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Working in Monaco
Find out how to get a job and work in Monaco
It may be a small country, but don’t underestimate the opportunities to work in Monaco as a foreigner. After all, the majority of those working in Monaco are non-Monegasques! Get an economic overview, tips for the job search, as well as info on permits, taxes, and more in the InterNations GO! Guide.
Employment in Monaco
At a Glance:
- Monaco is famed for not charging taxes on its residents’ income, however, this doesn’t mean you will not encounter taxes when living in Monaco.
- Before working in Monaco or setting up a business, a work or business permit must be acquired according to the job you are planning to undertake.
- Whilst working and living in Monaco, you can benefit from various compulsory social security plans for both employees and the self-employed.
An Economic Overview
Taking the country’s small size and lack of natural resources into account, it is hardly surprising that many of those working in Monaco find themselves employed in key sectors such as tourism, finance and insurance, as well as light, high-tech research and industry.
Due to its size, Monaco is highly dependent on other countries and its European neighbors in particular. As such, the principality has also been heavily affected by the Eurozone crisis and related declines in tourism and global trade. Nevertheless, the nation has managed to weather the storm so far, and it achieved a pre-crisis level of GDP in 2012.
Tips for the Job Search
Only about 2% of local jobs were held by Monegasque citizens in 2015, so expats working in Monaco and cross-border commuters are quite common. Nevertheless, when applying for a public service position or otherwise looking for employment, Monegasque nationals, as well as others with close ties to the country (e.g. via marriage), typically enjoy prioritization.
You can start by looking for jobs online at such sites as Job Monaco (French only) or try and send an initiative application to a local company. Kompass offers a directory of registered businesses which you can browse for this purpose. The self-proclaimed biggest employer in the Principality, for instance, is the Monte-Carlo SBM Group, which was employing over 3,000 people in the principality in 2016, and regularly offers open positions in one of their casinos, luxury hotels, restaurants, etc.
How to Get a Work Permit for Monaco
If you are planning on working in Monaco, then you will need a permit de travaiI first. Similarly, your (future) employer needs to apply for permission to hire foreign employees. This is done so that Monegasque nationals, as well as those with close ties to Monaco (e.g. the spouse of a citizen), are prioritized in regard to local jobs. In order to apply for your permit, you need to either:
- hold a valid Monegasque residence card, or
- have a valid French ID or residence document when commuting from France
If you are living neither in France nor in Monaco, you and your employer have to settle the question of your visa and residence status first, i.e. get permission to employ a foreigner, establish the work contract, use the contract to get your visa, and so on. This may also include a medical examination.
Only once your status of residence is settled can you apply for a work permit at the Employment Office. Work permits are also dependent on your job, meaning that if you change employer or position, you will also have to apply for a new permit.
Setting Up a Business in Monaco: The Know-How
If you are, on the other hand, thinking of starting your own company, of working in Monaco as a freelancer, or of any other form of self-employment, then you need a business permit. This is issued by the Minister of State (Ministre d’État). Your eligibility depends on your professional reputation and qualifications, as well as the nature, structure, and size of your business.
The public services website gives a first overview over the different legal forms for companies and regulated jobs in Monaco. For more detailed information and help with setting up a business locally, however, you’d better get in touch with the Monaco Welcome & Business Office.
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Monaco: Taxes, Social Security & More
Taxation in Monaco, Non-Existent?
Monaco has long been hailed as somewhat of a tax haven. And indeed, there is no tax on the Monegasque income of individuals (with the exception of French nationals working in Monaco), nor any taxes on land, capital gains, housing, wealth, television, etc.
However, this does not mean you will not encounter any taxes at all while living in Monaco. A value added tax (VAT) or taxe sur la valeur ajoutée (TVA) is issued the same way as in France, with a rate of 20% or less in case of basic products. Value added tax is also levied on real estate sales, as are various registration fees and stamp duties.
Furthermore, inheritances or transfers are taxed depending on the closeness of relation (e.g. no taxation in cases of direct filiation, 10% for uncles, aunts, nephews and nieces, and 16% for unrelated persons). Your income from savings abroad may be taxed, and entrepreneurs will face a business profit tax (impôt sur les benefices) if more than 25% of their turnover is generated outside of Monaco. Young or mostly non-commercial businesses can, however, get tax relief on the latter.
Understanding Monaco’s Social Security
Social security in Monaco is based on social funds, the so-called Caisses Sociales de Monaco (C.S.M.), which include the various compulsory social security plans for both employees and the self-employed. Established by law and managed by private entities, these funds are:
- Based on employer contributions, this fund covers various social programs, including public health insurance, as well as services, costs and allowances in cases of invalidity, maternity, and death. The C.C.S.S. only applies to employees and their dependents.
- Funded through contributions from both, employers and employees, this old-age pension scheme is based on a credit points system. The more contributions you make throughout your working life in Monaco, the more points you accrue and the more money you will get.
- Based on the contributions of individuals, this fund is the C.C.S.S.’s equivalent for self-employed persons in Monaco.
- C.A.R.’s equivalent for self-employed people, this pensions fund is also based on a points system. A self-employed person’s pension is thus directly determined by the number of points they have acquired through contributions to the fund.
From Work Hours to Paid Leave: Working Conditions
The statutory number of working hours per week is set at 39. Any time spent working that surpasses these limits counts as overtime, for which your employer has to pay you increased wages. If your employer has not been granted any special exemption, you are only allowed to clock in up to 10 hours a day. These limitations also apply if you are working for more than one employer.
Employees in Monaco are furthermore entitled to a minimum 2.5 working days of paid leave per working month. Long-time employees (20 years or more) get additional days off depending on their length of service, as do mothers (one additional day off per child under 16 years old).
Volunteering in Monaco
Due to the aging population in Monaco, a lot of volunteering work can be found in healthcare and working with the elderly. Alternatively, due to Prince Albert II’s interest in the environment, there are also a number of environmental and marine projects to take part in, such as through the Prince Albert II Foundation. This can also be a great way to enter into a career in environmental management.
Do you want to relocate? If you have never moved abroad, the process will be overwhelming, and if you have, you know the burden that lies ahead. Whatever stage you are at, InterNations GO! can help you with a complete set of relocation services, such as home finding, school search, visa solutions, and even pet relocation. Our expert expat team is ready to get your relocation going, so why not jump-start your move abroad and contact us today? Best to start early!
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Nov 28, 2019, 6:00 PM