Monaco is a small sovereign city-state. Monaco is the name of the country as well as the name of its only and capital city. Monaco is in Western Europe, bordering the Mediterranean Sea on the southern coast of France, near the border with Italy. The climate is mediterranean with mild, wet winters and hot, dry summers. The official language is French. English and Italian are widely spoken. Some people also speak Monegasque and Occitan (local languages). The main religion is Christianity. Monaco is the second smallest country in the world; only Vatican City is smaller. It is regarded as a tax haven, and many of its inhabitants are wealthy and from foreign countries. One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. Monaco levies no income tax on individuals. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco. Monaco culture is very similar to French. Although small, the principality is not insular and locals are generally welcoming of visitors. Business is generally conducted in formal and conservative manner. Expatriate business dress typically comprises suits with ties. The security risk for expatriates in Monaco is low. Risks include low levels of opportunistic street crime and petty theft. The currency of Monaco is the Euro (EUR). Banking is on a par with the rest of Western Europe and North America. Monaco is not a member of the European Union. Medical facilities are excellent, however the cost of treatment for expatriates is high. The population of Monaco is 37,300 (2019 est.), while the inflation rate (CPI) is 1.5% for Monaco as at November 2017. Xpatulator Hypothetical Tax for Monaco is based on the current personal income tax rate of 0% as there is currently no personal income tax.
Cost Of Living
The cost of living for expatriates / professional migrants in In Monaco, the cost of each basket, based on local prices, compared to the international average, is categorized follows (Exact cost of living percentages only available in personalised reports): Monaco as at 1 April 2019 is very high in comparison to other places in the world. 1) Alcohol (where available) & Tobacco: Very High 2) Clothing: Very High 3) Communication: Average 4) Education: Average 5) Furniture & Appliances: Average 6) Groceries: Very High 7) Healthcare: High 8) Household Accommodation: Very High 9) Miscellaneous: High 10) Personal Care: High 11) Recreation & Culture: Very High 12) Restaurants Meals Out and Hotels: Very High 13) Transport: Very High Monaco is for example 42.1% more expensive than USA for groceries, 241.2% more expensive for household costs than UK, and 182.7% more expensive for transport costs than India. The hardship premium for Monaco for an expat from Australia, is for example 0%, i.e. host location (Monaco) premium of 10% minus home (Australia) location premium of 10%. Monaco is ranked as a minimal hardship location. Want to know more about cost of living, hardship (quality of living) or expat salary in Monaco? Register subscribe to your home location and Monaco and run your personalised reports.