Can a foreigner buy an apartment in Monaco?
Yes, foreigners can freely purchase real estate in Monaco, including apartments, villas, or commercial properties. There are no restrictions based on nationality or residency status. The buying process is straightforward, usually involving a preliminary sales agreement, a 10% deposit, and a final signing at the notary’s office within two to three months. Most transactions are handled in euros, and foreign buyers often choose bank financing in Monaco or abroad.
Legal advice is recommended to handle the administrative steps, and buyers must open a local bank account to transfer funds. Monaco doesn’t require permanent residency for property ownership, so it’s common for international clients to invest while living abroad.
What restrictions apply to foreigners who want to live in Monaco?
Foreigners who wish to live in Monaco must apply for residency. The requirements vary depending on nationality:
- EU citizens: can settle with minimal paperwork, but must show proof of accommodation and financial independence
- Non-EU citizens: must obtain a long-stay visa from the French consulate in their country before applying for residency
In all cases, applicants need to provide:
- Proof of address in Monaco, either through ownership or a long-term rental
- Proof of sufficient income or savings (minimum €500,000 is common)
- A clean criminal record
- Private health insurance valid in Monaco
The Monaco Residency Card (carte de séjour) is issued after approval by the local authorities. The process may take from 2 to 6 months, depending on the case.
Advantages of buying an apartment in Monaco as a foreigner
- No property ownership restrictions for foreign nationals
- Political and economic stability, ideal for long-term investments
- Zero income tax for Monaco residents (except for French nationals)
- Strong rental demand, especially in areas like Carré d'Or, Jardin Exotique, or Monte-Carlo
- Capital preservation, as Monaco real estate prices are among the highest in the world (average of 52.000€ per sqm)
- Safe environment, with one of the world’s lowest crime rates
- Excellent infrastructure, including healthcare, education, and transportation
- Strategic location, just 30 minutes from Nice airport, with helicopter transfers available
- Attractive lifestyle, sunny climate, cultural events, high-end shopping, and international schools
The different steps to acquire a property in Monaco
Define your needs and set a clear budget
Before starting your property search, it’s important to clearly define your goals. Are you looking for a primary residence, a pied-à-terre, or a rental investment? Preferred neighbourhoods like Carré d’Or, Monte-Carlo, or Fontvieille offer different environments and price ranges. Monaco is a compact city-state, but each district has its own character and lifestyle. Prices generally range from €35,000 to over €100,000 per square metre, so having a realistic budget helps filter your options from the start.
Choose a trusted real estate agency
Working with a licensed local agency like Balkin Estates – Knight Frank Monaco ensures you benefit from both on-market and off-market listings, plus expert guidance through legal and administrative procedures. Agencies in Monaco act on behalf of both the buyer and seller, so choosing a firm you trust is key to getting accurate advice and a fair deal. Balkin, for instance, brings over 30 years of experience and works closely with international clients looking to navigate the market safely.
Visit properties and assess their potential
Once you shortlist a few properties, organise visits—either in person or through virtual tours if you're abroad. Pay attention to the quality of the building, natural light, noise levels, and the view, as these elements significantly impact the property’s value and rental potential. A good agency will help you compare options and highlight things you might overlook, such as co-ownership fees or future development plans nearby.
Make an offer and sign a preliminary agreement
If you find the right property, your agent will help you submit a formal offer to the seller. If accepted, a preliminary sales agreement (compromis de vente) is signed and you’ll be required to pay a 10% deposit, usually held in escrow by the notary. This document outlines the sale conditions and commits both parties legally, subject to certain conditions.
Final signing and transfer of ownership
The transaction is completed within two to three months, at the notary’s office in Monaco. The notary checks all legal documents, verifies property titles, and ensures the buyer is fully protected. Once the contract is signed and the remaining balance is paid, ownership is officially transferred. Notary fees and related taxes amount to around 6% to 7% of the sale price.
Post-sale steps
After completion, the property deed is registered, and you receive the keys. Your agency can help with connecting utilities, setting up insurance, or even managing renovations and rentals if needed. Many buyers choose to appoint a property manager to handle day-to-day issues, especially if they live abroad.
How can Balkin help you find the right apartment in Monaco?
Balkin Estates – Knight Frank Monaco is more than a real estate agency. With deep local roots and access to a global network, their team offers personalised support throughout the entire buying process. They listen to your needs, identify matching opportunities, and offer early access to exclusive, high-demand listings, including those not publicly advertised.
Their advisors speak several languages and understand the expectations of international buyers. Whether you’re relocating, investing, or buying a second home, Balkin assists with all the technical aspects. Negotiations, paperwork, legal coordination, and liaising with notaries, banks, or tax advisors.
Thanks to their zero vacancy rate on their rental portfolio, they also provide valuable insight if you’re buying for investment. Balkin offers guidance on expected rental yields, helps calculate ownership costs, and can manage the property for you. Their long-standing presence in Monaco and reputation for discretion makes them a reliable partner for any real estate project.
Is investing in Monaco interesting for a foreigner?
Buying property in Monaco offers several advantages for foreign investors, starting with security and long-term value. Monaco has one of the most stable real estate markets globally, supported by limited space, strong demand, and a prestigious reputation. Even during economic downturns, prices tend to remain steady or bounce back quickly.
Foreign buyers are attracted by the combination of tax benefits, political stability, and the high level of personal safety. There is no income tax for Monaco residents (except French nationals), no wealth tax, and no capital gains tax when selling, which makes it particularly attractive for those seeking to optimise their estate.
The rental market is also solid. Tenants range from business executives and diplomats to seasonal visitors, with strong demand in neighbourhoods like Monte-Carlo, Larvotto, and Jardin Exotique. While rental yields are relatively moderate, usually between 2% and 3.5%, depending on the property, they are consistent, and the risk of vacancy is low.
What is the current state of the real estate market in Monaco?
Monaco remains the most expensive property market in the world, with prices averaging around €50,000 to €60,000 per square metre, and going well beyond €100,000 per m² in the most exclusive addresses. Despite global economic uncertainty, demand continues to outstrip supply due to the extreme scarcity of land and a strict urban planning policy that limits large-scale development.
The market is dominated by cash buyers, often from countries such as the UK, Italy, Switzerland, the Middle East, and increasingly the US. These clients typically seek turnkey apartments, sea views, or homes with terraces, parking, and concierge services.
New developments like Bayhouse and L’Exotique show strong sales performance, driven by eco-conscious designs and modern finishes. Sustainability, energy efficiency, and smart-home features are becoming increasingly important to buyers.
Rental demand remains high, especially for one, two or three bedroom apartments, with corporate tenants and expats looking for convenience, security, and proximity to Monaco’s business hubs. Overall, the market shows no signs of slowing, and Monaco continues to attract global interest as a unique, high-value destination.
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