Legally do not have any restrictions for foreigners wishing to buy property in Monaco. However, due to a small area of the country the number of objects offered for sale are not so large as to buy vacant land is virtually impossible.
Real estate in Monaco is always a price. In the principality is virtually no new construction, because no free space. At the same time, ownership of real estate in Monaco can acquire the nationality of the principality (under certain conditions), and exemption from all taxes.
To make a contract of sale of real estate composed Sous-Seing Prive (if is by the French estate agent) or Compromis de Vente (when compiling with the help of a notary). The Agreement describes the cost and terms of purchase, credit conditions and other conditions. Then, within 2-3 months, the notary collects all the necessary documents, the study of legal purity of the transaction, as well as detect any deficiencies in the property and their removal.
Buyer upon signing of the sales contract makes a deposit equal to approximately 10% of the total project cost. The deposit will be placed in a separate bank account of a notary and saved to make the remaining amount or cancellation of purchase. Upon the cancellation of the purchase deposit may be returned only within 7 days - this period is governed by French law.
The buyer becomes the owner of real estate after pay the remaining cost of real estate notary. The notary pays this amount to the seller. In addition, remuneration paid to the notary and registration fees of the property, which represents approximately 6.5%. After full payment of the final contract is signed between the seller and the buyer (Acte de Vente) in the presence of a notary and the seller hands over the keys to the buyer.
Within a few days after that, the notary registers the new owner of a special registration desk, and the new owner is obliged to insure their property.
prian.ru  Additional costs costs when purchasing real estate in Monaco with a mortgage loan at Monaco
- Administrative fee for the provision of bank loans (typically amounts to 0,5-1,5% of the loan amount)
- Expenditure on registration of properties in private ownership: the buyer will immediately become the owner of the property, despite the outstanding loan. Taxes when buying property in Monaco is about 5% of property value
- Notary fees would amount to an additional 2%
- Mortgage collection, recorded by a notary will be about 1% of the mortgage.
- Life Insurance borrower - be sure when purchasing a property in Monaco on credit. Size itovogo insurance rates will determine the employee of an insurance company based on a comprehensive study of the personal file of each client. The average cost of life insurance the borrower is 0,3% - 4% of the cost of a mortgage loan in a year.
- Property insurance - required when buying property abroad on credit. Depends on the coefficients of the insurance company and the type of real estate.
- The cost of a mortgage broker. Expenditure on the Estate Duties of owners, real estate maintenance, taxes and fees
Living in Monaco you as an individual, is generally exempt from tax.
Monaco is a tax haven for individuals - there exists no income tax. Conversely, it is not so for businesses.
With taxes, the picture looks like this: there is no tax on labor income, taxes on interest and dividends, income tax, tax on the state.
Inheritance tax is very mild, no tax, gift or inheritance in a straight line between husband and wife. And if any tax is levied, then the only assets held in the principality. If you set up a trust, the inheritance tax is replaced by the dues to be charged, depending on the number of beneficiaries, or a small annual fee (if desired).
prian.ru Banks. Credits. Mortgages in Monaco
With mortgage lending in the Monaco circuit obtaining a mortgage is almost identical, mortgage lending in France. Banks offer flexible conditions for obtaining a mortgage loan at Monaco, often offering customized solutions for your most important customers.
Type of Loan
Mortgages in Monaco can be fixed, floating or a combination of interest rate. There are also other funding schemes, Secured Loans, mortgages on Leaseback objects, as well as paying only the interest on the loan, with the subsequent payment of the debt of the body at the end of the main loan period. Our company assists in obtaining a mortgage loan to purchase real estate in Monaco, the country's banks are also ready to lend to customers' facilities in France (Paris, Cote d'Azur) and other European countries (Switzerland, Austria, Italy).
Borrower
Borrower may act as an individual and a company under French jurisdiction, SCI.
The size of the mortgage
The minimum size of a mortgage loan at Monaco is € 50,000. The size of the mortgage is only limited by the fact that its amount can not exceed 80% of the appraised value of the property (which may be below the market). If the property is acquired at the stage of off-plan, then the possible large size of the loan.
