Published: Monday, 21th October 2024
The cost of living in Monaco is 4.19 times more expensive as compared to Panama.
On this page, you will find side-by-side cost comparison between Monaco and Panama. We have created 172 cost-of-living indicators. We average the prices of all those indicators and take a mathematically calculated approach to determine which country is more expensive to live in between Monaco and Panama.
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Indicators | Monaco | Panama |
---|---|---|
1 BHK Apartment in City Center | 3,500 EUR (3,892.35 USD) | 1,200 PAB (1,200 USD) |
2 BHK Apartment in City Center | 6,000 EUR (6,672.60 USD) | 2,000 PAB (2,000 USD) |
3 BHK Apartment in City Center | 9,000 EUR (10,008.90 USD) | 3,000 PAB (3,000 USD) |
1 BHK Apartment outside City Center | 2,500 EUR (2,780.25 USD) | 800 PAB (800 USD) |
2 BHK Apartment outside City Center | 4,000 EUR (4,448.40 USD) | 1,200 PAB (1,200 USD) |
3 BHK Apartment outside City Center | 6,000 EUR (6,672.60 USD) | 1,800 PAB (1,800 USD) |
Mortgage Rates Per Month | 1.5 % | 1.3 % |
Realtor Commission | 5 % | 5 % |
Property Taxes | Yet to Update | 0.6 to 1.0 % |
The average housing cost in Monaco is 3.40 times more expensive than Panama.
Indicators | Monaco | Panama |
---|---|---|
Basic Home Furnishing | 20,000 EUR (22,242 USD) | 3,000 PAB (3,000 USD) |
Electricity Cost Per Month | 100 EUR (111.21 USD) | 150 PAB (150 USD) |
Heating Cost Per Month | 150 EUR (166.82 USD) | 100 PAB (100 USD) |
Cooling Cost Per Month | 80 EUR (88.97 USD) | 80 PAB (80 USD) |
Water Supply Cost Per Month | 50 EUR (55.61 USD) | 60 PAB (60 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 568.57% more for Utilities.
The basic home furnishing in Monaco costs 7.41 times more compared to Panama.
Indicators | Monaco | Panama |
---|---|---|
Standard Wifi Cost Per Month | 60 EUR (66.73 USD) | 70 PAB (70 USD) |
Mobile Phone Basic Plan Cost Per Month | 40 EUR (44.48 USD) | 50 PAB (50 USD) |
Landline Basic Plan Cost Per Month | 30 EUR (33.36 USD) | 30 PAB (30 USD) |
Cable TV Basic Plan Cost Per Month | 80 EUR (88.97 USD) | 80 PAB (80 USD) |
The internet and communication costs 1.54% more in Monaco compared to Panama.
Indicators | Monaco | Panama |
---|---|---|
Long Grain Rice (1 KG) | 3 EUR (3.34 USD) | 2 PAB (2 USD) |
Milk (1 Liter) | 1.50 EUR (1.67 USD) | 1.50 PAB (1.50 USD) |
Water (1 Liter) | 1 EUR (1.11 USD) | 0.50 PAB (0.50 USD) |
Bread (500 gm) | 2 EUR (2.22 USD) | 1 PAB (1 USD) |
Eggs (1 Dozen) | 3.50 EUR (3.89 USD) | 3 PAB (3 USD) |
Cheese (1 KG) | 8 EUR (8.90 USD) | 5 PAB (5 USD) |
Chicken Breast (1 KG) | 10 EUR (11.12 USD) | 7 PAB (7 USD) |
In Monaco, the cost of 1 Liter Water and 1 Liter Milk is 1.39 times more expensive than the cost in Panama.
If you lived in Monaco, instead of Panama, you would have to pay 61.25% more for Groceries.
Indicators | Monaco | Panama |
---|---|---|
Apples (1 KG) | 3 EUR (3.34 USD) | 3 PAB (3 USD) |
Bananas (1 KG) | 2.50 EUR (2.78 USD) | 1.50 PAB (1.50 USD) |
Oranges (1 KG) | 3 EUR (3.34 USD) | 2 PAB (2 USD) |
Tomatoes (1 KG) | 3 EUR (3.34 USD) | 2 PAB (2 USD) |
Potatoes (1 KG) | 2 EUR (2.22 USD) | 1 PAB (1 USD) |
Lemons (1 KG) | 3.50 EUR (3.89 USD) | 2.50 PAB (2.50 USD) |
Onions (1 KG) | 2 EUR (2.22 USD) | 1.50 PAB (1.50 USD) |
Lentils (1 KG) | 3.50 EUR (3.89 USD) | 2.50 PAB (2.50 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 1.56 times more for Fruits and Vegetables.
