Monaco – Selling Property

What are the steps involved in selling property yourself in Monaco?

Putting a property on the market in Monaco is a tightly governed undertaking, shaped by the Principality’s exclusive and intensely competitive real estate environment. The sales process demands precision at every stage and the involvement of qualified professionals. Even sellers who choose not to engage an estate agent must still comply fully with the mandatory legal procedures.

Assembling the correct documentation is a fundamental first step before any property can be offered for sale. Required paperwork includes the title certificate, identity documents for the seller or sellers, co-ownership regulations, and minutes from recent general meetings of the building’s co-owners. Where the property is let, rental management records must be provided, and properties held by a company call for the relevant corporate documentation. Records of any permissions granted for renovation works or alterations must also be included.

With the paperwork gathered, the transaction proceeds through the following stages:

1. Establish an asking price. A detailed assessment of the property forms the starting point. This involves examining its condition, situation, characteristics, and any improvements or works carried out. The resulting valuation report draws on several methodologies to arrive at an accurate figure, enabling the seller to position the property correctly in Monaco’s distinctive and demanding marketplace.
2. Advertise the property. Reaching prospective buyers requires a well-executed marketing strategy. High-quality photography and, where appropriate, professional home staging are used to show the property in its best light. Sellers without an agent must organise their own exposure across property portals and private networks.
3. Receive and accept a formal written offer. The legal process is initiated when a buyer submits a written purchase offer, setting out the proposed price and the period during which it remains open — typically between two and five days. Should the seller fail to respond before that period lapses, the offer expires automatically.
4. Engage a notary (notaire). Once the seller has confirmed acceptance of the offer in writing, both parties appoint a Monaco notary. It is permissible for a single notary to represent both sides. The notary plays a central role throughout the entire transaction, from conducting preliminary enquiries to registering the completed sale.
5. Execute the preliminary agreement (compromis de vente). While not compulsory under Monaco law, a preliminary contract is strongly advisable, and may in fact be necessary where the Monegasque State’s right of pre-emption is engaged — a right that extends to every property constructed before 1947. Once this preliminary document is signed, the buyer places a deposit, typically representing 10% of the purchase price, into an escrow account administered by the notary.
6. Notary investigations and searches. The notary then undertakes thorough due diligence, including searches of the Monaco Land Registry to verify that the seller holds clear title and to identify any planning or other regulations with bearing on the property.
7. Execute the deed of sale (acte de vente). The transaction is concluded when both parties execute the final deed of sale, either before the notary in person or through a duly authorised power of attorney. This binding instrument formally records the transfer of ownership on the agreed terms. The seller surrenders the keys, and the notary releases the sale proceeds.
8. Registration. Following execution, the notary lodges the sale with the Monaco Land Registry. Pending completion of that registration, the buyer is issued a completion certificate (attestation de vente) that serves as documentary evidence of ownership in the interim.

Sellers who are not fluent in French should be aware that a qualified translator may be legally required to attend during the transactional stages. This obligation applies regardless of whether an agent is involved and is equally binding on private sellers conducting transactions independently.

Do most sellers in Monaco use an estate agent, or is private selling common?

The vast majority of Monaco sellers engage a licensed estate agent. The Principality’s particular characteristics — extraordinary price levels, a buyer base drawn from across the globe, and an inventory that is both tiny and intensely sought after — make professional representation the norm rather than the exception.

Every member of the Chambre Immobilière Monégasque is compulsorily covered by a bank guarantee and carries professional civil liability insurance. Membership is subject to rigorous admission criteria, and members must abide by a precise internal statute. The Chamber operates across all areas of real estate activity — sales, lettings, management, development, and valuations — and a disciplinary commission exists to sanction any departure from professional standards, thereby underpinning the reliability of all its members.

Commission rates are set by the Chambre Immobilière de Monaco, the body that represents the great majority of Monaco’s real estate agencies. This standardised fee structure means that all accredited agents operate on the same published scale, giving sellers a degree of cost predictability. The Chamber can be found at chambre-immobiliere.mc.

Instructing a Monaco estate agency is not a legal requirement when selling. However, it is strongly advisable, given the complexity of the process — including the introduction of a suitable notary and the organisation of the required documentation. Agencies also regularly have access to prospective buyers through their own networks, sometimes enabling a sale to be agreed before the property ever reaches public listing sites.

Unlike countries such as Australia or Germany, where private-sale platforms are well established and independent listings are commonplace, Monaco has virtually no culture of direct-to-buyer selling. Many transactions take place off-market, brokered through professional connections before any public advertisement appears. Sellers who proceed without an agent therefore risk substantially reduced visibility and a weaker position in one of the world’s most fiercely competitive property markets.