Terms
from 3 to 25 years of age with a maximum of 75 years. (Taking into account the possibility of life insurance)
Costs
Charges banks Monaco vary, but usually make 0,5-1,5% of the mortgage. The costs associated with property valuation will be around € 400, but often this amount is included in the fees of the bank.
Requirements for the borrower
Must be borne in mind that banks are looking at the borrower's creditworthiness and ability to repay long-term mortgage. Prerequisite for the banks of Monaco is the ratio of your monthly income to the obligations of no more than 33% (for borrowers with high incomes up to 40%). Implying that the payments on consumer loans, mortgages in Russia, the other monthly payments, and payments on real estate in France and Monaco should not exceed 33% of monthly income of the borrower, otherwise you will be denied a mortgage loan.
Monaco Banks require proof of income. This may be information on wages, savings, investment income or rental income. However, not all lenders take into account these documents. You should also verify personal information, bank accounts and existing loan payments. Mortgages can also be obtained not only for the purchase of real estate, but also for its repair. For such a mortgage banks require an estimated declaration from a licensed appraiser who can estimate the cost of necessary works.
Insurance
Insurance purchased property is a prerequisite. As for life insurance, it is a prerequisite for the mortgage contract, in most cases, insurance companies often insist on this. In some cases, life insurance companies may require that the borrower and co-borrower (if any) have been medically examined.This is necessary if the amount of mortgage loans of more than 200,000 Euro, and the borrower's age over 40 years. Independent medical examination is required if the amount of the mortgage is more than 400,000 euros, regardless of your age. Examination may take place either in France or Monaco, or in Russia or other countries.
Score
Assessment of the property and its impact on the amount of the mortgage loan at Monaco. Mortgage available for up to 80% of the appraised property value or the cost under the contract, whichever is less. Lenders do not always require the evaluation of real estate in France or Monaco, because the institute estimates, as such does not exist, and work only a few appraisal companies. Banks require assessment if not familiar with the area (if the provincial area) or the amount of mortgages more than 750.000 Euro.
Legal issues of French property law and French law in the context of obtaining a mortgage loan at Monaco
Once you select a property, you want to sign a preliminary contract of purchase and sale (of compromise, if the deal draws a notary or a private agreement - sous seing privé the case with the agency). The above documents confirm the intentions of the parties, their signature is accompanied by the introduction of a deposit of 10% .0 After signing a compromise agreement or a private seller can not advertise the item and sell it to someone else. Prior to the signing of any documents, consult on all expenses that you will incur, including the state or other, before the transaction.
We strongly recommend that when making real estate transactions in Monaco to consult with qualified attorneys on the issue of the preliminary contract. Do not sign any agreement and do not make a deposit to buy property in Monaco or France to until you are sure that these funds Recurrence in the event of failure you in getting a mortgage. This is a frequent item in the preliminary contract, which sometimes make a real estate agency. It is worth special attention. A copy of the preliminary contract required to provide to the bank.
Completion of the transaction processing mortgage loan.
At the conclusion of the transaction on your property in Monaco, and the buyer and seller agree that all terms of the preliminary agreement are fulfilled, the notary gives the buyer notice of the payment of real estate along with all fees and taxes, and accompanied by proof of purchase (attestation de propriete). On the day of signing the contract will transfer the keys to the property and you become the official owner of the property in Monaco. Later in the mail you will receive a copy of the contract of sale, the original document remains in the custody of the notary.
An application for a mortgage loan to Monaco for the purchase of real estate.
We recommend you learn about possible mortgage options before making a purchase and, perhaps, that until such time as you plan your visit to search for real estate in Monaco. This will allow you to learn on what conditions you can expect based on your financial situation and your budget, and obtain the prior approval of the bank, upon which you will have time to search for real estate and obtaining funding for the proposed conditions.
If you need a real estate agency in France or Monaco, our company can help address some of the most respected agencies working in the real estate market in these countries.
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Buying property - Monaco