Obtaining a Monaco Real Estate Property and Residency

Watching the blue harbor opening towards the Mediterranean while sipping that favorite drink from your apartment veranda as the cool breeze blows in your face – this is just a sampling of the good life that awaits those who can afford it in Monaco. Indeed, living in the Monegasque principality is living a life alongside the elite. This means that average standards of living is not for those earning a meager income.

The good thing though, is that residents of Monaco have virtually zero income tax to pay their government. That means that despite the high standards of living, they’re still able to keep their income intact to offset all the extra expenses. To top it off, they’re enjoying a high level of security thanks to Monaco’s ever-present police force.

The idea of settling in the prestigious city state probably has come across your mind more than once. You may have gotten it from those post card pictures, or you probably have seen the Monte Carlo Grand Prix once and wanted to be back for good. In any case, you are likely willing to invest a fortune to avail of a citizenship in Monaco.

If you really desire to live in Monaco, then you have a few things to know about. The first is obtaining a resident status. The next one would be the costs of obtaining a residence. Both are important if you are to stay, and we’ll be tackling these two issues in the next few paragraphs.

Becoming a Resident in Monaco

You don’t necessarily have to be rich to become a citizen of the principality, but you’ll definitely need some money to invest on obtaining that coveted resident status. The first requirement you’ll have to satisfy is to live in the city for at least six months, in your own residence.

You’ll also need the deed of your Monaco real estate property. You’ll have to show residency officials the accompanying bank certificate that shows you’ve made a necessary deposit. This certificate should come from a bank in Monaco, where you should pay a fee of around €400,000.

Acquiring a Monaco Real Property

Of course, you won’t be able to present any deed if you don’t have a residential property of your own. Monaco has a healthily thriving real estate industry, and finding your personal niche in the city state is a breeze. Again, you don’t need to be rich to purchase a Monaco real estate property, but if you wish to live a comfortable life in the city, then you ought to be ready to spend.

Property can be rather expensive, though reasonable in Monaco. Rents, which normally cost a few thousand Euros are the cheapest, but this does not count as actually owning the place. On the other hand, purchasing an apartment – the most common type of residence in Monaco – can cost you some five-digit prices in Euro, per square meter. The cheapest of these can come around €500,000, while higher valued ones can be bought for at least twice the price.

Living in a Monaco real estate property and eventually becoming one of the city’s residents are the two essential steps in obtaining the privileges of the Principality’s regular citizens. Expensive, but worth it nonetheless.

Settling Down in a Monaco Real Estate

Lying along the Mediterranean is a little glimmering gem for the elite. Further adorned by splendid scenery and magnificent recreational facilities, the Principality of Monaco truly shines for such a small country in the French Riviera. Year after year, tourists of high social standing flock to this city state, for all its charms that doesn’t seem to want to let them go.

Monaco occupies a 2.05 km2 landmass, and is inhabited by around 36,000 transient and permanent residents. As such, it is named the second smallest independent state in the world. However, its size is compensated for with its wealth, which is driven in most part by its visitors and residents of high social strata.

Why Monaco?

So what brings people to Monaco? You can argue it’s the scenery or the entertainment. However, those two things only bring in folks who leave after a few nights. What really makes people come and stay in the principality is the fact that the city’s residents are not obliged to pay income tax and a large police presence that ensures high levels of security. Monaco’s status as a secure tax haven has been found favorable for many, especially celebrities and individuals of considerable wealth.

Assuming that you have enough cash and patience to travel and set up, you might want to take advantage of the principality’s safe, tax-free environment as well. Admit it, staying in a cozy city assured of your safety and without being bothered by taxes is a truly sweet deal. Now the only problem is where in Monaco you will settle down.

Finding a Good Real Estate Property in Monaco

Actually, looking for a Monaco real estate property is not that difficult. The bad news is that you won’t find a good one for a cheap price. Monaco is one prestigious city so you should expect to spend huge sums for one if you want to enjoy good standards of living.
Most of the Monaco real estate properties you can avail of are apartment-type residences. The sizes of these properties vary, and so does their corresponding costs. For instance, small studio-type living spaces can cost around half a million dollars, while larger and more luxurious ones can be purchased at a seven-digit price.

What Makes a Monaco Property Expensive?

One of the main factors that drive the property costs is the presence of nearby amenities. The proximity of shops, schools and medical facilities can increase the cost of the living space. Parking spaces are particularly valuable and it gives a good raise to the property’s value.

Another factor that adds up to a property’s value is the views. Rooms that overlook places of interest like the harbor or the Grand Prix circuit tend to be rather expensive, but are definitely worth the price.If you consider the relief from stress that the scenic outlook can bring, as well as all the other comforts that come with it, the million dollar price tag is justifiable.

If you want to experience a life of luxury that used to be reserved for the elite, look no further than Monaco. Sure Monaco real estate properties may come off as expensive, but what’s the one-time price compared to the comfort and freedom from taxation and crime?