The process of purchasing real estate in Monaco is straightforward and open to all nationalities, with zero restriction on foreign ownership. Every real estate transfer must be conducted through one of the three officially appointed Monégasque notaries (notaires) to guarantee legal validity under sovereign law. Transactions begin with a formal written offer (offre d'achat) accompanied by a deposit, followed by a preliminary sales agreement (compromis de vente) that locks in a 10% escrow deposit. The notary then conducts mandatory title deeds, mortgage clearances, and strict anti-money laundering (AML) due diligence before both parties sign the final authentic deed of sale (acte de vente).
Tenant liability insurance (responsabilité civile locative) is contractually mandatory in virtually all rental agreements. Co-ownership syndicates require all building owners to maintain building structural insurance. Policies must cover civil liability, fire, water damage, and theft as a baseline, and given the ultra-high-net-worth market, specialized art and luxury asset riders are common. Insurance certificates must be renewed annually and presented to property managers upon request. Source: Chambre Immobilière Monégasque.