Become a property owner in Monaco

  • Virtually Properties by Virtually Properties
  • 1 year ago
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Becoming a property owner in Monaco without knowing the workings and arming yourself with good advice can be a difficult and competitive process, because the Principality has a limited area and a high demand for real estate. The process of buying property in Monaco can also be complex and involves various legal and financial requirements.

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Monaco is a sovereign state located on the French Mediterranean coast, bordered by the Mediterranean Sea to the east, south and west, and by France at its northern border. Its area is about 202 hectares.


Become a property owner in Monaco

Monaco is famous for its mild climate, its marina, its casino, its formula 1, and for being the place of residence of many rich and famous. French is the official language of Monaco, but Italian and English are also widely spoken.

Foreigners can buy property in Monaco, but must obtain permission from the Monegasque government to do so. This authorization is generally granted to real estate investors, businessmen and people with strong ties to Monaco.

Monaco enjoys a mild Mediterranean climate with around 300 days of sunshine per year, making it a very pleasant place to live. The principality is also renowned for its health and safety policy, with a modern and efficient healthcare system, well-maintained infrastructure, high-quality security services and a low crime rate.
In addition, Monaco offers a high quality living environment with a wide range of cultural, sports and leisure activities, as well as top-of-the-range shops and restaurants. The principality is also very well connected, with easy connections to the international airports of Nice and Cannes, as well as to other destinations on the Côte d’Azur and the Mediterranean region.
How to become an owner in Monaco?

If you are looking to live in a peaceful place, why not own a place of residence in Monaco? The acquisition of real estate in the city-state takes place in three stages, which consist of a written offer, a sales contract and the legal transfer of ownership. These procedures are carried out with the participation of three official notaries appointed by order of the Prince, who are responsible for authenticating the transfers of ownership and protecting the interests of the seller and the buyer throughout the transaction.

To undertake the acquisition of a property in Monaco, it is essential to use a local real estate agency, as this one manages the negotiations on your behalf. In addition, the real estate agent can give you access to exclusive sales that are not available on the public market. In order to confirm your intention to buy a property, you will have to pay a deposit, which is generally equivalent to 10% of the total price of the property.

What are the steps to reside in Monaco?

Under the Franco-Monegasque neighborhood agreement of 18 May 1963, any foreigner who stays in Monaco for more than three months a year or who settles there must apply for a residence permit from the Monegasque authorities. The conditions for obtaining it depend on your personal situation:
• If you are from the European Economic Area (EEA), you must present a valid identity document, but you will not need a visa.
• If you are not an EEA national, you will need to obtain a visa, even if you are a minor. After obtaining your visa, you must apply for your residence permit at the Residents’ Section of the Department of Public Security within eight days of your arrival.
Whatever your nationality, to become a Monegasque resident, you must also meet the following conditions:
• Proof of accommodation in Monaco corresponding to the needs of your household.
• Guarantee sufficient financial resources, whether through an employment contract, payment by a third party or sufficient savings.
• Justify a criminal record without prior history that demonstrates your good character.

What are the particularities of the Principality’s real estate?
Becoming an owner in Monaco is possible, but homes are governed by regulations specific to the sectors to which they belong. Monaco is made up of eight districts, each with its own particularities in terms of habitat.
• The free sector includes housing built after September 1, 1947, which is rented freely, regardless of the nationality of the tenant. To become an owner in this sector, it is important to find out about the regulations in force.
• The state sector is exclusively allocated to Monegasques, so it is not possible to buy in this sector if you are not of Monegasque nationality.
• The regulated sector (or prior to September 1, 1947) is subject to a state right of pre-emption in the event of sale and includes a protected sector and a liberalized sector. To become an owner in the liberalized sector, you must have been domiciled in Monaco for at least five years and have worked for at least six months, or be employed for five years on the Rock.
• Finally, the Caisse Autonome des Retraites owns real estate in Monaco, available for rent. Becoming an owner in this park is not possible, but it is possible to rent accommodation there.

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