Buying a property in Monaco is quite easy. No restrictions are imposed to foreigners. The sale can be concluded quickly. The services of a public notary will be needed in order to ensure that the terms of the agreement are conforming to the law.
Fees to buy a property in Monaco Estate agents: 3% + VAT of purchase price to be paid by the purchaser.
Notary fees: Approximately 6% of the value of the property, depending on the ownership structure of the transaction (includes the registration, stamps and legal fees).
The property prices as well as the fees listed above have to be paid when signing the official act of purchase by the Notary.
Anyone who is 16 years of age above and wishes to reside in Monaco for more than three months in a year, or set up home in the Principality, must apply for a residence permit.
Monaco has no income tax and thrives as a haven for the investors who have located there. With an economy based primarily on tourism, cosmetics, pharmaceuticals, transport, food, clothing and textiles, there are sectors to accommodate any striving investor thinking of relocating there. Monaco boasts an excellent infrastructure, social and political stability, strategic geographical positioning and an exceptional quality of life.
In order to run a business in Monaco, those without Monegasque nationality must acquire a business permit issued by the Minister of State.
For more information, do not hesitate to contact us.