More and more HNWIs are choosing Dubai without even considering Monaco. The assumption is always the same: Monaco is too expensive, Dubai is the smart move. But when you compare both jurisdictions on the metrics that actually matter for long-term wealth planning, the picture changes.

We put both under the microscope using IMSEE, Dubai Land Department, Knight Frank, Savills, and IMI Daily data. Here is what we found, point by point.

Residency process

Dubai: A free zone company with investor visa starts at approximately [currency amount=3500 cur=EUR] (IFZA, Meydan) and takes 2 to 4 weeks to set up. The Golden Visa property route requires [currency amount=2000000 cur=AED] (approximately [currency amount=500000 cur=EUR]) in real estate, granting a 5-year visa with no physical presence requirement. Dubai issued 158,000 Golden Visas in 2023 alone.

Monaco: There is no formal “Golden Visa” or residency-by-investment programme. You need a Monegasque bank to issue a recommendation letter, which in practice means depositing [currency amount=500000 cur=EUR] to [currency amount=1000000 cur=EUR] depending on your profile. You also need a rental contract (12+ months), a clean criminal record, and an interview with the Direction de la Sûreté Publique. Processing takes 2 to 5 months for EU citizens and 4 to 5 months for non-EU applicants, who must first obtain a French Type D visa.

Dubai wins on speed and cost, and it is not close. However, the key difference lies in what happens to your money. In Dubai, a Golden Visa ties your capital to property or a business. In Monaco, your deposit stays liquid, in your own bank account, under your full control. Monaco’s administrative fees are almost symbolic: [currency amount=80 cur=EUR] for a temporary residence card.

Personal income tax

Both jurisdictions levy 0% personal income tax. No tax on salary, dividends, interest, or capital gains. This is the headline that attracts people to both places.

The difference is in the track record. Monaco abolished personal income tax in 1869, providing 156 years of uninterrupted legal certainty. No government has ever reversed it. For HNWIs making multi-generational decisions, that stability matters.

The UAE’s tax landscape is younger. Its corporate tax framework was introduced only in 2023. While the 0% personal rate is clear today, the regulatory environment is still evolving compared to Monaco’s century-and-a-half of consistency.

One exception applies: French nationals residing in Monaco remain subject to French income tax under the 1963 bilateral treaty.

Verdict: Tie on rate. Monaco wins on legal certainty.

Tax treaty network

The UAE maintains 142 double taxation agreements. Monaco has only 10 DTTs in force (France, Guernsey, Liechtenstein, Luxembourg, Mali, Malta, Mauritius, Qatar, St Kitts and Nevis, and Seychelles).

This is a genuine Dubai advantage for passive income from most countries. Monaco residents can face withholding taxes of 15-35% at source on foreign dividends and interest, while UAE residents benefit from significantly reduced rates through their treaty network.

However, neither Monaco nor the UAE has a tax treaty with the United States. Both residents face 30% US withholding on American-source dividends. For portfolios with significant US exposure (and many HNWI portfolios do), neither jurisdiction offers relief on that front.

Verdict: Dubai wins for non-US income. Tie for US-source income.

Corporate tax

This is where most comparisons get it wrong.

Monaco: Companies generating more than 25% of their turnover outside the Principality pay corporate tax at 25% on all profits (the Impôt sur les Bénéfices, per monentreprise.gouv.mc). Only businesses earning 75%+ of their revenue locally are fully exempt. New companies benefit from graduated relief: 0% for the first two years, increasing to the full rate by year six. Director salaries are deductible.

Dubai: The standard corporate tax rate is 9% on profits above [currency amount=375000 cur=AED]. Free zone companies qualifying as a “Qualifying Free Zone Person” (QFZP) can access a 0% rate on qualifying income, though conditions have tightened significantly: adequate substance (staff, office, expenditure), audited IFRS financial statements, full transfer pricing compliance, and non-qualifying revenue must stay below 5% of total revenue or [currency amount=5000000 cur=AED]. Fail any single condition and you lose QFZP status for that year plus the next four.

