Luxury 3 bedroom Apartment for sale with sea view in Monte Carlo, Monte Carlo and Beaches

17,500,000 EUR 15,050,000 GBP 18,900,000 USD

Reference: 221990

Bedrooms: 3
Bathrooms: 3
Floor Size: 277 m2

Features

Terrace
Hot Tub or Sauna
Air Conditioning
Renewable Energy
Sea View
Parking
Turn Key Good Condition

Details

Immaculate 3 bedroom apartment with a vast total living area of 277m2, plus a large 47m2 terrace, ideally situated on a high floor in one of the best-known developments in the Principality, with wonderful facilities and close to the Monte-Carlo Beach Club, Country Club and the Sporting Casino.

Situated in a prestigious building which is one of the best-known developments in the Principality, within a beautiful park and has a large swimming pool, surrounded by palm trees, solarium, snack-bar, sauna and a fitness room.

Features include a large entrance hall, 3 bedrooms, bathroom, shower rooms, office, fully equipped open-plan kitchen, laundry room and 47m2 of terraces.

This modern and luxurious apartment is on a high floor with south-eastern and south-western exposure.

Air conditioning, marble floors in the kitchen, a sound system in every room and there is a cellar and 2 parking spaces also included.

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Monaco Property Buying Guide

The Agent

The estate agent will connect the buyer, the seller and a property, and will take a commission to do so.

The Notaire

The notaire (solicitor) is the Monegasque council which drafts the deed of sale and which brings together the buyer, the seller and possibly the lender for the act of signing the deed.

The notaire generally acts both for the buyer and for the seller. He is responsible for making necessary searches and enquiries such as verifying that the seller has the rights and title deeds, that there are no outstanding mortgages, no planning irregularities etc.

The intervention of the notaire certifies that the deed of sale is a document that is both conclusive and enforceable.

1. Written offer

The buyer usually has to sign an offer to buy. This is drawn up by the estate agent and if accepted, binds the parties. Often, a cheque drawn on a Monaco bank, and representing the security deposit will be attached to the offer, in order to prove the commitment of the buyer. Otherwise, the offer will specify that a bank transfer will be made to the notary's escrow account, within a short period after the offer is accepted.

Subsequently, the purchase takes place in two stages: the signing of a promise of sale drawn up by the notaire followed by the signing of the deed of sale before the notaire. The buyer must undertake to pay a security deposit equal to 10% of the sale price at the signing stage of the promise to sell, amount retained by the notaire and which will be deducted from the sale price at the signing of the deed of sale.

2. Costs and expenses

Generally, on the purchase of goods over 5 years, the costs and expenses will be equivalent to 6% of the purchase price and will have to be paid by the buyer. This 6% includes a registration fee (4.5%) and notary fees (1.5%). This rate is applicable when the purchase is made by individuals or by a Monegasque ICS. The registration fees will be higher (7.5%) when the acquisition is made through a foreign company, to which must be added notary fees of 1.5% thus making a total of 9 %.

In some cases (eg when the property is new or under construction) the registration fee will not apply and the sale price will be subject to value added tax (VAT) at the rate of 20%. The notary fees and a right of transcription will be applicable for a total amount of 2.5%, payable by the buyer, regardless of whether the buyer is an individual or a company.

3. Purchase of a foreign company

If the property is held by a foreign company, the buyer may possibly purchase this structure and in this case the registration fee will be 4.5% on top of the value of the property following the change of the owner of the foreign company.

4. Tax consequences

Monaco does not levy income tax, capital gains tax or wealth tax on individuals. French nationals residing in Monaco nevertheless pay income tax and wealth tax in France in certain circumstances.

The rights of gifting and inheritance rights exist in Monaco, but only on property located in Monaco. The rate of these fees is 0% on provisions in favour of parents, a surviving spouse, children or more distant relatives.

On other provisions, donation and inheritance taxes are payable at rates depending on the degree of relationship between the donor and the recipient. The maximum rate of 16% is applied in the case of provisions to non-parents.

The fee is payable by the recipient.