Activities include:

  • international trade (with a turnover of 2.5 billion euros), the service sector, tourism, real estate, construction and engineering work and last but not least, the banking and finance sector, with over 70 establishments.
  • The Monegasque private sector generated a turnover of over 9 billion euros in 2002.
  • Monaco is one of the safest places in which to live and to do business.
  • Low taxation further encourages entrepreneurship and business development.
  • Contrary to what one may think, revenues from the Monaco Casino only represent around 5% of the Principality’s GDP!
  • Monaco has 32,000 inhabitants from 125 nationalities, and covers an area of only 2 square km (less than 1 square mile).
  • The principality has been a member of the United Nations since 1993 and is also fully integrated in the Euro Zone
  • 4,500 companies operate in the Principality.

Bank information

International students can only open a special account for foreigners called a “Compte Courant”. Each bank has a different policy, but usually a minimum sum (from € 100 to € 10,000) is required to open a bank account.

In general, the bank will issue you a credit card called “Carte Bleue Internationale Visa” which allows you to:
  • Take money from ATMs in both France (without commission) and abroad;
  • Pay your purchases in both France (without commission) and abroad;
  • Access to your bank account on the internet.

To open an account, you must provide:

  • An original proof of residency in your home country (for Monegasque banks);
  • Housing certificate (IUM) or copy of rental agreement;
  • Letter of introduction (IUM);
  • Your passport;
  • School certificate of the year.


IUM’s estimates of other expenses (average per month) that may be incurred by students are as follows:
  • Books and supplies: €300/term;
  • Housing: €700 to €1,500/month;
  • Transportation: €1 to €40/month (public transportation);
  • Food: €200/month (restaurants not included);
  • Health Insurance: €45/month;
  • Cellphone: €20 to €70/month;
  • Telephone and Internet: €20 to €40/month;
  • Coffee: €1.50 to €2;
  • Newspapers: €1.20;
  • Magazines: €5;
  • Bread (baguette): €1.00;
  • Stamp: €0.56 for Europe 20g;
  • Sandwich: €5 to €7;
  • Hamburger/French Fries: €7;
  • CD or DVD: €20;
  • Petrol Liter: Approx. €1.60.