Villa in Monaco

Monaco Real Estate

Monaco Real Estate

According to Bloomberg, the Principality of Monaco was the world’s most expensive luxury residential market for the third straight year in 2010 based on demand from wealthy buyers in the Mediterranean principality, which levies no personal income tax.

The average cost of a house or apartment in Monaco was $65,600 a square meter in 2010, according to a global index of luxury home prices compiled by Knight Frank LLP, a London-based property broker.

According to the report London was the second most-expensive market at $56,300 a square meter, while Paris was fifth at $40,500. The other three most-expensive locations were also in France.

Monaco Real Estate

Monaco’s biggest deal in 2010 was the purchase of La Belle Epoque, a 17,500-square-foot (1,600-square-meter) penthouse apartment, allegedly for 240 million euros ($340 million) from Christian and Nick Candy in September 2010.

You don’t necessarily have to be rich to live in Monaco, but if you have substantial credit and a decent savings, you could be in one of those apartments with a view of the Monaco Grand Prix which takes place in May every year or how about watching the annual Monte Carlo Tennistournament from your balcony?

You will want to make sure the property you are looking at is free and clear of any judgments and that you aren’t going to run into any problems when making your purchase, like liabilities so it is a must that you also appoint a lawyer and consult the public notary before closing any deals.

You need to make sure you have an experienced and authorized real Monaco estate agent working on your side. The amount of time and money that you spend on finding and buying Monaco real estate much depends on how well your real estate agent is working for you.

Parc Saint Roman

Don’t jump on the first good deal you find and make sure that the ones that seem too good to be true are what they really say they are. You may surprised what someone will tell you to get you to spend your money on what they are trying to sell, and this especially true when it comes to real estate.

Remember that where you choose to buy your property can determine how much you spend as well. If you need to be in town around the socialites, then you need to be prepared to pay more. If you are content to be outside of the mainstream in town, you may not have to pay as much.

However, depending on what part of town you choose as well as the view from the property also makes a big difference in the price. Making sure that you are going to be satisfied with your purchase means all the world in how happy you will be with what you have to spend to obtain that property.

Buying Monaco real estate isn’t a lot different than buying real state anywhere else. The fact that you will need a down payment and decent credit and all those things is still the same as anywhere else, but when you buy Monaco real estate, the difference is that you are buying a place that is part of the most beautiful spot in the world and keep in mind that the price per square meter is currently among the most expensive in the world.

The costs related to real estate in Monaco are divided into acquisition and leasing/renting property.

Acquiring Monaco Real Estate

When buying an property in Monaco, the acquisition fees are in general as follows :

• Registration and notary’s fees are 9% of the selling price
• The real estate agent’s fee is typically 3% + VAT of the selling price
• A deposit of 10% of the selling price is paid to reserve the property

The balance including the above fees will be paid by the buyer when signing sales agreement at a notary established in the Principality of Monaco.

Leasing or Renting Monaco Real Estate

When renting or leasing an apartment in Monaco, the charges are typically as follows :

• 3 months’ rent (payable quarterly in advance)
• 3 months’ provision for charges (payable quarterly in advance)
• Deposit of 3 months’ rent
• Registration of the lease (1% of the first years’ rent + charges)

The fee of the real estate agent is typically 10% of the first years’ rent. The duration of a lease agreement is usually 1 year minimum and 3 years maximum.

Chambre Immobilière Monégasque

The Chambre Immobilière Monégasque officially represents the real estate professionals in the Principality of Monaco to the public authorities and the Employers Federation and is acknowledged by the Prince’s Government since 1945.

Every member of Chambre Immobilière Monégasque is covered by a bank guarantee and insured for professional civil liability. A disciplinary commission is set to identify unprofessional behavior of the real estate agents towards clients or fellow members to help ensure best practice.

Chambre Immobilière Monégasque
27, boulevard des Moulins
98000 Monaco

Public Notaries in Monaco

The persons listed below are authorized by the authorities in Monaco. The notary (notaire) in Monaco has the exclusive right to handle real estate transactions, administration of estates, marriage contracts and the formation of general business corporations.

