Living in Monaco

[Leongsam]

You don't need to buy an apartment to qualify for residency in Monaco. You can rent an apartment and still qualify as a resident as long as you stay for 6 months a year and make the EUR 350-400K deposit into a local bank. You'll need to sign a 12-month lease at the very least in order to apply for residency.

The reason why I'm considering a purchase is for the purpose of diversification. I have too much cash at the moment and the exchange rates currently favour a euro based investment. A portion of my cash holdings is now giving me close to ZERO returns with no hedge against inflation whatsoever so any sound property investment is better than the status quo.

I'm not too worried about the ROI. Space in Monaco will always be limited and property values can only go North in the medium to long term.

However, the idea of a long term lease in the hotel you mentioned sounds like a good idea for the first year or so. Thanks for the info.

 

[Meltdown]

The reason why I'm considering a purchase is for the purpose of diversification. I have too much cash at the moment and the exchange rates currently favour a euro based investment. A portion of my cash holdings is now giving me close to ZERO returns with no hedge against inflation whatsoever so any sound property investment is better than the status quo.

I'm not too worried about the ROI. Space in Monaco will always be limited and property values can only go North in the medium to long term.

However, the idea of a long term lease in the hotel you mentioned sounds like a good idea for the first year or so. Thanks for the info.

I see where you are coming from. But you should consider the fact that properties in Monaco are leaseholds. This means you'll never actually own the property like a freehold property. At the end of the lease' term, the feudal lord will either demand that you pay another 99 year lease for example like in Sinkieland or he'll take back the property. This is mostly the case in Europe where dynastic wealth is in the hands of the very few feudal lords. That's why so Ang Mohs peasants from Europe in the past migrated to USA, Canada, OZ, and NZ to free themselves from slavery.

Make sure to buy a property with a long lease period still remaining and you can sell it at a profit before the leasehold expiration date gets too close. I know it's a gamble but that's how property investors should deal with leasehold properties.

The name of the real estate agency is Cabinet P Palmero. This link provides their contact info: http://monaco.angloinfo.com/afdetail.asp?Rec=5386

I tried to visit their website but it is no longer available. They used to have an office at the ground floor of Fairmont Monte Carlo Hotel.

 

[Leongsam]

I see where you are coming from. But you should consider the fact that properties in Monaco are leaseholds. This means you'll never actually own the property like a freehold property.

I'm looking at a 10 year time frame and I'll factor the lease into the equation when looking at the capital gains potential.

Thanks for the tips. Much appreciated.

 

[neddy]

Just a political thought, a monarchy vs a democracy. Looks like the choice is clear. A princely state wins over a sovereign state in maintaining wealth.

USA is too divided between the Elephant and the Donkey to resolve the economic problems.
Europe has given up some democracy to rope in technocrats.
No popularly elected leader dare to do more than his/her own political survival.

 

[manfrommars]

NZ is hardly a cauldron. It's a backwater. :p

It is a land of brash retarded farmers and rednecks.

 

[tomjerry]

It is very nice city..Monaco Launch Event in New York City.Manaco city is good luxury holiday villas and self catering apartments..