MONACO PEO & EOR
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DID YOU KNOW
- Known for its high-wealth and entrepreneurial population, one in three people who live in Monaco are millionaires.
- Due to reasons rooted in the nation’s history, residents are banned from gambling in Monaco. Despite being home to one of the world’s most famous casinos – Monte Carlo, Monaco has passport checks as the entrances to prevent residents from entering.
- Monaco is one of the world’s most expensive places for real estate. The average price in Monaco is double that of New York!
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Working in MONACO
Financial Year Dates
Monaco’s financial year only applies to business and runs from 1st April until 31st March the following year.
Minimum Wage
The current minimum wage is €11.65 per hour.
Standard working hours
In Monaco, employees typically work a maximum of 39 hours per week within a flexible timeframe known as ‘the spread of hours’ (e.g., 7am to 7pm). Any work beyond this span can be negotiated for overtime rates, ensuring work/life balance in this beautiful Mediterranean enclave. Monaco offers a harmonious blend of work and leisure, making it an attractive destination for a fulfilling career and a splendid lifestyle.
Overtime
For work carried out over a maximum of 39 weekly hours, overtime pay must be made. The first 8 additional hours are to be paid at 125% greater than the employee’s standard wage. Any further hours are to be paid at 150%. Overtime is restricted to a maximum of 48 hours per week.
Holiday Allowance
Employees in Monaco are entitled to a generous holiday package which is designed to ensure a healthy work/life balance. Typical annual leave ranges from 25 to 30 working days per year, depending on the length of service and any specifications in employment contracts.
Sick Leave
Monaco doesn’t have a statutory right to paid sick leave. Each employer has their own sick leave policy which must be stated in either the employee’s handbook or contract. Where employees are not entitled to contractual sick pay, they can receive sick pay from the Caisses Sociales de Monaco (CCSS) which is paid at 50% of the employee’s average gross daily salary.
Maternity & Paternity Leave
New mothers are also entitled to a typical maternity leave of 16 weeks, during which time they will receive their full salary. Monaco also provides paternity leave, usually for a week.
Public Holiday
Monaco has 12 public holidays, which are:
- New Year’s Day
- Saint Dévote’s Day
- Easter Monday
- Labour Day
- Ascension Day
- Whit Monday
- Corpus Christi
- Assumption of Mary
- All Saints’ Day
- National Day of Monaco
- Feast of the Immaculate Conception
- Christmas Day
Social Contributions
In Monaco, social security contributions are calculated based on the gross monthly salary, and are shared between employers and employees.
| Employers | Employees |
Health Insurance and family allowances | 15.05% | 0% |
Pension | 8.03% | 6.55% |
Unemployment | 4.05% | 2.40% |
Income Tax
Monaco offers one of the world’s most advantageous income tax systems, as the principality does not impose any general income tax on individuals. Because of this, personal income (including salaries, dividends, and capital gains), are not subject to income tax. This means that individuals retain a substantial amount of their earnings.
Despite this, individuals with French citizenship are subject to French income tax on certain types of income. This is because of a historic agreement between Monaco and France. Monaco’s tax policies are a key part of the principality’s appeal as a financially prosperous region.
For organizations, Monaco imposes a corporate income tax rate of 25%, which is highly competitive compared to other neighboring European countries. Monaco also provides a variety of incentives for businesses, including exemptions and reduced tax rates for specific industries.
Health Care
Monaco’s public healthcare system is available to all citizens and long-term legal residents. Additionally, there are several private hospitals and clinics that offer high-quality care for those willing to pay for their services. The Caisses Sociales de Monaco (CSM) manages the state-funded healthcare system. All workers, including self-employed individuals (both locals and expatriates), are required to make contributions. French and Italian citizens can also access Monaco’s public healthcare services, provided they can prove they make regular contributions to their home country’s state-funded healthcare system.
The primary funding for Monaco’s health system comes from contributions made by both employers and employees. Each contributor registers with a doctor and has equal access to publicly funded healthcare services. Many individuals also opt for complementary medical insurance (mutuelle) to cover any costs not paid by the state.
Visas
Monaco offers several visa categories tailored to different individual circumstances. Some examples of the visas on offer include:
Work Visa: This is typically granted to individuals who have secured a job in Monaco. It requires sponsorship from a Monaco-based employer. Work visas are usually issued for one year and can be renewed for as long as the employment contract is valid.
Self-Employment Visa: This visa is typically used by entrepreneurs and self-employed individuals who are looking to establish their business in Monaco. Acquiring this visa is dependent on meeting specific financial criteria and demonstrating a viable business plan.
Residence Visa: Monaco’s residence visas are for individuals who can demonstrate financial self-sufficiency and do not intend to work in the principality.
Family Reunification: Monaco also offers family reunification visas, which allow spouses and dependent children to join the primary visa holder in Monaco.