Do You Need to Be a Resident to Buy an Apartment in Monaco?
Understanding the Monegasque Property Market

Contrary to a persistent misconception, it is not necessary to reside in Monaco, or even to have previously stayed in the Principality, in order to purchase real estate there. Buying an apartment in Monaco is open, without any nationality restrictions or prior residency requirements, to any financially qualified purchaser, whether an individual or a legal entity. The confusion between two entirely separate procedures, purchasing a property and obtaining Monegasque residency status, deserves clarification, as it continues to shape the perceptions of many international buyers discovering the Monaco property market.

An Unambiguous Legal Principle

Monaco law places no restrictions on foreign ownership. A French, British, American, Russian or Middle Eastern national may purchase an apartment in Monaco under the same conditions as a long-term resident. No prior administrative authorisation is required, no quota limits the number of properties that may be owned by the same person, and no area of the Principality is reserved exclusively for residents. From the standpoint of property ownership, the legal framework treats a foreign purchaser in exactly the same way as it treats a Monegasque national. This is one of the fundamental principles underpinning the Principality’s attractiveness and distinguishes Monaco from many jurisdictions where property acquisitions by non-residents are subject to restrictions, quotas or differentiated taxation.

The Central Role of the Monegasque Notary

Every real estate transaction in Monaco, whether involving a resident or a non-resident, must be completed through one of the Principality’s three notaries, who are the only professionals authorised to execute the deed of sale. The procedure generally follows a standard sequence: a purchase offer, usually accompanied by a deposit representing approximately 10% of the agreed price, is followed by the signing of a preliminary sale agreement and then the final deed. Buyers must also take into account the pre-emption right held by the Monegasque State over properties built before 1947. This right may be exercised within thirty days following the signing of the preliminary agreement. It is a specific feature of the Monaco property market that should be anticipated, particularly for properties located on Le Rocher or in the Principality’s older districts. 

From a financial perspective, the acquisition of an existing property generates costs of approximately 6,25 % of the purchase price, comprising registration duties and notarial fees. This rate is lower for the purchase of a new-build property or a property acquired off-plan. Agency fees, governed by the professional scale of the Chambre Immobilière Monégasque, are payable in addition. None of these costs varies according to whether the purchaser is resident in Monaco or not: the taxation applicable to the transaction is the same for all buyers.

Residency and Property Ownership: Two Separate Procedures

The most common misconception is to believe that purchasing a property automatically grants residency status, or even that ownership is a prerequisite for obtaining it. In reality, these are two entirely separate procedures. Becoming a resident of Monaco requires a specific administrative application to the Direction de la Sûreté Publique. Applicants must notably provide proof of suitable accommodation in the Principality, whether through ownership of a property or a rental lease, demonstrate sufficient financial resources, most commonly evidenced by a deposit of at least 500,000 € in a Monegasque bank account, and provide a clean criminal record certificate. Nationals of the European Economic Area benefit from a simplified procedure, while nationals of third countries must first obtain a long-stay visa for Monaco issued through the French authorities.

In other words, owning a property in Monaco can facilitate the residency application because it provides proof of accommodation that meets the authorities’ requirements, but ownership neither guarantees residency nor makes it compulsory. Many international owners choose to maintain their tax residence outside Monaco while owning property in the Principality for investment, second-home or family wealth planning purposes. “A significant proportion of our international clients purchase property in Monaco without any immediate intention of transferring their residence here. This is a perfectly legitimate wealth-management decision, and the Monegasque market is structured to welcome such buyers under the same conditions as any other purchaser. The confusion between property ownership and residency still too often discourages projects that, in reality, face no regulatory barrier.” Silvio PIRAS, Director of PIRAS Immobilier Monaco.

The Particular Case of French Nationals

French buyers require particular attention. While Monaco does not levy a wealth tax, a French resident living in the Principality may remain liable in France for the French real estate wealth tax (IFI) in respect of property assets falling within its scope. Inheritance and gift taxes may also apply to assets located in Monaco, irrespective of the domicile, residence or nationality of the deceased or donor, according to rates that vary depending on the degree of kinship. These specific considerations justify dedicated wealth and tax planning for any French buyer before proceeding with a property acquisition in Monaco.

Why This Flexibility Shapes Monaco’s Real Estate Market

This openness of the Monaco property market to non-residents is not simply an administrative convenience: it is one of the foundations of the Principality’s long-term appeal. It allows an international clientele to diversify its assets through the acquisition of an exceptional property, without any immediate requirement to relocate, while retaining the option to begin a residency process at a later stage if their personal circumstances evolve in that direction. This flexibility partly explains why Monaco continues to attract a wide range of buyers, wealth investors, families undergoing an international transition, or simply individuals seeking a privileged address on the French Riviera, and why the market remains dynamic regardless of annual changes in the number of new residents in the Principality. For anyone considering a purchase from abroad, further reading is recommended: our dedicated article explains, step by step, the specificities of buying remotely and the documents that should be prepared before travelling to Monaco.