Monaco is a city-state built for people who have made money and would like to keep it: no income tax for residents, a harbour full of superyachts, the Grand Prix, the casino and property that costs more per square metre than anywhere else in the world.
Stay
- Hôtel de Paris Monte-Carlo
- Hôtel Hermitage
- Monte-Carlo Beach
- Maybourne Riviera, just across the border in Roquebrune
Shop
- The Carré d’Or around the Casino
- One Monte-Carlo and the Métropole
- Yacht brokers along the Port Hercule
- Cars: the dealers on the Boulevard des Moulins
Dine
- Le Louis XV by Alain Ducasse
- Blue Bay, Monte-Carlo Bay
- Yoshi at the Métropole
- La Môme and the terrace at the Café de Paris
Gavalia’s rules
- Residency requires a lease or purchase and proof of funds in a Monaco bank; the process takes months and a lawyer who does nothing else.
- The Grand Prix weekend in May doubles hotel rates and closes half the roads. Book a year ahead or come the week after.
- Mareterra, the new district reclaimed from the sea, is where the newest and most expensive property sits.
Why Monaco
The principality charges its residents no income tax, no capital gains tax and no wealth tax (French nationals excepted), sits on the most beautiful coast in Europe and is safer than any city its size. Around 40,000 people live here and a third of them are millionaires. The result is a real-estate market that behaves like nowhere else.
Property
Monaco’s apartments are the most expensive in the world by a wide margin. The Carré d’Or around the Casino, the Larvotto seafront and the new Mareterra district are the prime addresses; the Odéon tower holds the most expensive penthouse ever marketed. Purchase costs are low (about 6 percent) and there is no property tax, which is part of the arithmetic.
Life
The Hôtel de Paris and the Hermitage for the grand tradition; the Monte-Carlo Beach for summer; the Yacht Club for the harbour; the Sporting for the summer concerts. The season is punctuated by the Rolex Masters in April, the Grand Prix in May, the Yacht Show in September and the Ballet in December. Dinner is at Le Louis XV, lunch is on a boat.
The practicalities
Nice airport is 30 kilometres away and the helicopter takes seven minutes. Cars are impractical inside the principality; the tunnels and the traffic on race weeks are famous. French is the language, English and Italian are everywhere. Becoming a resident is a project; being a visitor is a pleasure.
The property market
Apartments from 50,000 to over 100,000 euros per square metre; a two-bedroom in a good building starts around 8 million; penthouses in the Mareterra district and the Odéon tower are priced in the hundreds of millions.
Regions in Monaco
Try it yourself
Destination MatcherMonth, mood and budget: the three countries or regions that fit, with the season and the hotels.Villa Cost CalculatorPurchase price and country: taxes, fees, annual running costs and the ten-year total, with rental income if you let it.Questions people ask
How much does an apartment cost in Monaco?
From about 50,000 euros per square metre for a good building to over 100,000 for the newest developments, so 8 to 15 million for a two-bedroom and far more for a penthouse.
How do I become a resident of Monaco?
Rent or buy a home, open a Monaco bank account with a substantial deposit, provide clean criminal records and apply for a residence card. Allow six to twelve months with a specialist lawyer.
When is the Monaco Grand Prix?
Late May every year, over the last weekend of the month. Hotels and yacht berths are booked a year ahead.
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