Guide to Buying and Selling Property in Monaco

Monaco, renowned for its glamour and dynamic real estate market, attracts investors from around the world. Whether for tax benefits, exceptional quality of life, or economic stability, buying property in Monaco is a secure and prestigious investment. This detailed guide will accompany you at every step of the buying or selling process, providing all the necessary information to make informed decisions.

Why Invest in Monaco?

Monaco is a sought-after destination for many reasons:
• Favorable Taxation: Monaco does not levy income tax on residents, making it an attractive location for wealthy investors.
• Safety: With one of the lowest crime rates in the world, Monaco offers a safe environment for families and individuals.
• Quality of Life: First-class healthcare services, renowned international schools, and a Mediterranean climate make Monaco an idyllic place to live.
• Stable and Dynamic Real Estate Market: Real estate prices over the past 10 years reflect consistent demand and sustainable growth.
Whether you are looking for a primary residence, a secondary home, or a rental investment, Monaco has something to offer every discerning buyer.

Key Steps to Buying Property in Monaco

Whether you are new to Monaco or a long-time resident, Miells-Christie’s agency provides its expertise and network to meet your needs and expectations. We accompany you at every step of the acquisition process to ensure a smooth and secure transaction:

Step 1: Analysis of Your Needs
We begin with a thorough analysis of your needs, expectations, and budget to offer properties that perfectly match your criteria. We can also direct you to the right contacts to explore financing options available from local banks.

Step 2: Selection of Exclusive Properties
We provide a personalized and varied selection of properties from our extensive catalog, including exclusive and off-market properties.

Step 3: Organization of Viewings
We schedule viewings of the selected properties with you and provide a chauffeur to facilitate travel and optimize your schedule.

Step 4: Drafting the Purchase Offer
We formalize your interest in writing through a detailed purchase offer, including all necessary elements of the transaction. Upon acceptance, this offer commits you to paying a deposit (typically 10% for most transactions).

Step 5: Submission of the Purchase Offer
Our negotiators submit your purchase offer to the seller and negotiate acceptance on your behalf.

Step 6: Formalities and Deposit
If the offer is accepted, you may proceed with the deposit, either by check to a Monaco notary or by bank transfer, within 48 hours.

Step 7: Preliminary agreement
Although signing a preliminary agreement is not mandatory in Monaco, it may be recommended depending on the specific conditions of the transaction. However, the preliminary agreement remains mandatory when purchasing a property referred to as “under law”.

Step 8: Finalization of the Sale
After completing all compliance, legal, and financial checks, we finalize the sale by signing the authentic deed at the notary’s office. The funds are then transferred to the seller, and your acquisition is confirmed.

Step 9: Handover of Keys
Finally, you receive the keys to your new property upon signing the authentic deed, thus formalizing your new acquisition.

Step 10: Services and Subscriptions
Our teams are available to assist you with home insurance subscriptions. We can also set up all necessary subscriptions for you, such as electricity, water, and other services.

To offer you a comprehensive service and best defend your interests, Miells – Christie’s also has a recognized expert legal service in Monaco. This enables us to consider all the specific aspects of your real estate project and respond to all your needs in a personalized manner.

Choosing Your Future Neighborhood

Monaco, although covering only 2.02 square kilometers, is rich in history and charm. Its 11 distinct districts blend modern urbanization with historical heritage. A true gem of the French Riviera, Monaco hosts luxury residences across various neighborhoods, each offering a unique atmosphere and character. From the majestic hill of Monaco-Ville to the modernity of Fontvieille, each area unveils an enchanting aspect of this prestigious enclave.

Legal and Tax Aspects

– Nationality: There are no nationality restrictions for buying real estate in Monaco. Whether you are a resident or non-resident, you can acquire properties without limitation.
– Sale Deed: Real estate transactions must be concluded before a Monaco notary. The notary ensures legal compliance and records the transaction with the Registration Department.
– Taxation: Monaco residents enjoy income tax exemption, except for a few exceptions, notably French citizens subject to a specific tax agreement.
– Civil Real Estate Company (SCI): Creating an SCI can offer advantages in wealth management and estate planning. Consult a specialized lawyer to evaluate this option.
– Real Estate Agency Fees: They are set by the Monaco Real Estate Chamber. Below is a breakdown of applicable fees based on the type of real estate project.
– Transfer Duties: Upon purchase, transfer duties cover notary fees and registration taxes.
– Anti-Money Laundering Law: Miells-Christie’s ensures that all transactions comply with the latest anti-money laundering regulations in Monaco. This guarantees that each transaction proceeds under the best conditions for all parties involved.

Additional services for buyers

– Banks and Financing: Monaco banks offer the possibility of subscribing to financing solutions for your real estate projects. Some banks provide specialized services for foreign investors.
– Relocation Services: Specialized companies can assist you in settling in Monaco, offering services such as enrolling children in school and opening bank accounts.
– Notaries and Legal Advisors: Engage professionals to ensure the legal and tax compliance of your purchase, providing personalized advice and facilitating administrative procedures.
Miells-Christie’s agency provides its extensive network of professionals and specialized companies to advise and assist you in all stages of your settlement

Key steps to sell a property in Monaco

Our experienced and dedicated team will accompany you through every phase of selling your property. Our mission is to make this process as simple and smooth as possible for you. To achieve this, we leverage our expertise to provide insightful advice to enhance your property’s value, from organizing viewings to finalizing the transaction. We ensure that your property is optimally showcased to a wide network of potential buyers, both locally and internationally.

Discover the steps to selling your property in Monaco:

Step 1: Property Appraisal
To ensure an optimized and market-aligned evaluation, we frequently visit in teams and gather as much information as possible about your property. You benefit from the combined opinions of multiple experts, ensuring the most accurate appraisal.

Step 2: Compiling the Dossier
Gathering necessary documents, including the certificate of ownership, sellers’ identification documents, general meeting minutes, etc.
Step 3: Signing the Sales
Mandate The sales mandate, whether simple, exclusive, or co-exclusive, is signed with all relevant information.
Step 4: Photography
Our professional photographer is at your disposal to take photos of your property, which we will then distribute through our various communication channels.
Step 5: Organizing Viewings Our agency organizes viewings and ensures regular follow-up.
Step 6: Receiving Purchase Offers As soon as a client expresses interest in your property, the agency has them sign a purchase offer including the essential transaction details. This specifies, among other things, the property description, offer amount, date of the deed, and validity period of the offer presented to you.
Step 7: Possible Preliminary Agreement If necessary, a preliminary sales agreement is signed, especially if there are conditions precedent such as financing.
Step 8: Signing the Authentic Deed Once all conditions are met, the authentic deed is signed, thus confirming the sale.
Step 9: Handover of Keys and Payment The keys are handed over to you, and the funds are transferred promptly by the notary’s office.

Agency Fees

By calling on local experts to buy or sell in Monaco, you will be well-equipped to succeed in your investment in this exclusive and prosperous market. Contact one of our negotiators now to realize your real estate project together.