Mortgages in Monaco
Mortgages are available to foreign borrowers in Monaco. Loans can be issued to individuals, offshore companies, French property companies (Société Civile Immobilière) and Monégasque joint stock companies (Société Anonyme Monégasque).
In Monaco, taking a mortgage loan is beneficial thanks to the low ECB, which slid to a negative value in 2016.
Foreign mortgage loan terms in Monaco (as of January 2017) Source: Crédit Français, Lowell Finance, Tranio
|Floating rates||From 1.65% p.a.|
|Maximum age of borrowerby the end of the loan term||75|
According to Crédit Français,
Monégasque banks can also issue loans to buy residential property in France.
Mortgage applications in Monaco require the following documents:
- proof of income (salary, savings, investment or rental income)
- proof of identity (passport)
- information on disbursements (bank statements and data on current loan payments)
- cost estimate statement issued by a licensed appraiser (for renovation loans)
Documents must be translated into French and notarised.
The loan approval process typically takes
Additional mortgage costs in Monaco (as of January 2017) Source: Lowell Finance
|Property appraisaland Due Diligence (if required)|
|Mortgage granting fee|
|Loan registration notary fee||1% of the loan amount|
|Bank commissionfor asset management||0.5% of the amountof assets managed|