For quite a few, Monaco represents a huge place to spend your holidays, vacations and trips. On the other hand, others see it as an excellent country to live in or simply to work in, with a prominent standard of living and a vigorous economy. Residing or moving to the Principality of Monaco means first of all having a job or being hired as soon as possible in order to be able to cope with the costs of living from day to day. The article will then explore the issue of jobs in Monaco.
Property in Monaco
To cover the properties of the Monegasque labour market, let us first look at its cheap background. The main elements of Monaco’s economy are represented by tourism and similar companies. The old branch started to take shape distinctively after the foundation of the Casino of Monte Carlo. The popular gambling centre has attracted hundreds of tourists since then. Gradually, other points of tourist interest have been created, broadening the visitors’ horizon.
The second most important part of the Monegasque economy lies in banking and financial occupations, all of them around the Monegasque Organization of Financial Occupations (AMAF), Monaco’s banking organization. Established 50 years ago, the organization has 84 members represented by banks and financial and portfolio management companies, which federate all the financial institutions in the market. The AMAF’s role is to maintain an ongoing dialogue between workers’ representatives and the Principality’s main low-cost agents, and thus to mediate on issues relating to banking and finance when in contact with the Monegasque authorities.
A third economic division is that embodied by the industrial area, which is rather small but important. The range of related businesses includes areas such as pharmaceuticals, flour milling, cosmetics and the food industry. Investment in real estate and business services constitutes a fourth important branch, which creates several particular incentives for foreign companies to determine to open work areas in the Principality. Given that the country is a tax haven, where no income taxes are imposed on the inhabitants, it has caused a remarkable advance in relation to business and individual investment. This has paved the way for the strengthening of the financial industry.
Monaco’s small but vigorous economy has created a global system of precisely thirty thousand jobs, two thirds of which are occupied by workers moving from neighbouring French or Italian towns along the coast. The proportion of Monegasque workers increases substantially when seasonal jobs are taken into account. With an unemployment rate statistically around 3.2 per cent, the Monegasque labour market comprises women as slightly less than half of the workforce.
If you intend to apply for a job in Monaco, here are some basic facts about this issue. As a non-resident of the country, you are required to obtain a work permit for each specific type of work. Furthermore, if you are neither Monegasque nor French, you must meet an additional requirement: your work contract must be approved by the employment office. Obtaining a work permit is affected by having a housing permit.
Frequent industries to find work are:
tourism: it relies on several luxurious and extravagant hotels, resorts, casinos, nutrition establishments and seasonal events such as the Enormous Monaco Prize, festivals, holidays, etc.; so specialization in the hotel, tourism and food industry is more than welcome;
the banking and financial industry – with a range of well over 60 banks and financial institutions, Monaco creates an abundance of related jobs;
maritime transport – having a considerable seaport for commercial occupations, the Principality has well over 100 shipping companies offering a considerable rate of employment;
retail – the various shops that are already in need of staff.Having said that, it is impossible but to deduce that Monaco has a well-created labour market with many employment opportunities. In addition, the country has a strong network of work stipulation companies that assist job seekers in finding attractive promotions, internships and internships.