Verdict: Dubai wins. For entrepreneurs and business owners with international operations, this is one of Dubai’s strongest cards.

Real estate: purchase prices

Dubai’s citywide average stands at approximately [currency amount=4400 cur=EUR]/sqm (AED 1,625/sqft, Knight Frank Q3 2025). Prime areas like Palm Jumeirah and Downtown range from [currency amount=7000 cur=EUR] to [currency amount=14500 cur=EUR]/sqm.

Monaco’s average resale price reached [currency amount=57569 cur=EUR]/sqm under IMSEE’s new 2025 methodology. The most “affordable” districts (Moneghetti, Jardin Exotique) come in above [currency amount=43000 cur=EUR]/sqm. Larvotto crossed [currency amount=71167 cur=EUR]/sqm, the first time any district has broken the [currency amount=70000 cur=EUR] threshold.

Monaco is roughly 10 to 13 times more expensive per square meter. But Monaco’s market has averaged approximately 5% annual growth over 30 years (Savills, Knight Frank), with values up 44% in the last decade alone. It is the world’s most supply-constrained market: 2 square kilometres, virtually zero new land (Mareterra aside), and a total housing stock of approximately 19,000 units serving a global pool of demand.

Verdict: Dubai wins on affordability. Monaco wins as a store of value.

Real estate: rent

Dubai city centre: a 1-bedroom apartment averages approximately [currency amount=2200 cur=EUR]/month (AED 8,700). A 2-bedroom in prime areas runs [currency amount=3000 cur=EUR] to [currency amount=3500 cur=EUR]/month.

Monaco: a 1-bedroom costs [currency amount=4500 cur=EUR] to [currency amount=5000 cur=EUR]/month. Average rents reached [currency amount=114 cur=EUR]/sqm/month in 2024, up 6% year-on-year (Savills 2025). Three-bedroom apartments command [currency amount=142 cur=EUR]/sqm/month.

Monaco is 2 to 2.5 times more expensive on rent. However, residency only requires a lease, not a purchase. Most newcomers start by renting to get a feel for the lifestyle before considering a purchase.

Security

Monaco: Ranked 4th safest country in the world by the Global Residence Index 2025 (safety score 0.94/1), behind only Liechtenstein, Andorra, and the Isle of Man. Named the safest place on earth from natural disasters by the World Risk Index 2025. Near-zero crime rate, 24/7 police presence and CCTV coverage, with approximately one officer for every 60 residents.

Dubai: Safe by regional standards, with modern infrastructure and visible policing. However, the UAE sits in a region marked by active conflicts. The Global Peace Index places the broader Middle East and North Africa as the world’s least peaceful region.

Verdict: Monaco wins.

Air quality

Dubai: Average PM2.5 concentration in 2024 was 33.5 µg/m³ (IQAir data), which is 6.7 times the WHO annual guideline of 5 µg/m³. Summer peaks can reach hazardous levels, compounded by desert dust storms and temperatures exceeding 46°C.

Monaco: Mediterranean climate with clean coastal air broadly in line with WHO guidelines. No industrial activity, no desert dust, and a compact urban layout that eliminates the car dependency that drives emissions in larger cities.

Verdict: Monaco wins. For families with children, this is a meaningful quality-of-life factor.

Sovereign credit rating

UAE: Aa2 (Moody’s), AA (S&P), AA- (Fitch). Strong investment-grade ratings reflecting the country’s economic diversification and fiscal position.

Monaco: Not rated by Moody’s, Fitch, or S&P, because it does not issue sovereign bonds. Monaco carries zero public debt, uses the euro, and is backed by a defense and customs treaty with France. The absence of a rating is itself an indicator of fiscal strength: Monaco has never needed to borrow.