Indicators | Monaco | Panama |
---|---|---|
Meal at a Resonable Restaurant | 20 EUR (22.24 USD) | 12 PAB (12 USD) |
Three-Course Meal for Two | 80 EUR (88.97 USD) | 30 PAB (30 USD) |
Fast Food Combo Meal | 8 EUR (8.90 USD) | 6 PAB (6 USD) |
Normal Coffee | 3 EUR (3.34 USD) | 2.50 PAB (2.50 USD) |
Soft Drink | 2.50 EUR (2.78 USD) | 1.50 PAB (1.50 USD) |
Pizza for One | 15 EUR (16.68 USD) | 12 PAB (12 USD) |
Take-Out Delivery Meal | 15 EUR (16.68 USD) | 10 PAB (10 USD) |
Cigarette Pack of 20 | 7 EUR (7.78 USD) | 6 PAB (6 USD) |
Dining-Out costs 109.21% more in Monaco compared to Panama.
Indicators | Monaco | Panama |
---|---|---|
Wine Mid-Range Bottle | 10 EUR (11.12 USD) | 15 PAB (15 USD) |
Glass of Wine | 5 EUR (5.56 USD) | 6 PAB (6 USD) |
Domestic Beer Half Liter | 3 EUR (3.34 USD) | 2.50 PAB (2.50 USD) |
Imported Beer Half Liter | 4 EUR (4.45 USD) | 4 PAB (4 USD) |
Domestic Alcohol 1 Liter | 10 EUR (11.12 USD) | 15 PAB (15 USD) |
Branded Alcohol 1 Liter | 30 EUR (33.36 USD) | 25 PAB (25 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 1.02 times more for usual hard drinks.
Indicators | Monaco | Panama |
---|---|---|
Monthly Public Transportation Pass | 30 EUR (33.36 USD) | 50 PAB (50 USD) |
Single Public Transportation Ticket | 1 EUR (1.11 USD) | 1.50 PAB (1.50 USD) |
Single Train Ticket | Yet to Update () | Yet to Update () |
Domestic Airplane Ticket | 50 EUR (55.61 USD) | 100 PAB (100 USD) |
Taxi Start Fare | 10 EUR (11.12 USD) | 3 PAB (3 USD) |
Taxi Rate Per Kilometer | 2 EUR (2.22 USD) | 1.50 PAB (1.50 USD) |
Car Rental Per Day | 70 EUR (77.85 USD) | 30 PAB (30 USD) |
Parking Fees in City Center Per Hour | 10 EUR (11.12 USD) | 2 PAB (2 USD) |
Parking Fees outside City Center Per Hour | 5 EUR (5.56 USD) | 1 PAB (1 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 1.05 times more for transportation.
Indicators | Monaco | Panama |
---|---|---|
Reasonable Vehicle Purchase Cost | 20,000 EUR (22,242 USD) | 15,000 PAB (15,000 USD) |
Vehicle Registration Cost | 500 EUR (556.05 USD) | 80 PAB (80 USD) |
Driving License Fees | 150 EUR (166.82 USD) | 50 PAB (50 USD) |
Car Insurance Cost | 1,000 EUR (1,112.10 USD) | 400 PAB (400 USD) |
Car Maintenance Cost | 500 EUR (556.05 USD) | 150 PAB (150 USD) |
Car Loan Interest Rates | 5 % | 6 % |
Fuel Per Liter | 1.70 EUR (1.89 USD) | 1.20 PAB (1.20 USD) |
Fuel Per Gallon | 7 EUR (7.78 USD) | 4.50 PAB (4.50 USD) |
Average Toll Fees | Yet to Update | 5 PAB 5 USD |
You would have to pay 1.57 times more for Vehicle purchase, daily operation and maintenance in Monaco compared to that of Panama.
Indicators | Monaco | Panama |
---|---|---|
Doctor Visit | 150 EUR (166.82 USD) | 50 PAB (50 USD) |
Specialist Visit | 250 EUR (278.03 USD) | 100 PAB (100 USD) |
Dentist Visit | 200 EUR (222.42 USD) | 70 PAB (70 USD) |
Eye Exam | 100 EUR (111.21 USD) | 50 PAB (50 USD) |
Mental Health Counseling | 150 EUR (166.82 USD) | 100 PAB (100 USD) |
Preventive Health Screening | 100 EUR (111.21 USD) | 50 PAB (50 USD) |
Physical Therapy | 100 EUR (111.21 USD) | 75 PAB (75 USD) |
Emergency Room Visit | 500 EUR (556.05 USD) | 300 PAB (300 USD) |
Hospital Stay Per Night | 800 EUR (889.68 USD) | 150 PAB (150 USD) |
Vaccinations | 50 EUR (55.61 USD) | 30 PAB (30 USD) |
Prescription Medication | 50 EUR (55.61 USD) | 20 PAB (20 USD) |
Over the Counter Medication | 20 EUR (22.24 USD) | 10 PAB (10 USD) |
Health Insurance Premiums | 300 EUR (333.63 USD) | 150 PAB (150 USD) |
Health Insurance Deductibles | 200 EUR (222.42 USD) | 75 PAB (75 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 2.69 times more for Health and Medical Treatment.
