Monaco

Monaco

Monaco, officially the Principality of Monaco, is a sovereign city-state in Western Europe located on the French Riviera along the Mediterranean Sea. It is bordered by France on three sides and the Mediterranean Sea to the south.

Monaco covers an area of just 2.02 square kilometres, making it the second-smallest country in the world after Vatican City. Despite its small size, Monaco has a population of around 39,000 people and is known for its luxury lifestyle, casinos, and as a global hub for wealth and tourism.

Key Country Information

  • Capital City: Monaco (city-state)
  • Head of State: Prince Albert II
  • Form of Government: Constitutional monarchy
  • Official Language: French
  • Currency: Euro (EUR)
  • International Dialing Code: +377

Population and Economy

As of 2024–2025, Monaco has an estimated population of approximately 39,000. The country has one of the highest population densities in the world.

Monaco has a highly developed economy driven by tourism, banking, finance, real estate, luxury services, and international events such as the Monaco Grand Prix. There is no personal income tax for residents, making Monaco an attractive destination for high-net-worth individuals.

European Union and Schengen Status

Monaco is not a member of the European Union but has close economic and administrative ties with France and the EU.

  • EU Member State since: ❌ Not a member
  • Euro Area Member since: ❌ Not a member (uses the euro by agreement with the EU)
  • Schengen Area Member since: ❌ Not a member (open border with France)

Although Monaco is not part of the Schengen Area, there are no border controls between Monaco and France.

Living and Working in Monaco

Monaco is a highly attractive destination due to its safety, tax advantages, and Mediterranean climate. However, the cost of living and housing is extremely high.

EU and non-EU citizens generally require a residence permit to live in Monaco. Employment opportunities are mainly in hospitality, finance, real estate, and luxury services, with many workers commuting daily from France.

Summary

Monaco is a small but globally influential European microstate known for wealth, tourism, and political stability. While it is not part of the EU or Schengen Area, it uses the euro and maintains an open border with France, making it closely integrated with the European economic and travel system.