245 Finance jobs in Monaco (2024)

FAQs

Is it easy to find a job in Monaco? ›

Looking for a salaried job in the Principality of Monaco is significantly harder than in any other country in Europe. Talent, skills and degrees are not enough to be employed in Monaco, since no foreigner may occupy a private salaried position without Government authorisation.

Sector and Industry: Monaco's economy is diverse, with certain sectors like finance, luxury tourism, real estate, and yachting paying significantly higher wages than other industries. Employees in these lucrative sectors often command higher salaries due to the specialized skills and high level of service expected.

1. Investment Banker. Roles in investing banking are highly sought after. For investment bankers, it's often a higher competition to land a role in one of the largest firms.

While hotels, restaurants, luxury goods and finance are widely represented in Monaco's DNA, other sectors such as construction, real estate, trade and digital technology make up the Principality's diversified economic fabric.

In Monaco you can hear people speaking French and Italian. But as Monaco is a location where a lot of wealthy people gather from everywhere, please feel free to speak what you want, English, Arabic, Russian, Chinese or Klingon. The people there will manage provided they get their money and they deserve it !

Monaco is an attractive place of residence for high-net-worth individuals. The Principality is an independent sovereign state and a full member of the UN. Applicants must deposit a minimum of €500,000 in a bank account for residency in Monaco. A residency visa application typically takes around three months.

Not surprisingly, the most expensive apartments in the world are sold in Monaco. Renting an apartment costs an average of 3,500 euros per month. Add to this amount utilities bills of 400-700 euros and get the price of housing for rent in the amount of the average salary.

Unless they are French nationals, resident individuals are not subject to personal income tax in the Principality of Monaco. There is no tax on investment income, capital gains, dividends or directors' fees in Monaco. There is no wealth tax or property tax.

The new 2024 Wealth Report by property broker Knight Frank found that the cut-off for the top 1% of wealth in Monaco is nearly $12.9 million, followed by Luxembourg at $10.8 million and Switzerland at $8.5 million.

Countries with high demands for finance jobs include Germany, the United Kingdom, Hong Kong, Canada, and Japan. Which job has the highest salary in finance? Some jobs with the highest salary in finance include Investment Banker, Financial Analyst, Private-Equity Associate, Management Analyst, and so on.

What type of finance pays the most? ›

The top 5 highest paying jobs in finance are investment banking, hedge fund management, CFO roles, private equity, and actuarial positions. These careers typically offer substantial salaries and the potential for significant bonuses.

Believe it or not, mastery of advanced math skills is not necessary to have a career in finance. With today's technology, all math-related tasks can be done by computers and calculators. That said, there are some basic math skills that would certainly make you a better candidate in the finance industry.

Monaco's status as a financial hub translates into competitive salaries in finance and banking. Professionals in roles such as investment banking, wealth management, and financial consulting often command high compensation packages. Average salary (2023): €120,000 – €150,000 per year.

In addition to tax benefits, the rich love the Monaco lifestyle. The combination of year-round mild weather, stable politics and a schedule full of high-profile events such as Grand Prix proved particularly attractive. Monaco is also easily accessible via Nice Airport, which is just a short walk from the French border.

Minimum Wage Rate

The current minimum wage in Monaco is €11.27 per hour (as of January 1, 2023). This information is according to Ministerial Decree no. 63-131 of 21 May 1963 laying down the minimum wage, as updated by Ministerial Decree no. 2023-4 of 27 April 2023 on the Statutory Minimum Wage.

Monaco is not a member of the European Union, so all foreign nationals must acquire a work permit if they wish to find employment in the country. Additionally, a new permit must be sought every time an individual changes position or employer. Despite this, most workers in Monaco are from other countries.

Anyone who is at least 16 years of age and wishes to reside in Monaco for more than three months in a year, or set up home in the Principality, must apply for a residence permit from the Monégasque authorities.

While there are no direct flights from the US to Monaco, it's very easy to travel from neighboring countries such as France and Italy, both of which you can enter with ETIAS.

Monaco's cross-border workers live further and further away from the Principality. To get to their place of employment, 45% of cross-border workers prefer taking the car, while 26% use public transport, 22% use two-wheelers, and 21% choose to walk, most likely from Beausoleil, or Cap d'Ail.