Foreigner can buy any property in Monaco. Acquiring property here is quite straightforward. However, it is difficult to buy land here because of the limited territory.
Main stages of the purchase
- The buyer has to open a local bank account. The amount is not really important.
- The buyer can reserve property by signing either a reservation agreement (contrat de reservation) when buying new property or a preliminary contract (compromise de vente).
- After that the buyer pays a deposit. In most cases it is agreed to 10% of the sale price and can vary depending on the situation.
- Any mortgage applications are dealt by a Public Notary. He draws up the deed of conveyance.
- A sales agreement is signed.
- The balance of the property sale price, the property sales Tax, the Notarios fees plus any minor expenses are paid to the Notary.
- The buyer gets a document confirming the purchase and the keys to his new property in Monaco.
- Later the buyer receives an exemplified copy of the property purchase deed, the original is held by the Monaco notary.
- New property owner must take out household insurance.
How to buy