How to apply for Residency in Monaco, Money Matters. The minimum amount required by the Monaco government for a residency application is 500,000€ per principal applicant to be deposited in an account in the applicant's name with a bank in Monaco and which must always be held with the bank during the residency period.

To live in Monaco as a new resident without a local job, you do not just need $500,000 to spend; you typically need to deposit at least €500,000 (approx. $530,000 USD) into a Monegasque bank to obtain the required "certificate of solvency." This deposit is not a fee, but a mandatory proof that you have the financial means to support yourself in one of the world's most expensive countries. In 2026, some banks have even higher requirements, asking for up to €1 million. This "proof of wealth" is a prerequisite for the residence permit (Carte de Séjour). Beyond the deposit, the cost of living is staggering; a small studio apartment can easily cost €3,500 to €5,000 per month in rent. If you have a local employment contract or are starting a business with a proven business plan, the government may waive the large bank deposit requirement. Essentially, while €500,000 is the "entry ticket" for many, you actually need a much higher net worth or a very high recurring income to sustain the lifestyle and housing costs associated with living in the Principality.