Me Paul-Louis AUREGLIA
4, Boulevard des Moulins
MC 98000 Monaco
(+377) 9325-0707

Me Louis-Constant CROVETTO
26, Avenue de Ia Costa
MC 98000 Monaco
(+377) 9350-5413

Me Henry REY
2, Rue Colonel Bellando de Castro
MC 98000 Monaco
(+377) 9330-4150

Bottega

Thank You Clarence and Partis!

Loved lunch at Cafe Bottega!

One of Beard award winner Frank Stitt's Restaurants

When

When the Dollar Loses its Reserve Status

Geoerge Soros Says:

Soros: U.S. Dollar No Longer World Reserve Currency

VM in GOA

VM The Boat

Vijay Mallya

The A319

I prefer the Hermes Version

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YOU KNOW YOU WANT IT

CALL ME TO NEGOTIATE THE DEAL OF A LIFETIME;

CASH,AS-IS BUYERS ONLY

Hill Top

$1,150,000

5400 Square Feet

Pool/Spa

Beautiful hilltop estate on 4.83 acres with spectacular mountain and city light views. Main home boasts great room with natural stone fireplace, master bedroom, secondary bedroom, office, eat in kitchen, formal dining room. Connected guest house has large bedroom, full kitchen, living room with fireplace and patios. Guest Casita has two bedrooms, two baths and large living room. Built 2003. Large patio area with solar heated pebble tec pool and spa with ramada area. All appliances, washer/dryers and all TVs stay with property. Updated items: Trane A/C units 2008, pool and KYKO roof replacement.

North Guest House Living

North Guest Living

North Guest Kitchen

North Guest Bedroom

Front of House

Master Bedroom in Main Home

Kitchen in Main Home

Living Room Main Home

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Cook Islands Trust

A Cook Islands International Trust has a number of distinct advantageous features:

