Your guide to renting a 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 rental 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 your offer to include the following:
- 3 months rent (excluding charges)
- Agency commission (10%) plus VAT.
- Government Registration Fee (less than 50 euros).
If accepted, the property is removed from the market and the above deposit monies become non-refundable.
Upon acceptance of the offer, a contract is drawn up by Icon Property and provided to the rental client and property owner for signature.
At this point, the balance of the transaction will be paid which includes:
- the first quarter rent
- a Government stamp duty equal to 1% of the yearly rental amount.
Before moving in, the tenant must also take out home insurance which typically costs a few hundred euros per year.
Icon Property also help our clients to set up and register for their public services (water, electricity, telephone, etc.).
The day you move in, a document detailing the condition of the premises will be done in your presence. This document is crucial in order to make sure that at the end of the rental agreement the premises are returned in the same condition to the owner and reciprocally the full deposit be returned to you.
Icon Property have created a duel English / French version of this slightly complicated document to ensure full understanding and real clarity for our clients since no tenant wants to find a bill at the end of the rental period for damage that already existed when you arrived and was not your fault - we ensure all relevant conditions are documented on the list when you move in!!!
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.
As part of Icon's customer pledge service we have created this section to de-mistify the process of purchasing property in Monaco.
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.
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.