The Principality of Monaco

An ideal geographical location, always been acclaimed where we act through our local corresponding real estate agents

History of Monaco

About 300,000 years before Christ, the Rock of Monaco and the natural harbor serve as a refuge for the primitive populations Ligures and Phoenicians.

The Phocaeans of Massalia (Marseille) founds Monoïkos in the 5th century BC. From the 2nd century BC to the 5th century AD, the Romans settle in the region. They use the harbor of Monaco which takes the name of Portus Herculis Monoeci (Port Hercules).

In 1191 Genoa obtains sovereignty over Monaco, and the Ghibellines of Fulco del Cassello build the fortress of the Rock in 1215.

In 1270, a civil war in Genoa pits the Guelfs, supporters of the Pope and the Ghibellines, supporters of the Roman Emperor. Following a victory of the latter, many Guelph families are exiled among which that of Grimaldi. In 1297, François Grimaldi enters the fortress disguised as a Franciscan monk and seizes it.

Monaco (then renamed Fort-Hercule) becomes part of France from 1793 to 1814, and becomes a protectorate of the Kingdom of Sardinia until 1860. Charles III grants France its rights over Menton and Roquebrune by the treaty of 2 February 1861, a clause of which provided for the creation of a customs union between the two States. This will be concluded in 1865.

The Société des Bains de Mer is created in 1856 as well as the Casino. Several hotels are built on the plateau of Spélugues to which, in 1866, is given the name of Monte-Carlo (Mont-Charles, after the name of the reigning Prince).

His son Prince Albert I, nicknamed the "Prince Navigator" or "The Prince Savant", makes great progress in life sciences on the threshold of the twentieth century. He founds in Monaco, in 1910, the famous Oceanographic Museum, which he bequeaths by will to the Oceanographic Institute created by him in Paris.

Monaco de nuit
Monaco, le Rocher

The constitution of 1911 makes Monaco a constitutional monarchy.

In 1949, Prince Rainier III ascends the throne. His reign is one of those who most transforms the Principality. It intensifies and diversifies the actions implemented during the three previous reigns, as much in the political, diplomatic, international, economic and social fields as in those of education and sport, health, science, culture and communication. He adds an industrial dimension.

On April 18, 1956, Prince Rainier III marries Miss Grace-Patricia Kelly who dies on September 14, 1982. Three children are born of this union: Princess Caroline, Louise, Marguerite, January 23, 1957; Prince Albert, Alexander, Louis, Peter, Hereditary Prince, Marquis des Baux, March 14, 1958; Princess Stephanie, Marie, Elisabeth, February 1, 1965.

In 1962 a new constitution is drafted.

In 1993 Monaco becomes a member of the UN.

In 2004 the Principality of Monaco joins the Council of Europe.

On July 12, 2005, Prince Albert II ascends the throne and succeeds his father Rainier III, who died on April 6, 2005. In his Advent speech, Prince Albert II set new directions and priorities for the development of the Principality. In the foreground, the action for the defense of the environment, the ethical development of the financial sector in order to build in Monaco a pole of reference in the banking field, as well as the strengthening of international relations and the contribution to the arts and to culture.

The wedding ceremonies of S.A.S. Prince Albert II and Miss Charlene WITTSTOCK take place on July 1st and 2nd, 2011.

On December 10, 2014, S.A.S., Hereditary Prince Jacques and S.A.S. Princess Gabriella, are born.

Monaco, the ideal living environment

Area: 2 sqkm, "To make the talents of 139 nationalities cohabit within the same territory, you must be a great country". An economic influence which, with its 52,000 jobs for 37,000 residents, makes it one of the most dynamic basins in southern Europe, an independent state located in the heart of Europe, in the middle of two metropolitan areas of one million and half people each (Genoa and Marseille). Minutes from Nice Côte d'Azur Airport.

An excellent quality of life: 12.8% of green spaces, a stable and dynamic political and economic environment, oriented towards the future.

