HOW TO BECOME A PROPERTY OWNER AND RESIDENT IN MONACO

The steps to buy a property in Monaco

I/ a written offer
II/ a sales contract
III/ the legal transfer of ownership

This operation requires the participation of official notaries appointed by the order of the Prince. This is why you cannot start a real estate acquisition procedure in Monaco without the help of a real estate agency. In fact, your local agent handles the negotiations on your behalf. In addition, the real estate agent may be able to give you access to exclusive sales that are recorded on private off-market listings.

To confirm your intention to buy a property, you must first pay a deposit, which is usually set at 10% of the total price.

The steps to move to Monaco

Foreigners who stay in Monaco for more than three months or who reside there permanently must apply for a residence permit under the Franco-Monegasque Neighbourhood Agreement of 18 May 1963.

The conditions for obtaining it are determined by your personal situation:

You are a national of the European Economic Area (EEA): you must present a valid identity document. There is no visa requirement.
You are not an EEA national: a visa is required, even for minors. Within eight days of your arrival, you must apply for your residence permit from the Residents' Section of the Department of Public Security.

Other conditions for becoming a Monegasque resident, regardless of nationality:

Attest to a Monegasque residence of sufficient size to meet the needs of the household.
Ensure adequate financial resources: an employment contract, third-party coverage, or sufficient savings.
Provide proof of good character in the form of a criminal record

Real estate specificities

Monaco is divided into eight districts, and residences are subject to regulations specific to the sectors to which they belong.

Accommodation in buildings constructed after 1 September 1947 is included in the free sector. They can be rented freely regardless of the nationality of the tenant. The lessor determines the duration of the lease and the rent.
The public sector includes government-owned property. These accommodations are only available for Monegasques. The regulated sector (or before 1 September 1947) is subject to a right of first refusal by the State in case of sale and includes a protected area for persons recognized as protected by the Housing Department, who may rent under certain conditions, such as the amount of resources; and a protected area for persons recognized as protected by the Ministry of Housing, who may rent under certain conditions, such as the amount of resources. And a liberalized sector for people who have lived in Monaco for at least five years and have been working for at least six months. This is also true for people who have been working on Le Rocher for at least five years.