Investing in Monaco

Buying Monaco Property

Monaco is an independent Sovereign state situated between France and Italy on the Côte d’Azur. The fact that Monaco residents pay no personal income tax has encouraged an influx of many high net worth individuals to buy or rent Monaco property in order to qualify for residence.

One of Monaco’s other main attractions is the high level of security afforded to its residents due to the presence of a strong police force. Many of the apartment complexes have 24hr security and concierges for extra peace of mind.

These factors as well as the superb climate have contributed to make Monaco property prices some of the most expansive in the world. The majority of Monaco property advertised in the local estate agents is for rent and generally the contracts require a three month deposit and three month rent in advance and the agent will charge ten percent of the annual rent their fee.

As Monaco is less than 2 square kilometres in area most of Monaco property is in the form of apartments and range from minute studio flats to enormous triplexes and penthouses many with their own swimming pools. There are a few town houses available in the Monaco property agent’s windows however these are even more expensive than some of the penthouses.

The actual process of buying Monaco property is fairly simple and there are no restrictions on foreigners investing in the Monaco real estate market. To ensure that the transaction runs smoothly and conforms to the local law you will need to appoint a local notary. You will be required to pay a deposit of 10 percent (normally held by the notary) upon signature of the contract and the balance is payable upon signature of the transfer deed before the notary.

Monaco Property Fees

Notary fees plus supplementary expenses such as copies and stamps range from 1.5% to 2.5%. Real estate agent’s commission is paid by both parties, 5% (plus 19.6% VAT) for the seller and 3% (plus 19.6% VAT) for the buyer.

Author: Damian Crean

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