Do you need $500,000 to live in Monaco?

Roughly yes, with caveats. Monaco does not publish a single legal minimum, but the practical bar to obtain a carte de séjour (residency card) is a bank deposit at a Monaco-licensed bank that the institution is willing to certify as adequate to support residence. In practice that means €500,000 to €1,000,000 minimum for most applicants, with some private banks setting their internal threshold at €1 million or more. The bank reference letter is then submitted with proof of accommodation (a rental lease or property deed in Monaco), a clean criminal record, and the long-stay visa from a French consulate. The deposit is not a fee or a one-off payment to the state, it is an ongoing balance the bank can demonstrate. For the full cost picture, see our Monaco cost of living page.