Indicators | Monaco | Panama |
---|---|---|
Cosmetic Procedures | 1,000 EUR (1,112.10 USD) | 200 PAB (200 USD) |
Spa Treatment | 200 EUR (222.42 USD) | 75 PAB (75 USD) |
Manicure Pedicure Cost | 50 EUR (55.61 USD) | 30 PAB (30 USD) |
Optical Glasses Cost | 150 EUR (166.82 USD) | 80 PAB (80 USD) |
Contact Lenses Cost | 50 EUR (55.61 USD) | 40 PAB (40 USD) |
Haircuts | 25 EUR (27.80 USD) | 15 PAB (15 USD) |
Hair Coloring | 100 EUR (111.21 USD) | 40 PAB (40 USD) |
Shampoo Price | 5 EUR (5.56 USD) | 5 PAB (5 USD) |
Toothpaste Price | 3 EUR (3.34 USD) | 2 PAB (2 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 3.61 times more for Personal Care Items and Treatment.
Indicators | Monaco | Panama |
---|---|---|
Pair of Nike Running Shoes | 120 EUR (133.45 USD) | 80 PAB (80 USD) |
Men's Shirt | 60 EUR (66.73 USD) | 25 PAB (25 USD) |
Women's Dress | 80 EUR (88.97 USD) | 40 PAB (40 USD) |
Summer Dress | 60 EUR (66.73 USD) | 30 PAB (30 USD) |
Men's Suit | 300 EUR (333.63 USD) | 100 PAB (100 USD) |
Men's Jeans | 80 EUR (88.97 USD) | 40 PAB (40 USD) |
Women's Jeans | 80 EUR (88.97 USD) | 30 PAB (30 USD) |
Men's Formal Shoes | 120 EUR (133.45 USD) | 80 PAB (80 USD) |
Women's Formal Shoes | 120 EUR (133.45 USD) | 80 PAB (80 USD) |
Men's Casual Shoes | 80 EUR (88.97 USD) | 50 PAB (50 USD) |
Women's Casual Shoes | 80 EUR (88.97 USD) | 50 PAB (50 USD) |
Underwear For Men | 10 EUR (11.12 USD) | 8 PAB (8 USD) |
Underwear For Women | 15 EUR (16.68 USD) | 12 PAB (12 USD) |
Socks For Men | 5 EUR (5.56 USD) | 3 PAB (3 USD) |
Socks For Women | 5 EUR (5.56 USD) | 3 PAB (3 USD) |
Wintercoat for Adults | 150 EUR (166.82 USD) | 80 PAB (80 USD) |
Sportswear | 80 EUR (88.97 USD) | 40 PAB (40 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 2.14 times more for Clothing and Footwear for Adults.
Indicators | Monaco | Panama |
---|---|---|
Children's Jeans | 50 EUR (55.61 USD) | 20 PAB (20 USD) |
Children's Normal Sneakers | 60 EUR (66.73 USD) | 30 PAB (30 USD) |
Children's Winter Coat | 80 EUR (88.97 USD) | 40 PAB (40 USD) |
Daycare for Infant | 1,000 EUR (1,112.10 USD) | 200 PAB (200 USD) |
Daycare for Toddler | 800 EUR (889.68 USD) | 150 PAB (150 USD) |
Childcare for Sick Days | 100 EUR (111.21 USD) | 30 PAB (30 USD) |
Early Childhood Education Programs | 500 EUR (556.05 USD) | 150 PAB (150 USD) |
Extra Curricular Activities | 200 EUR (222.42 USD) | 100 PAB (100 USD) |
Summer Camp for Kids | 800 EUR (889.68 USD) | 150 PAB (150 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 4.59 times more for Childcare and kids clothing.
