Viager or bare ownership in Monaco: what is the difference?
2026-01-28

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Would you like to sell your apartment in Monaco while continuing to live in it? Or buy a property you will use later? An occupied viager sale and a sale of bare ownership can meet these needs, with different implications for the seller’s income, the buyer’s funding and the use of the home.

To compare them, distinguish two questions: which rights are being sold, and how is the price paid? MONACO PROPERTIES helps you value your property and assess options suited to your plans.

Illustration: a lived-in apartment with a couple on the terrace — Editorial illustration; not a property offered for sale.

Viager and bare ownership: two concepts that can be combined

A viager is a sale whose payment includes an annuity paid for the lifetime of one or more beneficiaries. An initial lump sum, called the bouquet, may supplement the annuity. Total payments depend, among other things, on how long they continue, so the total is unknown at signing. The uncertain nature of a lifetime annuity is recognised in Monaco case law.

Bare ownership is ownership of a property whose usufruct belongs to another person. It describes the rights acquired, rather than a payment method.

The concepts are therefore not mutually exclusive: bare ownership can be sold in exchange for a lifetime annuity. The comparison below distinguishes viager sales from a purchase of bare ownership paid in full at signing, with the seller retaining usufruct.

Comparison: vacant viager, occupied viager and bare ownership

Rights and payment terms compared
Comparison point	Vacant viager	Occupied viager	Bare ownership paid in full
Payment to the seller	Annuity and optional bouquet	Annuity and optional bouquet	Lump sum agreed at signing
Right retained by the seller	No reserved right of enjoyment	Right of use and habitation (DUH) or usufruct, as specified in the deed	Usufruct
Immediate occupation by the buyer	Possible if the home is available	No, while the retained right continues	No, while usufruct continues
Letting by the seller	No, under a reserved right	Possible with usufruct; not with a DUH	Possible under usufruct
Total purchase price paid	Depends on the duration of the annuity	Depends on the duration of the annuity	Contractually agreed
When the buyer can use the property	Immediately if the home is available	Depends on termination of the retained right	Depends on termination of usufruct

Occupation and letting remain subject to the rules applicable to the property and the terms of the deed.

Right of use and habitation or usufruct: a key distinction for sellers

A right of use and habitation (DUH) allows the seller to continue living personally in the home under the conditions set out in the deed. It does not allow the seller to let it.

Usufruct allows the holder to live in the property or let it and receive rental income. This matters particularly if the seller may move out later.

A sale reserving a DUH is therefore different from a sale of bare ownership reserving usufruct. Moving out does not necessarily end the retained right: the consequences of early departure must be specified in the deed. These rights are governed by the Monaco Civil Code, particularly its provisions on usufruct, use and habitation.

How should you compare the amounts?

Start with the value of the property in full ownership, then assess the right retained by the seller.

Value of the rights sold = full ownership value − value of the retained right.

Consider this purely illustrative example:

Apartment value in full ownership: €2,000,000.
Hypothetical value of retained usufruct: €800,000.
Economic value of bare ownership: €1,200,000.

For a purchase of bare ownership paid in full at signing, the price could therefore be €1,200,000, subject to agreement between the parties.

If the same rights are sold for a bouquet and an annuity, a €200,000 bouquet would leave an economic basis of €1,000,000 to convert into an annuity. Calculating it would require assumptions suited to the beneficiaries and the contract.

These figures are neither a valuation scale nor a property valuation. To compare retained usufruct with a retained DUH, each right must be valued separately.

For more on calculating the bouquet and annuity, read our guide to viager in Monaco.

Known price and total cost: how predictable is the buyer’s budget?

Paying for bare ownership in full makes the purchase price known at signing. However, where usufruct lasts for life, the date when the buyer can use the home remains uncertain.

The budget must also include acquisition costs, the buyer’s share of charges and works, and any financing costs.

With a viager, the buyer must be able to pay the annuity for its entire duration, allowing for contractual indexation. A modest bouquet alone does not measure the financial commitment.

Who pays the charges and works?

The allocation depends on the retained right, applicable rules and the deed. For usufruct, the Monaco Civil Code distinguishes maintenance repairs from major repairs, with exceptions. Reference: Civil Code, Articles 490 and 491.

Before signing, clarify the allocation of condominium charges, maintenance, works and insurance. Works already approved or planned for the building must also be considered.

Which approach suits your plans?

For sellers, the starting point is the financial need: an immediate lump sum, a lifetime income, or both. Then consider whether you only want to remain in the home or also retain the ability to let it.

For buyers, the main questions are available capital, the ability to fund an annuity over time and how long you can wait before using the property.

A price below the full ownership value reflects, among other things, the absence of immediate enjoyment. It does not, by itself, guarantee a return.

Request a viager or bare ownership valuation in Monaco

Are you considering selling your apartment while retaining an occupancy right? Or looking for a viager or bare ownership investment in Monaco?

MONACO PROPERTIES helps you value your property and compare the financial options, working with your notary on the legal provisions of the transaction.

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Contact our team to discuss your plans.