How does capital gains tax work when selling property in Monaco?

Monaco applies no income tax, capital gains tax, or wealth tax to individuals. This is among the most defining characteristics of the Principality’s fiscal framework, and it covers both primary residences and investment properties alike. Whereas sellers in markets such as France, Spain, or Germany face significant personal income tax liabilities on property gains, individual sellers in Monaco retain the entirety of whatever profit their sale generates.

There is no tax levied in Monaco on an individual’s investment returns, capital gains, dividends, or directors’ fees. A person resident in Monaco incurs no personal tax liability whatsoever on any of these categories of income. Neither is there any wealth tax, annual property tax, or local municipal levy.

The position changes, however, where the seller is a Monegasque resident company that is subject to corporate income tax in the Principality. In such cases, capital gains arising on a sale are treated as taxable profits and charged at the corporate tax rate — which stood at 26.5% in 2021 and reduced to 25% from 2022 onwards. Sellers whose property is held within a corporate structure should therefore obtain dedicated tax advice, since the fiscal outcome differs considerably from that of personal ownership.

For disposals by a foreign company or by a private individual who is not tax resident in Monaco, no withholding tax is applied by Monaco. Nevertheless, this does not automatically mean the sale escapes taxation entirely. Many countries assert the right to tax their residents or nationals on gains arising anywhere in the world, irrespective of where the underlying asset is situated. French nationals who are resident in Monaco, for instance, remain liable to French income tax and wealth tax in certain circumstances. The appropriate course is always to confirm your own position with a qualified cross-border tax adviser, since Monaco’s limited treaty network means your domestic obligations may not be relieved by any bilateral agreement.

For authoritative information on Monaco’s own fiscal rules, consult the Direction des Services Fiscaux de Monaco and a licensed local tax specialist for the most current guidance.

Are there other taxes or costs involved in selling property in Monaco?

Although individual sellers enjoy complete exemption from personal capital gains tax, there are still financial charges to factor into any sale. The principal cost borne by the seller is the estate agency commission, while the majority of taxes and transactional fees fall on the buyer’s side of the ledger.

Under the scale prescribed by the Monaco Real Estate Chamber, sellers pay a commission of 5% of the sale price plus VAT, while buyers are charged 3% plus VAT (as of 2025). Against Monaco’s average resale price of €51,967/m² (as recorded in 2024), even these percentage-based charges translate into very substantial sums in absolute terms. Always confirm the prevailing rate directly with the Chambre Immobilière Monégasque.

Notary fees and most other transactional costs rest with the buyer, while the seller’s financial obligations are confined to the agency commission and their own legal representation if they choose to appoint a lawyer. Sellers who have a mortgage secured against the property should also allow for any charges associated with releasing that charge on completion.

To provide context on the buyer’s cost burden — which influences the overall transaction dynamic and may shape price negotiations — purchases of resale (“second-hand”) property attract buyer-side costs and fees of approximately 6.25% of the purchase price. This figure comprises registration duty of 4.75% and notarial fees of approximately 1.5% (as of 2025).

For older properties that do not meet the threshold for classification as new buildings, VAT is not applicable and transfer duty is levied instead. The applicable duty rate is 4.75% of the market value where the buyer is a private individual or a qualifying Monegasque Personal Civil Company (SCP); 7.5% for non-transparent structures — including foreign companies, Monaco corporations, or trusts — that satisfy Monaco’s beneficial ownership disclosure requirements; and up to 10% for non-transparent entities that fail to furnish the required documentation to Monaco’s tax authorities (as of 2025). These rates fall on the buyer but will inevitably influence price negotiations.

Monaco levies no annual property tax or municipal tax. Sellers should also check whether any co-ownership service charges (charges de copropriété) or maintenance fees remain outstanding and need to be cleared at completion. All figures should be verified with a licensed Monaco notary or the Direction des Services Fiscaux.

What legal requirements must sellers meet in Monaco?

The legal obligations placed on sellers in Monaco are less burdensome than those found in many other European jurisdictions, but they are rigorously enforced nonetheless. Whether selling through an agent or independently, certain requirements are non-negotiable.

Collating the necessary documentation is an essential preparatory step. The paperwork required includes the title certificate, the seller’s identity document, the co-ownership regulations for the building, and the minutes of recent co-owners’ general meetings. For properties that are tenanted, rental management records must be included; for properties held in corporate ownership, the relevant company documents are required; and where any works or alterations have been undertaken, all relevant consents and authorisation records must be assembled. This documentation provides the transparency that Monaco’s regulatory framework demands.