Indicators | Monaco | Panama |
---|---|---|
PreSchool Fees | 1,500 EUR (1,668.15 USD) | 250 PAB (250 USD) |
Primary School Fees | 2,000 EUR (2,224.20 USD) | 400 PAB (400 USD) |
Secondary School Fees | 3,000 EUR (3,336.30 USD) | 600 PAB (600 USD) |
Private School Fees | 5,000 EUR (5,560.50 USD) | 1,000 PAB (1,000 USD) |
University Tuition Fees | 20,000 EUR (22,242 USD) | 2,500 PAB (2,500 USD) |
University Private Tuition Fees | 40,000 EUR (44,484 USD) | 3,500 PAB (3,500 USD) |
After School Activities | 200 EUR (222.42 USD) | 75 PAB (75 USD) |
Special Education Services | 400 EUR (444.84 USD) | 200 PAB (200 USD) |
Tutoring | 100 EUR (111.21 USD) | 30 PAB (30 USD) |
Textbooks Cost | 50 EUR (55.61 USD) | 50 PAB (50 USD) |
School Supplies | 30 EUR (33.36 USD) | 30 PAB (30 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 9.31 times more for school and education.
Indicators | Monaco | Panama |
---|---|---|
Movie Ticket (Single) | 15 EUR (16.68 USD) | 8 PAB (8 USD) |
Theater Ticket (Single) | 50 EUR (55.61 USD) | 15 PAB (15 USD) |
Concert Ticket (Single) | 60 EUR (66.73 USD) | 25 PAB (25 USD) |
Sports Event Ticket (Single) | 50 EUR (55.61 USD) | 15 PAB (15 USD) |
Gym Membership | 60 EUR (66.73 USD) | 40 PAB (40 USD) |
Swimming Pool Access | 40 EUR (44.48 USD) | 25 PAB (25 USD) |
Museum Entry Ticket | 10 EUR (11.12 USD) | 8 PAB (8 USD) |
Zoo Entry Ticket | 20 EUR (22.24 USD) | 12 PAB (12 USD) |
Amusement Park Entry Ticket | 30 EUR (33.36 USD) | 20 PAB (20 USD) |
Bowling | 20 EUR (22.24 USD) | 15 PAB (15 USD) |
Mini Golf | 15 EUR (16.68 USD) | 12 PAB (12 USD) |
Video Games | 40 EUR (44.48 USD) | 40 PAB (40 USD) |
Streaming Services | 15 EUR (16.68 USD) | 12 PAB (12 USD) |
Outdoor Equipment Rental | 30 EUR (33.36 USD) | 15 PAB (15 USD) |
Theme Park Annual Pass | 500 EUR (556.05 USD) | 500 PAB (500 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 1.39 times more for entertainment, recreation and fun activities.
Indicators | Monaco | Panama |
---|---|---|
Language Classes | 300 EUR (333.63 USD) | 150 PAB (150 USD) |
Parenting Classes | 150 EUR (166.82 USD) | 150 PAB (150 USD) |
Art Classes | 30 EUR (33.36 USD) | 25 PAB (25 USD) |
Fitness Classes | 20 EUR (22.24 USD) | 25 PAB (25 USD) |
Music Lessons | 50 EUR (55.61 USD) | 30 PAB (30 USD) |
Dance Lessons | 50 EUR (55.61 USD) | 30 PAB (30 USD) |
Reading Materials for Classes | 10 EUR (11.12 USD) | 8 PAB (8 USD) |
Educational Software | 150 EUR (166.82 USD) | 150 PAB (150 USD) |
If you lived in Monaco, instead of Panama, you would have to pay 1.49 times more for Private Classes.
Indicators | Monaco | Panama |
---|---|---|
Average Gross Monthly Salary | 5,000 EUR (5,560.50 USD) | 1,500 PAB (1,500 USD) |
Average Net Monthly Salary | 3,500 EUR (3,892.35 USD) | 1,200 PAB (1,200 USD) |
Minimum Wages | 66.67 EUR per hour (74.14 USD) | 20 PAB per hour (20 USD) |
Average Bonus | 5,000 EUR (5,560.50 USD) | 150 PAB (150 USD) |
Income Tax Rate | 0 to 20 % | 0 to 7 % |
Social Security Contributions | Yet to Update | 9 % |
Pension Contributions | Yet to Update | 10 % |
Cost of Living Index | 12 | 50 |
Median Household Income | 7,000 EUR (7,784.70 USD) | 1,200 PAB (1,200 USD) |
If you lived in Monaco, you would earn 5.62 times more salary as compared to Panama.
Indicators | Monaco | Panama |
---|---|---|
Legal Consultation Per Hour Rate | 300 EUR (333.63 USD) | 100 PAB (100 USD) |
Accounting Services Per Hour Rate | 250 EUR (278.03 USD) | 80 PAB (80 USD) |
IT Support Services Per Hour Rate | 200 EUR (222.42 USD) | 80 PAB (80 USD) |
Technician Services Per Hour Rate | 150 EUR (166.82 USD) | 60 PAB (60 USD) |
Professional Services cost 3.13 times more in Monaco, as compared to Panama.
We hope you enjoyed the detailed guide on the cost of living comparsion between Monaco and Panama.
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