From its stunning French Riviera location to the high quality of life on offer, Monaco is a desirable location for high net worth (HNW) individuals looking to purchase property. However, the process isn’t always straightforward, so we’ve outlined the top five steps to follow before investing in Monaco.
1. Be aware of any cultural and legal differences
Understanding legal or cultural differences in the way business is conducted within a foreign jurisdiction can cause headaches. We have brokered deals for a number of Monégasque properties, so we are well versed in the intricacies of the Monaco property and mortgage market and can put you in touch with the necessary people to advise you on any legal differences.
2. Consider your foreign exchange (FX) rates
When buying property in Monaco, you may be purchasing in a foreign currency. Therefore, guaranteeing you are getting the best rates on the market before investing is crucial. Enness has an exclusive relationship with FX specialist, Argentex, meaning we can maximize our client’s FX and ensure market leading rates.
3. Seek tax advice
We always advise our clients to seek expert advice from trusted consultants specialising in Monégasque tax structuring prior to initiating their property purchase and/or financing. How you hold your property is a consideration and you need to make sure it is within the most tax efficient structure.
We work with trusted tax advisors who can guide our clients accordingly. The experience of our partners enables you to make the most of your Monégasque property acquisition as part of your global property portfolio.
4. Put the correct insurance in place
When making such a valuable investment, it’s important to ensure it is protected. In Monaco, buildings and contents insurance is a legal requirement and acquiring an adequate life insurance policy to cover your mortgage loan should also be heavily considered.
5. Make sure you have access to the best mortgage
Because Monegasque property holds its value so well, there are a number of highly competitive products from lenders happy to lend in the region. However, these are not necessarily easily accessible, so having the correct mortgage broker in place when investing is a critical aspect of sourcing the best mortgage available. Using a broker who has local knowledge and ability to speak the language will take the hassle out of the process. The way in which property buying is approached in Monaco is unique and, as such, you will need a broker who can provide a bespoke mortgage solution for your circumstances.
How can Enness International help with this process?
At Enness International, we have built, maintained and nurtured a vast network internationally and are able to guide you through every step of your investment process, introducing you to our trusted lenders and industry partners at appropriate stages.
To speak with one of our expert brokers about investing in Monaco, get in touch with Enness International and we would be delighted to discuss your requirements.