5 Reasons to Buy a Property in Monaco
Who would not want to own a beautiful Monaco property- amongst the most sought-after residential areas in the world?! The possibility could become a reality with the assistance of a professional estate agent. There are abundant Properties in Monaco you can rent or buy, and the right agent could help you make the right choice.
Its unique location beside the Mediterranean sea with the Southern Alps close by and a climate to dream for is not the only reason Monaco is ideal for investing in property. Investors worldwide are interested in Property for sale in Monaco. Here are a few others.
Tax benefits:
Currently, the tax benefits are multiple, as there are no taxes for income, capital gains or wealth. Neither is there an inheritance tax for beneficiaries. To be a Monegasque citizen, a person should live in Monaco for at least six months and one day in the year. Being a resident allows you to travel to all Schengen countries. If you’re looking at Property to rent in Monaco, it’s a great deal because rental property is taxed at a low percentage of the annual income with applicable charges. Although there is a tax if real estate is sold at a profit, it can be adjusted against any real estate losses over five years. At present, only French nationals living in Monaco are taxed by French income tax laws.
Security:
Despite the dense population, Monaco is one of the safest and most secure places to live in. It has the largest police force per capita, and the whole country is covered by 24 hour video surveillance.
Transport facilities:
There are road, rail, air and sea networks. The railway, which runs underground, has links to major cities in France and the rest of Europe. Bus facilities are readily available. Inclined lifts, elevators and travelators are provided for public transport, which eases the ground traffic. The closest airport is in Nice, France, and it is connected by an express bus facility to Monaco. Also, there is the Monaco Heliport which has charters to Nice. The helipad protrudes into the sea so that there is a minimum noise when flights take off or land. There are two seaports for cruise ships and yachts, with ferry shuttle lines.
Environment:
With almost everyone becoming more health conscious after the pandemic, Monaco’s fresh and healthy environment is an additional benefit. It is maintained by preserving water resources and limiting chemical treatments by developing organic methods for pest control. There are more parks now which are well taken care of. Eco-friendly methods carry out wastewater treatment and waste management. Life quality stability is maintained by using networks to test the air and water quality for swimming. Excess sound is also controlled. The reduction of net emissions is being conducted in the three main areas – road transport, waste-to-energy and heating and air conditioning in buildings.
Demand exceeding Supply:
Being such a tiny country (the smallest in the world after the Vatican) and so populated, the need for property is high. With the proposed reclamation of land from the sea, an additional 15 acres will be available for more property constructions. This is planned for completion by 2025. However, prospective buyers are already showing keen interest in these properties.
Conclusion:
The purpose of buying a property in Monaco could be either for investment or as a residence. Despite the reason, the expertise of a trained professional agent will be invaluable. Properties in Monaco are expensive and the type of property will depend on your budget. There is also the Methode Viager, which is a bit of a gamble. A buyer agrees on a down payment to the seller, with regular cash payments for the rest of the seller’s life. In return, the seller continues to live in the property for the rest of his life. Only when the seller dies can the buyer take over the property. It offers the benefit of no interest payment on a loan or mortgage but is dependent on the seller’s lifespan! Living in Monaco, or buying a property for residential purposes has all the pros listed above. Added to those is that most Monaco people speak/understand English, even though the population covers about 100 nationalities! So, no matter whether you are looking for a beautiful residence or a property investment, Monaco should be high on the list!