| MONACO PROPERTY – PURCHASE AND RENTAL | Before you look at buying a Monaco property you should learn about the different purchase and rental laws.
Firstly you are permitted to purchase or rent a property in Monaco if you are a non-resident and a considerable amount of Monaco property is purchased for investment purposes.
Conveyencing in Monaco is very similar to France where a local Notaire passes the title deeds via an ‘acte de vente’. However, a significant amount of Monaco property is available for rent only and purchasing makes little difference when applying for residence.
There are no restrictions in overseas business property purchases due to the advantages such as the ability to place the shares in a trust.
Fees are payable to the Notaire on completion of a purchase at nine percent of the purchase price, however these fees are dramatically lower, 2.5 percent, when acquiring a property direct from the developer.
Fees are also payable to the estate agent at a rate of five percent by the vendor and three percent by the purchaser or ten percent on the first year’s rental by a tenant. All these charges are subject to VAT as well. Another advantage of buying direct from a developer in Monaco is the estate agent fee is not required.
Other than the above charges there are no taxes on Monaco property except an annual rate of one percent of the annual rent in a rental property.
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