Why Invest?
Investing in Monaco is about choosing a first-rate financial centre whilst enjoying the exceptional and unique advantages offered by the Principality, which has now established itself as a leading financial centre. Located in the very centre of Europe and at the crossroads of international trade, its political stability and constantly growing economy make it a renowned and reliable financial centre.
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Market Report
We forecast that the high life standards and the great number of requests will result in high prices for rental or purchasing of real estate. Monaco real estate activity will be prosperous.
Economic Overview
One of Monaco's main sources of income is tourism; each year many are attracted to its casinos and pleasant climate. In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The principality has successfully sought to diversify into services and small, high-value-added, non-polluting industries such as cosmetics and bio-thermics.
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Visa/Residency Issues
Any foreigner, except French subjects, who wishes to live in Monaco for a period longer than three months or establish residence there, must be the holder of a settlement visa. To obtain a settlement visa, the person concerned must apply to the French General Consulate nearest to his domicile. Supplied with this visa, every foreigner over sixteen years of age is required to request within eight days of his arrival in the Principality of Monaco a resident’s card from the Foreigners’ Section of the Directorate of the Police Service.
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Getting to Monaco
Approximate flight time from London to Monaco is 1 hour. Airports: none; linked to airport in Nice, France, by helicopter service.
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Fees & Taxes
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Assets situated within Monaco are subject to estate taxes. For those in direct-line (wife, parents, or children) to the deceased the tax is zero regardless of the amount.
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Real estate taxes in Monaco are more or less nonexistent. This however, is not a windfall or loophole the investor can exploit because transfer taxes on the sale of a real estate property situated in Monaco can amount to 16% or more.
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Monaco’s corporate tax rate is a flat 35%, but this can be circumvented with a little planning.
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VAT in Monaco is 19.6%.
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Monaco |
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Basic Information
| Population |
35,656 |
| Languages |
French and Monegasque |
| Area |
0.75 sq mi |
| Currency |
Euro |
| Dialing Code |
+377 |
| Emergency Services |
112 |
Monaco Overview
Monaco is the second-smallest independent state in the world. It is a playground for tourists and a haven for the wealthy, the former drawn by its climate and the beauty of its setting and the latter by its advantageous tax regime. The country, a constitutional monarchy is surrounded on three sides by France and occupies just under two square kilometres (0.75 sq mile) of the Cote d'Azur, where the Alpes Maritimes meet the Mediterranean.
Average Property Prices
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Buying Process
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The main cost is of course the property. Closing costs are high in Monaco – expect anything between 10% and 14% due largely to notary fees - and this needs to be factored in when deciding if you have sufficient capital to move to Monaco.
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Prices start from 350,000 Euros for a small 28m² fourth floor studio on the Boulevard d'Italie, rising to 5,000,000 Euros for a three bedroom apartment with Mediterranean views in Monte Carlo, to over 15,000,000 Euros for the best apartments.
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With good two bedroom apartments starting at over a million Euros, and penthouses with Mediterranean views often over five million and some of them over ten million, it can take just one sale to turn a bad year into a good one.
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