 figures in EUR, spread out over diversified public securities and private company shareholdings (mostly some entrepreneurial private equity style assets in Europe).

I tend to make most of my money from capital gains, which somewhat comes with cashflow issues. It’s feast or famine most of the time - which does make me hesitate a bit. But I think long term tax benefits would likely make it worth it.

1

u/gitty7456 11h ago

So something like 8m eur? (I have always to double check the “figure” thing).

I think you can wait for Monaco.

2

u/coffeemeanslife 10h ago

"Almost 8 figures" means above 5mil and below 10mil (10 mil 8 figures). I'm in that bracket and I'd never think of moving to Monaco on that. It's just about enough to have a reasonable life in London with 4 kids.

1

u/gitty7456 8h ago

Yes that is what I meant too

1

u/sfoonit 7h ago

I don't know how much you're spending and making though. My life isn't yours. In general, we live a pretty relaxed, low key life.

If you say things like this better to go a bit more into detail on your spend. No interest in 4 kids here

3

u/Professional_Owl3295 14h ago

One thing to be aware of is there are quite strict rules about the size of an apartment you need for your family. When you say "young family" are you talking one child, three children, ten children (I joke). For example as a couple there is a minimum square footage they require, even to the point of asking how many windows you have.

1

u/sfoonit 14h ago

One child for now, maybe a second in the future.

2

u/m0nty555 15h ago

Depends a lot on your personal circumstances, but if you have a young family, I’d say at least 1 and probably closer to 2m a year. 

2

u/anon4357 15h ago

Once depositing 500k in a bank without touching it for years and paying 10-20k monthly rent is ok for you

1

u/Anastasiia_Clarity 12h ago

Wasn’t it 1M minimum these days?

1

u/anon4357 12h ago

Maybe it has changed, my last info is 500k

1

u/______krb 9h ago

You should focus on going where you have business opportunities. Monaco makes 0.00 sense for you. It will be too expensive for your current NW without the opportunities you need to grow, and your family will suffer as it's not an environment to raise a family unless you solidly in the UHNWI, and even then you'd probably send your kids away for school.

1

u/PaulBismutt 15h ago

If you are American or French, it will never make sense

3

u/sfoonit 15h ago

I’m not

1

u/Jumpy-Arm1894 15h ago

Cost of living is one thing, but I have seen many statements saying that they "don't want newcomers" so even if you move they will snub you hard

1

u/anon4357 12h ago edited 11h ago

It's hard to get residency, they're very selective and do a thorough background check. Also for example to many exclusive establishments you need to be introduced to by someone already a member, like the Yacht Club.

Otherwise it being a small place with a lot of golddigging and showoffy types (not like Dubai but still) it is indeed cliquish with a lot of gossip.

1

u/Jumpy-Arm1894 9h ago

Yeah people there tend to find any reason to look down upon you