Monaco is well known as a tax haven, and the luxury lifestyle associated with the princpality is as legendary as her tempting zero income tax.

From her casino featuring in James Bond films, the Grand Prix around the streets in early summer when anyone who is anyone has their yacht in the marina, the Aston Martin showroom at the top of Casino Square to the designer fashion labels with their boutiques looking out on the Mediterranean nothing comes cheap in Monaco – or does it?

Do you need to be a millionaire to share in Monaco’s tax status and social life?

Not necessarily – but it helps!

It also depends upon which currency you’re judging a millionaire by – you’re far more likely to need to be a millionaire in Euros or US $’s than British Pounds for example.

The main cost is of course the property. Closing costs are high in Monaco – expect anything between 10% and 14% due largely to notary fees - and this needs to be factored in when deciding if you have sufficent capital to move to Monaco.

A first floor studio in Boulevard d’Italie for example is currently available for US $540,000. With the bank deposit and closing costs it works out under a million dollars – but the studio is only big enough for one person to get residency and has no views to speak of.

What about a two bedroom apartment with views of the Mediterranean, more perhaps what most people would want? 

Once you’re into the three million dollar bracket the choice and comfort level gets better – that will buy you a penthouse with a roof garden with a residents only pool in the complex and a couple of secure parking spaces.

So you do need to be a millionaire to live in Monaco? No… but to have a good standard of life and to enjoy Monaco to the full…yes!

If you are considering moving to Monaco and would like details of currently available real estate and advice on residency in Monaco from the author of this article visit http://www.monacoproperty.net