One of Monte Carlo's main sources of income is the tourism trade. However, Monaco is also a major center for banking, and over 48,000 people commute to Monaco for work every day from France and Italy. Monaco benefits from a low unemployment rate at just 2% and had the world’s 8th highest GDP per capita at 78,700 USD in 2013.
Although not a member of the European Union, the Principality of Monaco has close trading relationships with France and the rest of Europe. Monaco uses the same currency as the majority of the European Union — the euro — although Monaco mints its own euro coins with the Monegasque design upon them.
The government has worked hard to diversify Monaco’s economic base into the service-based industry as well as small, high value industries such as bio thermic and cosmetics, and living standards are comparable to many prosperous French metropolitan areas.
It is important to remember when considering employment in Monaco, and thus Monte Carlo, that a work visa must be obtained before starting employment. In order to obtain a visa you must secure a job and have your new employer attest to such.
The Principality of Monaco offers a web service to new and existing residents to assist with securing employment and researching opportunities.
Monte Carlo also provides a state-run Employment Service to assist job seekers who can be contacted by telephone at (+377) 98 98 88 14. For comprehensive advice on employment matters, legislation and assistance the Directorate of Labor can also be contacted online or by telephoning (+377) 98 98 86 59. The Directorate of Labor also has offices located in Monte Carlo.
As with the entry visa, Monte Carlo’s work permits operate on the same regulations as that of neighboring French territories.
For your first year some long-stay visas will also afford you with the rights of a residency visa. This applies to visas for spouses of nationals, study visas, visitors’ visas and some work visas.
For all other foreign nationals in possession of a long-stay visa, a residence permit must be applied for.
Work visas are subject to your status and to specific preliminary procedures. However, as a general guide, any foreign national arriving in Monaco on a short-stay visa many not seek or take up work or obtain an employment contract.
If you intend to settle down and start working in Monte Carlo, your prospective employer must have your contract of employment approved in advance by the Employment Office prior to your visa application being submitted. Full details can be found on the consulate’s website.
For additional information on setting up your own business in Monte Carlo, income taxation, or social security, please refer to our guide on Working in Monaco.