The reputation of a place can highly influence whether it is considered as a viable location to relocate to and since Monaco is often thought glamorous and expensive it is likely to put some potential expatriates off.
This does not need to be the case however, as the principality is a cheaper place to live than many people may think, reports the Telegraph.
It is true that to obtain residency in Monaco a person must buy or rent a house, but as there is no income tax salaries go a lot further in this part of Europe than elsewhere.
While there are a number of rich and famous figures who are taking advantage of this, ordinary expats can do the same without having to have millions in the bank.
Roger Munns, managing director of Tribune Properties, told the news provider: "Part of being accepted as a Monaco resident is showing the ability to support yourself financially, and this is done by getting a certificate from one of the Monaco banks showing that a deposit has been made.
"Different banks ask for different amounts, and these vary widely from bank to bank, but Societe Generale, one of the leading ones is able to produce the certificate with a deposit of €100,000 (£85,000)."
This makes Monaco highly competitive in the stakes for attracting expats compared to its neighbour Andorra, another tax haven, which requires a €400,000 investment in government bonds or property in order for residency to be granted.
Princesse Grace Avenue in Monaco is often quoted as being the most expensive street in the world to purchase real estate, but there also more affordable options available.
Tribune Properties estimates that anyone wishing to relocate to Monaco will need €280,000 over the course of five years.
This is based on the presumption that they will rent a relatively good one-bedroom apartment with sea views and a parking space.
It is worth remembering that this amount will be further offset by the fact that wages will be tax free.