In cultural matters, an extraordinary place for creation and creators (Ballets de Monte-Carlo, Opera, Philharmonic Orchestra, Theaters, Museums, ...). A tradition of organizing sporting events (Formula 1, Tennis Masters Series, Jumping International), a high-performance infrastructure and a quality of welcome acclaimed (96.4% satisfied tourists with a 70% enchantment rate) .

A diversified economy

Turnover 4Q 2018 4Q 2019 Change
Total 2 6 160.7 6 573.3 6.7%
Financial and insurance activities1280.61262.7-1.4%
Retail business1129.21085.5-3.9%
Accommodation and catering520.5542.04.1%
Manufacturing, mining and other industries642.5635.5-1.1%
Real estate activities329.3373.013.3%
Transportation and warehousing398.3424.56.6%
Scientific and technical activities, administrative and support services1047.61068.82.0%
Other service activities529.9564.16.5%
information and communication501.9606.820.9%
Administration, education, health and social action65.163.7-2.2%

1 Sources: Tax Services Directorate, IMSEE
2 Unit: € millions

Turnover distribution as of Décember 31, 2019

  • 0.6%
  • 3.6%
  • 4.3%
  • 5.5%
  • 6%
  • 6.2%
  • 6.5%
  • 11%
  • 10.9%
  • 10.6%
  • 34.8%

Monaco, an attractive tax legislation*

  • No income tax on natural persons
  • No inheritence tax between parents or children or between spouses
  • No donation tax in parent-child parentage or between spouses
  • No wealth tax
  • No "taxe professionnelle"
  • No payroll tax
  • No taxation of capital gains on the sale of securities
  • No income tax on rental products
  • No tax on capital held
  • No tax on real estate gains

Monaco's financial center Key figures 4rd quarter 2019

  • 30 banks
  • 61 portfolio management companies
  • Funds deposited in institutions of the Monégasque place in deposit and title: 129,022 billion euros
  • The financial place is highly internationalized
  • A legal framework (law 1.362 of 3 August 2009) to fight against money laundering and terrorist financing in accordance with the international standards recommended by the Financial Action Task Force (FATF)
  • Member of the European Banking Federation
  • Member of the Single European Payment Area in Euro SEPA (Single European Payment Area)

A special case: the holding of real estate in France by a Monegasque "société Civile immobilière"

Judgment of 2 October 2015 delivered by the full assembly of the French Court of Cassation: When the de cujus was domiciled in Monaco at the time of his death, the shares of a real estate company under Monegasque law owning properties located in France are subject to taxation on estates in Monaco and not in France, and are therefore exempt from inheritance tax in the direct line and between spouses.

*except cases falling under the Franco-Monegasque agreements

Legal Information - Rates & Conditions

Company name / Transaction fees

Côte d’Azur Invest S.A.S.

Project study, promotion, transaction and real estate management
25, Escalier Riva Bella Roquebrune Cap Martin 06190 France

Registered in the R.C.S. register under the number 834 149 940
Business Licence CPI 0605 2018 000 023 938 dlivered by CCI Nice Côte d'Azur
Financial Guaranty (110.000 €) and Liability Insurance issued bu QBE Europe SA/NV Headquarter: Boulevard du Régent 37, BE 1000, Brussels. Branch: Cœur Défense - Tour A - 110 Esplanade du Général de Gaulle - 92931 La Défense Cedex.
VAT N°: FR 85834149940
EPC - European Professional Card number: 05-9781-Z1B7

Transaction fees

Rates only applicable in metropolitan France and Italy

Sale of residential or professional buildings

Apartments, villas, transfer of shares in real estate companies, life annuity (on the market value and total value of the building)

According to the terms of the sales mandate:

  • At seller's expense: 6% including VAT
  • At the expense of the purchaser 5% + VAT in force (20%) :6%

Sale of parking, garage, goodwill, sale of building for commercial or industrial use, sale of land

According to the terms of the sales mandate:

  • At seller's expense: 10% including VAT
  • At the expense of the purchaser 8,33% + VAT in force (20%) :10%

Special cases such as the search for partners or investors for the realization, the resumption or the transfer of property of residential or commercial real estate projects, the purchase or sale of hotels

Fees to be negotiated on a case by case basis