Verdict: The UAE holds formal ratings. Monaco’s zero-debt position speaks for itself.

Weather

Dubai: Desert climate. Summers reach 40 to 50°C with extreme humidity, making outdoor life essentially impossible from June to September. Winters are pleasant (20 to 25°C, October to April).

Monaco: Mediterranean climate with mild winters (8 to 12°C), warm summers (24 to 28°C), and 300+ days of sunshine per year. Outdoor life is possible year-round. The French Riviera coastline and the Alps are both within an hour.

Verdict: Monaco wins for year-round liveability.

Freedom

UAE: Ranked 161st out of 177 countries in the 2025 RSF World Press Freedom Index, classified as a “very serious” situation. Restrictions on political expression, media, and public criticism of government are well documented.

Monaco: Not individually ranked by RSF (microstate with limited media landscape), but operates under European legal frameworks with constitutional press protections and an independent judiciary. No restrictions on personal expression or media for residents.

Verdict: Monaco wins.

Political stability

Monaco: Constitutional monarchy since 1297. The Grimaldi dynasty has maintained 728 years of unbroken sovereignty. A bilateral defense treaty with France guarantees the Principality’s security. Monaco has no military, no conflicts, and no involvement in regional disputes.

Dubai: The UAE experienced a significant diplomatic rupture in late 2025 when Saudi Arabia and the Emirates clashed publicly over Yemen. Saudi forces struck UAE-backed positions in Hadhramaut province, leading to a forced UAE troop withdrawal. Foreign Affairs, ECFR, and CSIS all described it as the most serious public rupture between the two allies in years, with tensions expected to persist as Riyadh and Abu Dhabi increasingly compete for investment in the same sectors. Houthi disruptions to Red Sea shipping routes add further uncertainty.

Verdict: Monaco wins.

Lifestyle

Dubai: Modern, ambitious, and built for scale. World-class shopping, entertainment, and dining. A car-dependent city spread across 4,114 sqkm with strong international schools and family-friendly infrastructure. However, life revolves around indoor, air-conditioned spaces for nearly half the year.

Monaco: Two square kilometres, entirely walkable. No car needed. Nice airport sits 20 minutes away, London is 2 hours by flight, Paris 90 minutes, Milan 1 hour. A century-old private banking ecosystem with 25+ banks and 50+ asset managers. The Grand Prix, the Yacht Show, the Opera, the Oceanographic Museum. A community of 38,000 residents from 130 nationalities, with social insurance at approximately [currency amount=6000 cur=EUR]/year for a family and one of the best healthcare systems in the world.

These are fundamentally different propositions. Dubai is a city. Monaco is a village with the infrastructure of a capital.

So which one is right for you?

Dubai wins on speed, entry cost, corporate tax, and treaty network. It is hard to beat for entrepreneurs with international revenue who need to be operational fast and do not need a permanent home base in Europe.

Monaco wins on security, political stability, legal certainty, weather, air quality, freedom, banking depth, and 156 years of zero personal income tax. It offers a real home in the heart of Europe, with Schengen access for non-EU residents and the possibility (however selective) of citizenship after 10 years.

The honest answer is that Dubai and Monaco serve different needs. But the idea that Monaco is “out of reach” for HNWIs already considering a [currency amount=500000 cur=EUR] Golden Visa in Dubai does not survive scrutiny. In Dubai, that money is locked in property. In Monaco, it stays liquid in your bank account, earning returns, under your full control.

Sources

• monservicepublic.gouv.mc – Tax in Monaco
• monentreprise.gouv.mc – Corporate income tax
• u.ae – Golden Visa
• Federal Tax Authority – Corporate tax
• Knight Frank – Q3 2025 Dubai Market Review
• Savills – Monaco Spotlight 2025
• IMSEE – Real Estate Observatory 2025
• IQAir – World Air Quality Report 2024
• Global Residence Index – Safety Index 2025
• RSF – World Press Freedom Index 2025