A minimum amount to settle in Monaco
Publié par Paolo Petrini
Around €500,000 held in a Monaco bank: that is what most Monegasque banks ask for before issuing the bank reference needed for a first residence permit, although no law sets a minimum amount.
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The figure is quoted everywhere, often as if it were law. It is not. It is a banking practice, born of a recommendation by the financial centre in 2017, and it concerns only some newcomers: those who settle in Monaco without a salary or professional income. Above all, the deposit is not an expense. It stays in your account, in your name, and can be invested.
The real cost of moving lies elsewhere, in housing, in a market where the average asking price per square metre stands at €59,929 for sales in 2026. Where the €500,000 threshold comes from, who really has to meet it, what becomes of the money once deposited and, ultimately, how much it costs to live in Monaco: these are the questions this article sets out to answer.
Key Takeaways: the minimum to live in Monaco
Ask how much money you need to live in Monaco and the answer is usually €500,000. That figure is a practice of Monaco's banks, not a rule of law. It applies only to new residents without professional income, and it says nothing about the cost of housing.
- No Monegasque law sets an amount: according to the Prince's Government (Gouvernement Princier), the sum deemed sufficient depends on the Monaco bank that issues the bank reference letter.
- Since 2017, the banks of the financial centre have applied a common threshold of €500,000, recommended by the Monegasque Association of Financial Activities (Association Monégasque des Activités Financières, AMAF) with the approval of the authorities.
- Nor is there any rule on opening an account: depending on their category, banks set private banking minimums ranging from 1 to 10 million euros, with genuine flexibility at the outset.
- The deposit concerns only first-time arrivals with no professional activity: a salary, professional income or financial support from a resident relative are equally valid proof of means.
- The bank reference letter submitted with a first residence permit application must be less than one month old.
- The funds remain the resident's property: they can be invested and are neither a tax nor an entry fee.
- On renewal, proof of means can take the form of a payslip, an activity authorisation or a reference letter from a Monaco bank.
- Housing weighs far more heavily than the deposit: asking prices average €59,929/m² for sales in 2026, according to Petrini Exclusive Real Estate data.
Petrini tip: start with the Residents' Section, then look for a home suited to your household while opening the bank account in parallel. Residency, housing and banking each depend on the other two.
Why do banks ask for €500,000?
Because the banks of the Principality agreed in 2017 on a common threshold, recommended by the AMAF and approved by the authorities. Until then, each institution was free to set the amount it required before issuing the residence reference. The range ran from €100,000 at some houses to one or even two million euros at others, according to the president of the AMAF, speaking to L'Observateur de Monaco in July 2023.
The law itself sets no figure. The official page of the Prince's Government on first residence permits, updated on 25 September 2026, states that the sum deemed sufficient depends on the Monaco bank providing the reference. Applicants relying on their savings therefore submit a reference letter in the approved format, dated within the past month, which the bank issues according to its own criteria.
No rule sets the amount needed to open an account either. In our experience, opening minimums vary with the category of institution: 1 million euros at some banks, 3, 5 or 10 million at others. Banks can nonetheless be accommodating: they often agree to open the account with part of the funds, then assess the client's wealth and potential before the balance follows.
The authorities make no secret of the underlying logic. On so small a territory, the Principality wants residents able to live locally, spend and create value without relying on local income. Jean Castellini, then Government Counsellor-Minister for Finance and the Economy, described it in 2023 as a “price to pay” for living in the Principality. This entry threshold, set by the banks rather than by law, is one of its filters. Which leaves the question of who, in practice, has to put up the money.
Who really has to deposit this sum?
The deposit applies only to first-time arrivals who settle in Monaco without a professional activity. The Prince's Government accepts several forms of proof of sufficient means: a salary, professional income, sufficient savings, or financial support from a relative, spouse or partner living with the applicant. Anyone coming to work in Monaco thus presents an employment contract or proof of income, without tying up half a million euros.
Financial support follows a precise procedure: the resident covering the costs signs a declaration of financial support and must in turn prove their own means. It is the natural route for a spouse or relative joining someone already settled here. The official pages do not, however, specify whether the bank threshold applies per person or per household: each bank decides, case by case.
The €500,000 deposit therefore remains the route for people who live off their wealth and whose income is not generated in Monaco. Once the reference letter is in hand, one question comes up in every file: what becomes of the money?
What happens to the money once deposited?
It remains yours. The deposit is neither a tax nor an entry fee paid to the State: the funds stay in an account in your name, at the Monaco bank that issued the reference, and can be invested in line with your wealth strategy.
Whether the funds must stay put becomes relevant at renewal. To extend a residence permit in Monaco, the Prince's Government asks for proof of means of subsistence: the latest payslip, an activity authorisation or a reference letter from a Monaco bank, according to its page updated on 30 September 2026. No amount is specified, but the bank will issue a new reference only if, in its judgement, your situation warrants it. Withdrawing most of the funds the day after moving in is therefore a recipe for difficulty at the next renewal.
In every case, the decision rests with the administration: the Residents' Section of the Department of Public Security (Section des Résidents de la Direction de la Sûreté Publique) reviews each application and may request any further document. The deposit costs nothing beyond tying up the funds. Housing, by contrast, has to be paid for.
