Destination overview Monaco

Population 39,917

Area 2 km sq

Timezone GMT +1

Language French

Sitting on the coast between the French and Italian Riviera’s is the Principality of Monaco, where favourable tax policies, together with locality, climate and other lifestyle attractions, have made it a popular haven for the super wealthy.

Less than two km2 in area, the second smallest country in the world, Monaco is also one of the safest, with a high quality of living. There are no restrictions on foreign ownership of property although foreigners need to apply for a residence permit in order to live there for longer than three months in a year. Property can be used as a private residence or can be let. There is a resident by investment programme in addition to residency by employment or by starting a business. Terms, conditions & fees apply.

Residency by investment has proven most popular amongst the wealthy, where a deposit of at least €500,000 is required amongst other requirements. The process is complex, although potentially easier for EEA (European Economic Area) citizens. Residents have freedom to travel throughout the Schengen Area.

Real estate in Monaco is some of the most expensive anywhere. There are villas, but the majority of homes are luxury apartments and penthouses. The property market is stable historically, and the buying process is straightforward; very similar to the French system involving the appointment of a notary. We recommend Notary or legal advice before signing any written agreements. English is widely spoken but you may need to employ a translator.

Notary and related property purchase taxes and charges are typically around 6% on top of the asking price for an individual, and higher for a company. VAT charges apply on new build property in place of registration tax. Check with specialists in advance.

It is normal for both buyer and seller to pay agent fees. Check with your estate agent. One of the most expensive and most popular areas sits around the Casino Square, the Carre D’Or. There’s a popular marina in the newer Fontvielle area, beach lovers may be drawn to Larvotto and sports enthuasists to the eastern side around Monte Carlo Country Club with its facilities and private beach club. The centre of Monaco is a walkable, from even the furthest points of the country.

For residents and citizens of Monaco, there is no income tax, low business taxes, and no capital gains or wealth taxes. In order to be resident, you need the relevant Resident Card (visa), and must live in Monaco for at least 183 days of the year.

There is a 1% tax on rental income and other charges, but these are low compared to other countries.

Our affiliate partners are experienced in quality and luxury, with high service standards. Please do get in touch with us and we can connect you.