The principality of Monaco, ruled over by the House of Grimaldi for many centuries, is the worlds most densely populated nation and the second smallest. A population of approximately 31000 occupy an area of 485 acres in a country famous made famous by glamour and motor racing against a backdrop of often dramatic scenery. Located in western Europe, bordering the Mediterranean Sea on the southern coast of France, between Cannes and the border with Italy, this country is often referred to as the jewel in the crown of the French Rivera, certainly it is visually stunning,it lies on a narrow coastal strip, which sometimes rises vertically upwards with it’s highest point at 494 feet. Width ways, it varies between.65 miles and a mere 382 yards but this tiny size does not stop Monaco attracting countless holiday makers and visitors from the world over every year. Property in this country is expensive to say the least but that said there are a number of holiday or second homes mainly owned by wealthy foreign investors. Property is available to rent, but of course most comes at a premium.
Holiday Home Insurance for Property in Monaco
Holiday or second home insurance for property in Monaco is available from the United Kingdom and a full range of perils should be available. if you own a property in Monaco and wish to let it out, you will need to make sure that the policy includes adequate liability insurance cover. This is fairly easy to arrange and should form part of the basic policy wording. Although Monaco is not a country beset by natural disasters such as earthquakes or flooding, insurance should still be effected to cover your property asset.
It is surprising to note that for a country that is so small, of Monaco is divided in to five areas:
- Monaco-Ville, This is the old fortified town, and the location of the Prince’s Palace, the ramparts, the gardens, the Cathedral and the Oceanographic Museum.
- The Condamine, This is probably the most easily recognisable area of Monaco, it contains the harbour area and is a scene that is often shown when the Monte Carlo Grand Prix is staged.
- Monte Carlo, This part was first established in the year 1866 and named by Prince Charles III during his reign. It is strongly associated with the glamour side of the country, it contains the world famous Casino, has many of the worlds grandest hotels and leisure facilities.
- Fontvieille is the latest addition to Monaco and was literally created from land reclaimed from the sea. The waterfront area including the harbour is entirely man made and the area also includes many sports facilities and shopping outlets.
- Moneghetti, the Révoires and the Exotic Gardens
However, it should be added that people do not only come to Monaco for the scenery and motor racing, it attracts many overseas investors, keen to acquire a second home as the country offers many lucrative tax concessions. This coupled with the lack of inheritance tax and ultra discreet banking facilities make Monaco a very desirable place to acquire a home
How to Buy a Holiday Home in Monaco
Acquiring property in Monaco, is a relatively straight forward process, it should be borne in mind that, property constructed after a certain date requires to be inspected and a report prepared to confirm the absence of termites lead, and asbestos. The property agent or your solicitor should be able to help you with this. An agreement of the purchase price needs to be agreed first between the buyer and seller and it is open of course to negotiation. Once the price has been agreed, it is usual to sign a compromis de vente or and agreement of purchase. The law in Monaco dictates that at this stage, you must make a 10% deposit, this money will be held by the Estate Agent until the sale is concluded. Various people can draw up the agreement to purchase, it can be done by the Estate Agent, your solicitor or a Notary. As with most countries having an advisor help you with paperwork that speaks your language is vitally important. It should be pointed out that this document is legally binding, once signed, you are committed to buying the property, however, you are allowed an eight day cooling off period in which you can change your mind. During this period, you can still obtain the return of your deposit. After this period, if you do not complete the sale, you will will not be entitled to a refund. After this stage, you solicitor will carry out the title searches and finally the transfer document will signed by parties in the presence of a notary. Again, it is worth remembering that this meeting will conducted in the French language so having a solicitor that speaks the same language as you is vitally important.
