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With an average price per square meter significantly surpassing other luxury markets, understanding the nuances and costs associated with property acquisition here is essential. Thus, here we have a complete guide to taxes and costs related to the purchasing of a real estate property in Monaco.

The intra-community tax regime has been applicable since 1st January A VAT may apply when an individual is purchasing to a taxable person established in Monaco a building plot, a new building, or an existing building which involves raising the height or significant renovations. For completed properties taxed on the total price, the tax is calculated either on the sale price or on the actual market value of the property if the market value is higher than the price. To this transfer duty, the notary fees must be added to your total cost.

Notary fees are a relevant cost of the transaction in Monaco. The notary acts as a government official who ensures that the transaction complies with Monaco law. A real estate agent is an individual or a company that will be rendering you support and advice on the Monegasque real estate market, having local support is key to getting the best price possible. To carry out this assessment fees from Monegasque lawyers will be added as additional costs.

Unlike many other countries, Monaco does not levy annual property taxes on residential properties, which is one of the attractive features of investing in real estate in the principality due to its low cost of maintenance in terms of taxes. Thus, summarizing the costs and taxes on the purchase of real estate in Monaco are the following:. At MonacoAdvisers we have been helping entrepreneurs, high-net-worth individuals, sportsmen and women , and people from the world of cryptocurrencies to transfer their tax residency to Monaco and buy real estate.