Monaco is most frequently mentioned for being the second smallest country on the world after Vatican City. But despite it's small area (less than 2 square kilometers) it's a very desired place for relocation, especially by the wealthy. The city-state offers an amazing view of the Riviera, proximity to some of the most interesting places in France, and a unique port, perfect for boat and yacht admirers.
So if you're considering relocation to Monaco, what are some basic things you should know?
Being a resident of the country is closely related to whether you own or rent a property there. One of the requirements to be a Monaco resident is to own real estate for more than one year, or rent such property for the same amount of time. This basically means that the real estate market is more or less open to foreign investments.
Despite being so small in size, the city-state can be divided into several areas. Most favoured (and naturally - most expensive) is the vicinity of the Casino Square. Next we have the Golden Triangle (or Carre d'Ore), the Lavrotto which is close to the beaches, and the port area, which is growing in popularity in recent times.
Renting in Monaco
Renting real estate largely depends on the real estate agency providing the service, but there are some practices which are commonly observed. For example, rent is paid quarterly in advance. This means that one pays for the next three months of rent. Should one decide to vacate the premises, the sum paid in advance is returned, provided that the apartment or house is left in a reasonable condition. As for the fees agencies take, they're usually 10% of the yearly rent, paid when moving in.
Buying property in Monaco
Property is priced as Euros per square meter. Depending on the area, the type of the estate and the additional features, this sum may vary - from 700,000 euros to 7,000,000 euros per square meter. Most buildings provide reasonable parking spaces as well as additional storage facilities, should you need such.
It is common for 3% of the real estate property to be charged from the buyer. An additional percentage (5% to 8%) is taken for notary fees, to guarantee the legality of the purchase and reduce further complications.
Relocation to Monaco may be a costly venture, but it is certainly worth it in the end. Those who can afford it are known to brag endlessly about the unique experience of living in this fascinating city-state.