The execution of a preliminary contract is not a formal legal prerequisite, but it is strongly advisable — and in certain situations effectively necessary — particularly given the Monegasque State’s right of pre-emption, which applies to every property erected before 1947. This right gives the government of Monaco the opportunity to acquire the property ahead of a private purchaser, a mechanism absent from most comparable markets and one that can have implications for transaction timelines.

Unlike many EU member states, Monaco does not currently require sellers to provide an Energy Performance Certificate (EPC) as a condition of sale in the same manner as France or Germany. That said, sellers should take advice on any obligations specific to their particular building — especially in more recently constructed developments — and confirm the current position with their notary. Disclosure obligations do apply in a broader sense: sellers are expected to be candid about the physical condition of the property, any unresolved charges, and any known legal encumbrances.

There are no legal barriers preventing foreign nationals from selling real estate in Monaco. The Principality places no restrictions on foreign ownership of property, and this openness extends equally to the sale side. Foreign sellers must bear in mind, however, that their home country’s tax authority — not Monaco’s — may have a claim on the proceeds. Cross-border legal and tax advice should be sought well ahead of any transaction.

For formal legal guidance, contact the Gouvernement de Monaco or a notary registered with the Chambre des Notaires de Monaco.

How does the exchange and completion process work in Monaco?

The completion process in Monaco is overseen by the notary from the moment a deal is struck through to final registration. The notaire operates as a quasi-governmental official, whose responsibility it is to ensure the entire transaction complies with the law. Unlike conveyancing arrangements in certain other markets — where solicitors acting separately for each party exchange contracts independently — Monaco permits a single notary to act for both buyer and seller simultaneously, though each party may equally appoint their own.

Once the seller has confirmed acceptance of the buyer’s offer in writing, both sides appoint a Monaco notary. That notary then takes responsibility for managing all stages of the transaction, from conducting the requisite preliminary enquiries through to lodging the completed sale with the Land Registry.

Following acceptance of the offer, buyer and seller sign the preliminary contract, the compromis de vente. At this point the buyer is required to pay a deposit, ordinarily equivalent to 10% of the purchase price, which is held in an escrow account maintained by the notary. This stage is broadly comparable to the exchange of contracts in markets such as Ireland or Australia, in that it creates a legally enforceable commitment on both parties.

The consequences of withdrawal once this threshold has been crossed are considerable. Should the buyer subsequently decide not to proceed, the deposit is forfeited to the seller. Should the seller elect to withdraw instead, the deposit is returned to the buyer and the notary may additionally impose on the seller a penalty equivalent to the deposit amount.

Within approximately two to three months, the notary completes all verifications and both parties attend to execute the final deed, whereupon ownership formally passes to the buyer and the keys are handed over. In straightforward cases, the entire process from accepted offer to completion can take just a few days; where mortgage financing is involved, several months is a more typical timeframe.

The transaction concludes with execution of the deed of sale at the notary’s office or through a validly granted power of attorney. Once signed, the notary releases the funds to the seller — ordinarily within a fortnight — and proceeds to register the transfer with the Monaco Land Registry.

Is property exchange or part-exchange an option in Monaco?

Direct property exchange — in which two owners swap their respective properties without a conventional cash-based sale — is not a feature of Monaco’s real estate market in any meaningful sense. Given that Monaco properties rank among the costliest in the world, with average resale prices of €51,967/m² in 2024, the practical challenge of pairing two properties of closely equivalent value, combined with the considerable legal complexity involved, renders direct exchange arrangements highly unworkable.

There is no provision in Monaco’s legal framework that would explicitly forbid a property exchange, and in principle such an arrangement could be structured as two concurrent sale transactions conducted before the notary. In practice, however, this would require both parties to pass through the complete notarial process in respect of each property — incurring two sets of registration duties, notarial fees, and agency commissions — making the total cost substantially higher than two straightforward cash sales in opposite directions.

Part-exchange arrangements — under which a developer agrees to accept an existing property as partial consideration for a new-build — are an established product in some markets, most notably the United Kingdom, but have no real presence in Monaco’s development sector. Developers operating in the Principality enjoy sustained demand that substantially exceeds available supply, which removes any commercial imperative for them to offer such concessions.

Foreign sellers who wish to explore any form of exchange or structured swap transaction should approach a Monaco-registered notary and a specialist property lawyer at an early stage, since even the most informal of such arrangements will need to be formally documented through the standard notarial process in order to carry legal force.

What should foreign sellers know about repatriating sale proceeds from Monaco?

