How to become owner of a property in the Principality of monaco ?
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There are no real restrictions on the acquisition of a property, as long as a well-defined process is followed.
First of all, it is important to know that the acquisition of a property on Monegasque territory is not subject to restrictions as to the nationality or residence of the applicant, provided that they are not subject to sanctions.
The support of your acquisition project by a real estate professional will be a guarantee of seriousness and sound advice.
Once you have gone through the search for the desired property, it is time to make your project a reality.
- After visiting a property and you have a real interest in acquiring it, a written offer to purchase will be drawn up by us in due form, which on the one hand will set the price, but above all the conditions under which the sale will be carried out. In particular, in the context of a financing request, or if there has been a need to include conditions precedent.
Indeed, the offer to purchase is the act by which the potential buyer expresses his or her desire to buy a property at a fixed price, after possible negotiation between the parties.
- The offer to purchase has real legal value in the Principality of Monaco because it can, depending on the type of transaction, have the value of a compromise in the event of a direct sale. Indeed, in some cases and when the parties want the transaction to be faster, it is not necessary to go through a preliminary sale agreement if the offer to purchase includes all the necessary items and conditions.
- As soon as the document is accepted by both parties, the signed offer to purchase will then be sent to a Notary of Monaco. Generally, the choice of the Notary is made by the buyer, but it is possible to have a second Notary represent the Seller intervene in the deed (double minute deed).
The offer to purchase will be definitively validated by the payment of a deposit to the Notary, who will be held in escrow until the signature of the authentic deed. It is customary for the amount paid to generally represent 10% of the purchase price of the property. This procedure makes the offer to purchase legally acceptable because it engages the contractual liability of the parties.
- Depending on the type of property purchased, or the conditions precedent mentioned in the offer to purchase, the signing of a preliminary sale agreement is necessary.
- Finally, after the payment of the balance of the price to the Notary, plus transcription fees, the signing of the authentic deed before the same Notary will formalize the transfer of ownership.
One of the advantages of owning a property in Monaco is its attractive tax system.
There are no property taxes and housing taxes, including on second homes.
However, depending on the type of investments you wish to make, and your nationality, tax specialists are at your disposal to assist you in your possible declarations.
Fees and Expenses
Regarding agency fees, we apply the fee scale issued by the Monegasque Real Estate Chamber, of which we are a member, in force on the day of the sale.
As for the acquisition and transcription costs requested by the Notary, they are the sole responsibility of the buyer.
For example, for a natural or legal person (Société Civile Immobilière) the costs are broken down as follows:
- purchase of a new property, off-plan or in the process of completion = 2.5% of the total value of the property (1.5% for the Notary + 1% registration fee)
- purchase in a building already built (resale) = 6.25% of the total value of the property (1.5% for the Notary + 4.75% registration fee)
- Purchase of shares in a Monegasque company owning a property = 4.75% of the total value of the property, plus advisory or legal fees.
The fees mentioned above are given for information only, a statement will be drawn up by the Notary for each transaction.
The balance of the price is to be paid at the latest on the day of the signing of the authentic deed of purchase to the account of the Notary who must sign the deed.
We are at your disposal for any further information.