Your guide to purchasing property in Monaco.
As part of Icon's customer pledge service we have created this section to de-mistify the process of purchasing property in Monaco.
HOW CAN I VIEW MULTIPLE PROPERTIES?
Unlike some "sole agency" driven property markets where you are required to deal with multiple agencies to view a selection of properties, almost every single apartment for sale in the Principality can be viewed with your single chosen real estate agency. This is simply because the market is so niche and over time most Monaco real estate agencies recognise the value in working together to achieve the best results.
Therefore, since you are able to access almost the entire market through one agent, service and professionalism become the critical factors in your choice of agency - something that is fully embraced by Icon Property and where we look to add true value for our clients.
WHO CAN RENT OR BUY IN MONACO?
There are no general constraints to renting or buying property in Monaco - all nationalities are welcome and Monaco Residency is not required to facilitate this process. Indeed, renting a buying a property in Monaco is actually a key ingredient forming part of an initial Monaco Residency Application (see Monaco Residency section for more information).
Equally, property can be rented or purchased without problems through corporate entities and offshore structures (see Transaction Costs section for applicable fees).
BIDDING FOR A PROPERTY
Once the right property has been chosen the initial offer is made. At this point, you will have to provide the following basic personal information;
- a valid Passport.
- a current address and utility bill.
- a bank reference (preferably from a Monaco a bank), a bank guarantee or other proof of financial resources for the duration
In addition, a deposit cheque must accompany you offer to include the following;
- 10% of the offer price.
- Conditions associated with the offer (subject to mortgage, etc)
If accepted, the property is removed from the market and the above deposit monies become non-refundable (except where subject to any conditions).
Upon acceptance of the offer, a contract of sale is then drawn up and checked by Icon property - this contract is then officially executed in front of an authorised Monaco Notary. At this point, the following must also be paid;
- the balance of the transaction amount.
- Notary fees and stamp duty (see TransactionFees section)
- Agency commission.
Icon Property also help our clients to set up insurance for their property and also to register for their public services (water, electricity, telephone).
Icon Property, in hand with Quintessentially are also able to help put you in touch with local contractors, suppliers and services as part of ongoing, everyday life in the Principality.
Unlike some "sole agency" driven property markets where you are required to deal with multiple agencies to view a selection of properties, almost every single apartment for sale in the Principality can be viewed with your single chosen real estate agency.
This is simply because the market is so niche and over time most Monaco real estate agencies recognise the value in working together to achieve the best results.
TAXATION IN MONACO
Prince Charles III of Monaco abolished all personal income tax in 1869 and since then Monaco has become a secure and tax friendly environment.
The only direct taxation in the principality is Corporation Tax for companies, and only for those companies that do more that 25% of their business internationally.