Monaco imposes no currency controls or restrictions on the movement of funds out of the Principality. There is no exit tax applicable to individuals departing Monaco or transferring money overseas. Once the notary has distributed the sale proceeds — typically within two weeks of the deed being signed — foreign sellers are at liberty to transfer the funds to accounts in any jurisdiction.

Monaco uses the euro (€) and, by virtue of its customs and monetary union with France, international transfers follow standard European banking protocols. The Principality’s banking sector is highly sophisticated and internationally oriented, with a longstanding reputation for openness towards overseas investors and considerable institutional experience in handling cross-border transactions for international clients.

The absence of Monaco-side controls does not, however, render the transfer exempt from tax in the seller’s country of residence or citizenship. A large number of countries require their residents to declare overseas property disposals and may levy tax on the resulting proceeds. United States citizens, for example, are subject to US federal tax on their worldwide income and gains irrespective of their country of residence, which frequently gives rise to the possibility of double taxation. Citizens of other jurisdictions should equally examine their own domestic rules with care before finalising any sale.

Monaco maintains a limited network of double taxation agreements. Its principal bilateral treaty is with France, under which French nationals resident in Monaco remain liable to French income tax and wealth tax in certain circumstances. The appropriate course of action is to consult a specialist cross-border tax adviser and a reputable currency transfer provider, who can assist in timing and structuring the remittance to keep costs and exchange rate risk to a minimum. The Direction des Services Fiscaux de Monaco can clarify Monaco’s own fiscal treatment of the sale, but for obligations arising in your home country, you should engage that country’s national tax authority directly.

Frequently asked questions about selling property in Monaco

How long does the selling process typically take from listing to completion?

An entire sale transaction in Monaco can be concluded in as little as a few days in straightforward circumstances. Where the buyer is relying on mortgage finance, however, a timeline of several months is far more typical. The duration between listing a property and securing an acceptable offer will depend considerably on the individual property and prevailing market conditions, though Monaco’s fast-moving market means attractively priced homes can find buyers rapidly.

What happens if the buyer pulls out after accepting my offer?

Should the buyer choose to withdraw from the transaction after the seller’s written acceptance of the sale price, the deposit — generally equal to 10% of the agreed purchase price — is forfeited to the seller. This financial sanction is designed specifically to discourage either party from reneging once a binding commitment has been reached, and Monaco’s legal framework is constructed with precisely this deterrent purpose in mind.

Can I sell my Monaco property remotely or via power of attorney?

Yes. Both the buyer and the seller may sign documents at a distance by means of a power of attorney drawn up by the notary. Any power of attorney executed outside Monaco may need to be apostilled or legalised before it is recognised, so it is important to make the necessary arrangements with your Monaco notary well in advance of the scheduled signing date.

Is gazumping allowed in Monaco — can I accept a higher offer after agreeing a sale?

Gazumping is not permitted in Monaco. Once a seller has accepted a buyer’s offer in writing, both parties are bound by Monaco law, which is constructed specifically to preclude either side from backing out of an agreed transaction in favour of a more advantageous alternative.

Do I need a lawyer as well as a notary when selling in Monaco?

Beyond the notary — who can also advise on civil law matters and questions of asset transmission — some sellers elect to retain a lawyer to assist with particular aspects of the process. Legal representation is especially worthwhile for foreign sellers confronting cross-border tax issues, estate planning considerations, or complex ownership arrangements such as property held within a corporate structure.

Are there any restrictions on selling a property that I have owned for only a short time?

Monaco does not impose any minimum holding period as a condition of sale. There is no counterpart to the French plus-value taper relief system or the kind of anti-flipping provisions that exist in some other jurisdictions. Since Monaco levies no personal capital gains tax, private individuals who sell shortly after purchasing face no additional fiscal penalties within the Principality. That said, it is essential to check the rules of your own country, as some jurisdictions tax short-term property gains at higher rates than gains on assets held for a longer period.

What happens to any outstanding service charges or co-ownership fees when I sell?

The notary’s office assumes responsibility for contacting the building’s administrator to reconcile the position on service charges and to notify them of the change of ownership. Any outstanding co-ownership charges or maintenance levies are ordinarily settled at the point of completion, with the notary coordinating between all relevant parties. Sellers should obtain up-to-date account statements from their building’s managing agent (syndic de copropriété) as part of their pre-sale documentation.

Will I receive any official certificate confirming the sale has completed?

Sellers receive an attestation of sale — available both with and without the sale price stated — which is useful for purposes such as cancelling building insurance policies. The buyer, meanwhile, is issued an attestation de vente by the notary as temporary evidence of ownership while the formal registration with the Monaco Land Registry is being processed.