Monaco is considered a de-facto member of the Schengen zone because a traveller will need to pass through a Schengen zone country to enter Monaco. Although Monaco does not have its own visa policies, it closely follows the Schengen visa rules.
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The Monaco visa policy requires more travel documents for those who wish to stay in Monaco for longer than 90 days. You will need a clearance from the police to declare that you have not committed any criminal offense in the past.
In order to become a resident, applicants must rent or purchase a property here, and deposit and maintain at least 500,000 euros into a bank registered in Monaco.
French is the official language of the Principality of Monaco, English and Italian are also widely spoken and understood. Some people, including students, speak the original Monegasque language.
When visiting Monaco, there is no passport control except of when coming from a Schengen country. Visitors were previously able to get souvenir passport stamps at a state tourism office. Official passports are no longer stamped as this may cause difficulties with validity.
Andorra, Liechtenstein, Monaco, San Marino, and the Vatican City remain outside the Union, because the EU has not been designed with microstates in mind.
Pro: The average lifespan for Monaco residents is 90 years, the highest ITW. Con: People stick around a long time: most densely populated country ITW. Pro: Monaco has the highest rate of millionaires/billionaires per capita ITW. Con: Not being part of that statistic.
Many Monaco natives are not wealthy and must rely on government subsidies in order to afford to remain in Monaco. It is nearly impossible for foreigners to become citizens, so government subsidies are tailor-made to support Monaco natives. The unemployment rate is estimated at 2 percent, one of the lowest in the world.