If you’re moving to Monaco and want to take advantage of the favorable tax system in the Principality, you need to first establish your residency. One of the requirements in a residency application is buying or renting a home in the city.
Buying a property in Monaco is a great investment. However, with a significant amount at stake, you may want to wait until you’re certain that it’s the right option for you. Renting offers a highly viable alternative until you gain enough confidence to invest in a home here.
Renting also gives you time to fully familiarize yourself with the city and decide what you would want in a home of your own, including the neighborhood, the type of property, home features, and other details.
Here’s what you need to know about renting a property in Monaco.
- Work with a real estate agent
Relocating is never easy, especially when you have to move with your family from one country or state to another. Having a real estate agent and a local expert by your side can make the transition considerably smoother.Your agent can help you sort through your numerous rental options in the Principality, and zero in on the property that’s perfect for your needs and preferences. With their network and knowledge of the local market, they can help make sure you’re compliant with all laws, requirements, and regulations.
Moreover, your realtor can assist you in everything you need for the big move, such as connecting with reliable relocation services, buying furniture, looking for the right schools for your children, getting familiar with your new neighborhood, and more.
- Find the right property
You can search for rental listings at the official Monaco real estate website. We invite you to check out our listings, as well, and to get in touch with us for your rental needs.You can choose from several property types, including single-family homes, villas, and apartments. Of these, apartments are the easiest to find. There’s a wide variety of rental listings in Monaco, featuring an extensive range of sizes, prices, locations, and features.
Work with your real estate agent in finding the right property. Provide them with information on what you need and want in a home, as well as your budget, your desired location, your preferred type of lease, and so on, so they can help you find the perfect home fast.
- Shortlist and view potential properties
Once you and your agent have narrowed down the list of prospective homes, you may have to plan for an in-person viewing and inspection of the properties. It’s best for you to have a firsthand look at the homes so you can get an actual feel of how it is to live in each one and see which meets all your needs. - Prepare the necessary documents for a lease agreement
These documents are required as part of the rental application process in Monaco:
- Proof of identity, which can be a Monaco residency card or a passport, or both
- Proof of address, such as a recent utility bill or an existing lease agreement
- Proof of employment or cash reserves, which will show you have enough funds to cover the rent
- Banking certificate from a Monaco bank. The Principality requires that prospective Monaco residents open a bank account with an initial deposit of at least €500,000.
- Household insurance, or assurance multi risque habitation, which covers potential accidents and damages in the property during your tenancy
- Sign the lease agreement
The lease agreement details the terms and conditions for the lease, which are standard based on regulations from the Chambre Immobilière de Monaco or the Monaco Chamber of Real Estate.
The agreement will include the following details:
- Rental fees
- Monthly service fees
- Duration of the lease
- Method of payment
- A description of the property
- Start date of the contract
- Deposit amount
Along with this, a report detailing the condition of the property and an inventory of the items included with the lease, including furniture, appliances, and fixtures, must also be signed by both you and the landlord.
If you’re applying for residency in Monaco, the duration of your lease should be at least one year. Unless you’re working in the Principality or have an ongoing residency application, you cannot stay for more than three months in the city. Seasonal or short term stays are usually available only from companies that specifically offer them.
The deposit amount will be borne by you as the tenant. This typically includes three months advance rent, and a three month deposit, which will be refunded to you, less any amount spent on repairs, within two months from the end of your contract.
Additional fees to be paid upon signing of the contract include lease registration and agency fees.
Once you’ve signed a lease agreement, you can start with your residency application in the Principality.
We at Spark & Partners will be by your side to guide you through every step of the process. We will also be happy to assist you in preparing for your residency application. Learn more about what we can do for you. Get in touch with us at +377.97.777.000 or email hello@spark-estate.com. You can also send a message here.