TAXATION ISSUES
As you know, real estate is very expensive in Monaco. It is almost the most expensive in the world. Nevertheless, many wealthy people from all over the planet strive to buy housing here, and the demand for it does not fall, but only continues to grow.
This is not surprising: the Principality is called "paradise for millionaires", and it is really very comfortable for wealthy people to live and work here. The mild warm climate on the coast, all the benefits of civilization, the highest level of security, friendly attitude towards foreigners, and most importantly - these are excellent conditions for investment.
This is not surprising: the Principality is called "paradise for millionaires", and it is really very comfortable for wealthy people to live and work here. The mild warm climate on the coast, all the benefits of civilization, the highest level of security, friendly attitude towards foreigners, and most importantly - these are excellent conditions for investment.
What is important to know about taxes when making a real estate purchase transaction and after it.
Transaction taxes.
When buying an apartment, house or commercial real estate, you will need to pay a tax of 6% of the object value for the registration.
Our lawyers will conduct your entire turnkey transaction: from the selection of apartments to the hiring of a service company and, if necessary, the search for tenants. The agent commission will be 3%.
If you buy an apartment in a new building, you will need to pay 20% of the cost of housing. As a rule, this payment is already included in the price of housing.
Real estate taxes after purchase.
Only good news awaits you further. There is no annual property tax in Monaco, which is found in almost every country! That is, there's no need to pay anything to the State at all.
In addition, there is no capital gains tax on resale, which is also introduced in many countries. This means that all the net profit remains yours, and you will not have to deduct 20-50% of your honestly earned money to the treasury. Given the fact that real estate prices in the Principality are slowly but steadily growing, such a deal is very profitable. It is not surprising that millionaires from all over the world seek to invest in Monaco apartments.
If you want to transfer your property by inheritance, then your next of kin will also be relieved of the need to pay tax. Husband and wife, children and grandchildren will receive apartments and mansions for free and will enjoy life, remembering you with love and gratitude.
The brothers and sisters of the deceased, when receiving the inheritance, will have to contribute only 8% of the total value of the property, which will not greatly upset them. Distant relatives will need to pay 10-13%, and then move into their new home and, finally, the heirs who are not relatives will give the State 16%.
If you become the owner of commercial real estate in Monaco and start making profit from it, you will have to pay an income tax of 33.33%. As for individuals, they do not pay income tax at all. Thus, it is also beneficial to work in the Principality, especially if you are a resident of it.
When buying an apartment, house or commercial real estate, you will need to pay a tax of 6% of the object value for the registration.
Our lawyers will conduct your entire turnkey transaction: from the selection of apartments to the hiring of a service company and, if necessary, the search for tenants. The agent commission will be 3%.
If you buy an apartment in a new building, you will need to pay 20% of the cost of housing. As a rule, this payment is already included in the price of housing.
Real estate taxes after purchase.
Only good news awaits you further. There is no annual property tax in Monaco, which is found in almost every country! That is, there's no need to pay anything to the State at all.
In addition, there is no capital gains tax on resale, which is also introduced in many countries. This means that all the net profit remains yours, and you will not have to deduct 20-50% of your honestly earned money to the treasury. Given the fact that real estate prices in the Principality are slowly but steadily growing, such a deal is very profitable. It is not surprising that millionaires from all over the world seek to invest in Monaco apartments.
If you want to transfer your property by inheritance, then your next of kin will also be relieved of the need to pay tax. Husband and wife, children and grandchildren will receive apartments and mansions for free and will enjoy life, remembering you with love and gratitude.
The brothers and sisters of the deceased, when receiving the inheritance, will have to contribute only 8% of the total value of the property, which will not greatly upset them. Distant relatives will need to pay 10-13%, and then move into their new home and, finally, the heirs who are not relatives will give the State 16%.
If you become the owner of commercial real estate in Monaco and start making profit from it, you will have to pay an income tax of 33.33%. As for individuals, they do not pay income tax at all. Thus, it is also beneficial to work in the Principality, especially if you are a resident of it.
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