Buying Property in Monaco as a Foreigner

Who can buy property in Monaco?

In Monaco, there are no specific restrictions on who can purchase property. Both residents and non-residents, including foreigners, are allowed to buy property in Monaco.

Monaco also offers a residency program. The main rules to obtaining residency are:

• Proof of accommodation (of a property you rent or own in Monaco)
• Proof of funds (usually requires a deposit of 500,000€ in a Monaco bank account)
• Clean criminal record

Do the research

Much of the available property in Monaco and Monte Carlo is apartments, from small studios to large luxury triplexes and penthouses. Those overlooking the harbor and Formula 1 circuit are naturally more expensive. There is also a selection of luxury villas and beautiful townhouses and these are, of course, even more valuable.

Even though Monaco is tiny in size, it does offer variety in its different districts:

• Monte Carlo - The prime residential real estate market which is famous for its Place Du Casino. You can find high-end apartments, penthouses and some of the most expensive properties in the world. 
• La Condamine - is popular with professionals and families due to its central location and active lifestyle.
• Fontvieille - is a relatively newer area, built on reclaimed land, offering modern infrastructure and a quieter vibe. Great for families and those looking for a calmer environment 

Where to find properties online:

• https://www.montecarlo-realestate.com/en
• https://www.jamesedition.com/real_estate/monaco

Financing

Monaco is known for being open towards foreign investors and local finance institutions are very experienced in dealing with international clients, hence securing financing should not be a problem. However, keep in mind that in most cases a quite substantial down payment (30-50%) can be expected.

Property Visits and Written Offer

As is the case with any real estate purchase, it is essential to visit the properties that fall under your initial selection to make sure everything meets your requirements. Once a suitable property is found, a written offer needs to be submitted to the seller (usually done by the representing agent). Once the offer is accepted, it becomes binding to both parties and a formal preliminary contract will be drawn up by a Monagasque lawyer.

Initial Deposit and Final Contract

After the preliminary contract has been signed, a deposit (usually 10%) will be paid by the buyer to an escrow account which is managed by the notary. The notary then will carry out due diligence checks on the property and the final sales contract is signed before the notary. The rest of the sales price along with any agency and notary fees is then paid and the title deed gets transferred to the buyer.

Property Buying Costs and Taxes in Monaco?