The real minimum to live in Monaco: a home
No residence permit is issued without proof of accommodation in the Principality: a tenancy agreement registered with the Tax Services Department (Direction des Services Fiscaux) for a tenant, a notarised title deed for an owner. This is where the real cost of settling is decided, on a territory of 2.08 km² where every square metre commands the price of its scarcity.
The asking prices recorded each month by Petrini Exclusive Real Estate give the measure of the commitment. On average in 2026, the square metre is listed at €50,865 for a studio and €61,479 for a 3-bedroom apartment for sale, while asking rents range from €99 to €136 per square metre per month depending on the type of property. Our analysis of the price per m² in Monaco breaks these levels down district by district.
Asking prices per m² in Monaco in 2026, by property type
Source: Petrini Exclusive Real Estate data, average of monthly surveys from January to July 2026 (May survey unavailable).
| Property type | Sale (€/m²) | Rental (€/m²/month) |
|---|---|---|
| Studio | €50,865 | €136 |
| 1-bedroom | €52,530 | €99 |
| 2-bedroom | €56,307 | €106 |
| 3-bedroom | €61,479 | €126 |
Table by Petrini Exclusive Real Estate Monaco. These are asking prices taken from listings on the Monaco market, not the transaction prices published by IMSEE. Across all property types, the average asking price for sales stands at €59,929/m² over the same period.
Renting makes it possible to settle without committing additional capital. The range of studios to rent in Monaco forms the first rung of the ladder, yet studios carry the highest rent per square metre of any property type: the smaller the surface, the more each square metre costs.
Signing the tenancy agreement is another matter. A landlord generally expects a tenant to hold a bank account in Monaco. Failing that, the landlord may require a year's rent in advance, or accept three to six months upfront in exchange for a commitment to open the account by an agreed date, after which the full year becomes payable. Such arrangements are settled case by case, according to the instructions the landlord has given the agency.
The purchase costs in Monaco come on top of the price itself: around 6.25% for the resale of a property acquired in a personal name, made up of 4.75% in registration duties and 1.5% in notary fees. Set against these sums, the €500,000 behind the bank reference letter appears for what it is: a prerequisite, not the budget.
Residency, housing, banking: where to break into the circle
During a property search, the €500,000 question comes up very often. It conceals another, more practical one: the three steps depend on one another. Residency requires a home. A home, in practice, requires a Monaco bank account. And the account requires an initial deposit. It is a chicken-and-egg problem, which is why all three must move forward together.
A rough calculation makes the point. At the average 2026 asking rent for a studio, €136 per square metre per month, a 30 m² studio comes to around €4,080 a month, or close to €49,000 a year. To buy, the same surface at the average asking price for a studio represents around 1.53 million euros, three times the bank deposit. Petrini calculation: a surface of 30 m² multiplied by the average 2026 asking price or rent, excluding fees.
Our advice is to begin with the administration. Contact the Residents' Section of the Department of Public Security first, then look for an apartment and bring its floor plan to the appointment, to confirm that it suits the make-up of your household. Only once this is approved should you commit to the property, opening the bank account in parallel.
Will the €500,000 threshold rise?
Not in the short term, on the information available. The debate does exist within the financial centre, however. In July 2023, Francesco Grosoli, managing director of CMB Monaco, argued in L'Observateur de Monaco for a substantial increase in the threshold, which he summed up in a phrase: “add a zero”. His preference was for an amount calculated as a percentage of the newcomer's wealth.
The then president of the AMAF, Etienne Franzi, observed that the financial centre was “fairly divided” and expected no change in the short term. Nobody, on the other hand, suggested lowering the threshold. As of October 2026, the Prince's Government's official page still mentions no amount.
For anyone preparing an application, this stability is good news: the steps to become a Monaco resident remain unchanged, and so does the reference amount.
The €500,000 figure, then, is neither a law nor a cost. It is a banking key, one that opens the door to residency and remains part of your wealth. The true price of Monaco is measured in square metres.
Frequently asked questions: how much money do you need to live in Monaco?
- Do you really need €500,000 to live in Monaco?
No, no law requires it. The Prince's Government requires proof of sufficient means, and the sum deemed sufficient depends on the Monaco bank that issues the reference letter. In practice, since an AMAF recommendation in 2017, banks have asked new residents without professional income for a deposit of around €500,000. - Can you become a Monaco resident without a bank deposit?
Yes. A salary, professional income or financial support from a spouse, partner or relative living with you are equally valid proof of means. In the latter case, the resident supporting you signs a declaration of financial support and proves their own means. - Is the €500,000 locked in the account?
No, the funds remain your property and can be invested: they are neither a tax nor an entry fee. When the residence permit is renewed, however, a new bank reference letter may be requested, and the bank issues it according to its own criteria. Withdrawing most of the funds would therefore be unwise. - Does the amount apply per person or per household?
Every residence permit applicant must prove sufficient means, either their own or those of a relative who supports them. A spouse or partner can thus be supported by the other, through a declaration of financial support accompanied by proof of the supporting resident's means. The official pages do not specify whether the bank threshold applies per person or per household: each bank decides. - Do you need to buy or rent a home to obtain a residence card?
Both are possible, and this is precisely where Petrini Exclusive Real Estate Monaco supports future residents. The application requires proof of accommodation in the Principality: a tenancy agreement registered with the Tax Services Department, or a notarised title deed. Renting makes it possible to settle without committing additional capital.
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