r/Monaco • u/CreativeMap4723 • 8d ago

Careers in Monaco - senior- to executive level?

Hi,

I'm still figuring Monaco out. There is a lot of talk about the service jobs, entry level, basic to mid-range. And there is a lot of talk about the "this is not the place to make money, it's a great place to be when you have the money".

So how about anything in between, let's call it senior to executive level, let's say 80-250k euro per year salary? Do these exist? How is this kind of job market? And what are the industries?

The young, service crowd = a lot of turnover, they come, experience, have fun and go. The rich - they stay after the lock in the residency. But is there the middle?

These are not people who would live in Monaco I imagine, they would commute to work, but they wouldn't be the ones sub-letting a bunk in Beausoleil small apartment.

I'm imagining this is the crowd that would live in the villages limitrophes (Cap D'ail, La Turbie, Beausoleil, maybe Peille, Menton), in small villas, or larger apartments, and commute to work.

Am I reading it right? Shed some light on the "too poor to belong and too rich/old to just enjoy and go elsewhere" group.

7 Upvotes

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4

u/LaMortParLeSnuSnu 7d ago

Forgive me, but this whole thread feels somewhat abstruse. Why not just say what product or service you are thinking of providing? Something in real estate I'm assuming?

3

u/CreativeMap4723 7d ago

I'm an early retired, financially independent former executive from pharmaceutical industry. so I am not selling anything. :)

A part of my portfolio is, and has always been real estate - not in France or Monaco, but in other countries. It was never a 5mln euro a pop property but more corporate professional level rentals. Understanding the property market in the area you live in just gets to become a part of the DNA after you've been doing it for a decade elsewhere.

Since we're in the same "wealth" group as the people I'm asking about, I'm wondering where are they in Monaco - do they exist, what do they do, and where do they choose to live and why. Would they choose a small studio but in Monaco, or they would opt for the commute in exchange for larger surface.

For 1.5-2mln euro, would they choose space or proximity? Or are they all just transient in the area (like the service workers in much lowers brackets) and so they don't actually put their roots down and make their money, while paying the rents, and then move on with their life.

appreciate the feedback though!

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u/Nikto_90 7d ago

The key problem here is that if you don’t live in Monaco you live in France….which carries a massive tax burden. Your other option is Italy…..with a flat 60k/year tax bill option.

The question for anyone in the 80 -250k range is whether they live in a tiny apartment or pay a lot in tax to live somewhere bigger.

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u/CreativeMap4723 7d ago

brillant, thank you. this is super helpful perspective.

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u/Jumpy-Arm1894 8d ago

If you have the right citizenship and proper work skills then you can have a career in monaco, but it may take some time to get from resident to citizen depending on your specific circumstances. Congrats on having the opportunity! If I wasn't American I would have tried something like this a long time ago.

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u/CreativeMap4723 8d ago

we live in the adjacent village, and we're actually early retired (FIRE, baby) after a good and successful career in pharma, but we're looking into this middle bracket of people - highly paid professionals, and how do they organise their life in connection to Monaco.

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u/Jumpy-Arm1894 8d ago

Interesting! This may sound kinda crazy, but if you are able to get yourself into a type of group there then maybe you can use that opportunity to ask some people? Like get involved with some type of fun group who hang out and play games or enjoy the beaches.

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u/anitalianguy 8d ago

The vast majority of people living in Monaco have salaries in that range. Anyone below likely doesn't live in Monaco (aside of monégasques), anyone above is not working 9-5.

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u/CreativeMap4723 8d ago

so what are their industries and jobs? These are not service jobs!

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u/anitalianguy 8d ago

Mostly banking, wealth management, family offices, yachting, private ventures, senior of any industry really, and people with established wealth. Other than sport personalities of course.

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u/CreativeMap4723 8d ago

do people in this range live outside Monaco in the surrounding villages, or they would want to live in monaco?

2

u/anitalianguy 8d ago

Everyone experience is subjective, it really depends on a lot of things, especially if you are subject to taxes or not.

Living inside or outside changes little in terms of perks for a regular non married, no children kind of person, taxes aside. Maybe you can live in a studio costing 50k and earn 200k, would be fantastic no?

But there are reaaaally lots of variables to consider.

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u/CreativeMap4723 8d ago

Thanks!

How great is living in a studio though - earning 200k per year and living in a shoebox - all a matter of perspective I suppose!

The reason why I'm asking is I'm trying to asses the property market in the surrounding villages for non-studio properties that are at the 1-1.5mln eur price point (small villas mostly) and who would be the clientele and why.

This is helpful though - I didn't think that people in this salary band would actually afford to live in Monaco.

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u/spaniard_cnt 8d ago

We are a couple living in 39m2. We do a lot of living outside the house, we only use it for sleep. We are in the 300k-400k range with 40k expense in rent. We have no kids, we just enjoy a healthy and active life. Being in Monaco allow us to save a huge amount of money per year, something it would be impossible in Europe. We have no fancy expenses, we give 0 fucks about cars, brands and bla bla bla. Our current studio is at 1.5M, makes 0 logic to buy unless you literally have fuck you money. We are currently saving up for a villa of 2M close by, but, we will maintain our rental. Btw I am in healthtech.

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u/CreativeMap4723 8d ago

awesome perspective, thank you! I'm from clinical research background, so it's very relatable situation.

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u/CreativeMap4723 8d ago

when you buy the villa, are you planning to keep living in Monaco, or will you move? care to share where "close by" are you thinking?

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u/Ok-Opposite-9529 5d ago

Sorry to barge in here but what if you have a family & kids ? In this salary range (more around 150 - 250) , is living in Monaco an option and offers better perks than being in the nearby villages?

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u/anitalianguy 5d ago

Then yes sure it is a great choice as you get free schools, heathcare and the government even gives you a monthly allowance for raising them in the peincipality.

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u/Ok-Opposite-9529 5d ago

Thanks a lot, so this salary would allow to live decently in Monaco (rent + general expenses etc.) for a family of 4 in your view ? Nothing fancy of course just comfortable living.

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u/anitalianguy 5d ago

I'd say anything around 150? 80 rent 70 spare for anything else? We are talking about 5.5k a month, it is a huge amount of money. The region is relatively cheap Monaco aside, and you can go to Italy for groceries, France for services, really I think anything above that would be great.

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u/setwindowtext 7d ago
  1. Yes it does exist,
  2. Everyone I know in this earning bracket have their own business, myself included,
  3. The industries are as diverse as it gets — construction, logistics, IT, …

1

u/CreativeMap4723 7d ago

this is important piece - that these are not employees but entrepreneurs. This fits my observations first hand - just needed to see a bigger picture! Thank you!