• The International Trusts Act 1984 (as amended) abolished the perpetuity period rule in the Cook Islands and so enabled the "dynasty" trust to be established and administered in perpetuity;
• The details of the beneficiaries and settlor of the trust are not registered; the only information that must be filed with the Registrar of International Trusts is the name of the International Trust, the names of the trustees and the date of the trust deed. Offshore public registries in the Cook Islands are not open to the general public and may be searched only by persons showing to the Registrar a good and cogent reason for doing so. Fraud constitutes one such reason;
• The legislation specifically excludes the applicability of foreign inheritance laws. Thus if a foreign party from a civil law jurisdiction raised a legal challenge in the Islands courts against a disposition made by a settlor and cited foreign inheritance laws as the basis of a claim alleging that the disposition was invalid as it offended against the forced heirship rules that applied in his country, the action would fail since the Cook Island courts do not recognize foreign inheritance laws;
• Only the judgments of New Zealand courts can be enforced in the Cook Islands. Thus a foreign creditor wishing to set aside a disposition would have to commence an action in the courts of the Cook Islands and so put himself within the ambit of laws and procedures which are generally favourable to the settlors, trustees and beneficiaries of an International Trust. The foreign judgment could only be used in the Cook Islands courts as evidence (if any) of the strength of the litigants claim. Furthermore exemplary and punitive damages are rarely if ever available in the Cook Islands with the consequence that such categories of damages would be denied to a litigant who successfully obtained judgment in the local courts and would be excluded from any judgment obtained in the courts of New Zealand.
• The rule against accumulations has been abolished in the Cook Islands. In the Cook Islands the trustee of an International Trust can accumulate the income indefinitely.
• The common law rule against purpose trusts has been abolished in the Cook Islands which has provided a mechanism under which a purpose trust can be enforced by the court.
• The definition of what does and what does not constitute a charitable trust has been extended in the Cook Islands.
• Under Cook Islands law a disposition can only be set aside if: a)The disposition occurred within 2 years of the date of the act or omission which gave rise to the creditors cause of action and the creditor can prove fraud on the part of the settlor; or b) if the action to set aside the disposition is commenced within 3 years of the date of the act or omission which gave rise to the creditors cause of action . If an action has already commenced in a foreign court the time limit is frozen pending its conclusion.
• Under the International Trusts Act 1984 the rule requiring unanimity among trustees now only applies to an International Trust if the trust deed does not specify otherwise .The trust deed can now set out procedures for making of majority decisions by the trustees.Some doubt whether this is permitted under the rules of equity and it remains to be seen whether such changes bring any advantage to the jurisdiction given that these rules essentially exist for the protection of the beneficiaries.
• In the Cook Islands so long as the trust deed so provides a trustee can delegate all powers except dispositive powers. Dispositive powers are powers enabling the trustees to dispose of assets whether by way of sale or by way of distribution of income or capital in favour of the beneficiaries. Thus a Cook Islands trustee could now place all trust fund investment decisions in the hands of an investment company.
• A trust deed may now impose a different standard of care on a trustee making investments and can provide that he is to have the same powers of investment as a natural person.This might prove useful where the trustee is expected to manage a family business. Unless the trust deed otherwise specifies the standard of care expected of a trustee is that stated in the common law namely that which a prudent person would exercise in managing the affairs of another. Moreover under the common law if the trustee is a professional the standard of care expected is even higher.
• The law allows for trusts created in the Islands before these amendments came into being to have their trust deeds re-drafted so that they can take advantage of the new legal provisions. Thus a trust which under the previous law had to prescribe a perpetuity period of no longer than 100 years can now have its trust deed redrafted so as to take advantage of the abolition of the perpetuities rule.
• So long as the settlor appoints a licensed and resident Cook Islands trustee as a custodian trustee he is free to appoint managing trustees within his own jurisdiction. (This is the only exception to the rule that requires the trustees of a Cook Islands trust to be licensed and resident there).
• A new mechanism and procedure has been created whereby the trust deed can appoint a "nominated person" who has the power to obtain the consent of and represent all the beneficiaries including non sui juris and future beneficiaries, beneficiaries who cannot be found and beneficiaries who have yet to be ascertained.
• There are provisions allowing trusts to be redomiciled in and out of the Cook Islands. It was felt that the legislative changes (e.g. the abolition of the rule against perpetuitites) will make the Islands a particularly attractive jurisdiction in which to locate a trust and that accordingly there will be considerable interest in re-domiciliation. A trust re-domiciled in the Cook Islands is by the Islands' law deemed to be an International Trust formed under the International Trusts Act 1984 from the date of its inception and not just from the date of its re-domiciliation.
• Under Cook Islands law the trust deed can deem that different aspects of the trust can be governed by the laws of different jurisdictions. Furthermore the trust deed will also be able to provide for a change in the governing law on the happening of a specified event (otherwise known as a "flee clause").

The full text of the International Trusts Act (as amended) can be found here.

IBC, BVI

Taxation in the British Virgin Islands is relatively simple by comparative standards; photocopies of all of the tax laws of the British Virgin Islands would together amount to about 200 pages of paper. Taxation in the British Virgin Islands is mostly notable for what is not subject to taxation. The British Virgin Islands has:
• No capital gains tax
• No gift tax
• No sales tax or value added tax
• No profit tax
• No corporation tax
• No inheritance tax or estate duty, but
Income tax rate in the BVI is set at zero.

Some IBC benefits
• One shareholder and one director (both may be private persons or corporate entities)
• Corporate officers are not required
• Annual general meetings are not required
• Bearer shares are permitted
• Company needs only keep those accounts and records that are considered appropriate by the Director(s)
• BVI authorities need not to be informed of the identity of the IBC's shareholders or directors

Isle of Man

The Isle of Man is a "low tax economy" with no capital gains tax, wealth tax, stamp duty or inheritance tax.

Some incorporation benefits:
• there is no specific minimum capital requirement. In most cases, a registration agent will only issue two shares. A Manx company can be capitalized with as little as two pence Sterling.
• public anonymity can be obtained by the employment of nominee directors/shareholders.
• branches of foreign companies in the Isle of Man may apply for exempt tax status. In other words, it may be possible to register a branch of a Delaware non-resident LLC in the Isle of Man and receive a Manx VAT number.
• no accounts or annual summaries need to be filed with the Manx Government in the case of Exempt companies.

2009 Phenom 100

Year	2009
Manufacturer	EMBRAER
Model	PHENOM 100
Price	$2,800,000 AEDAUDBGNBRLCADCHFCNYCOPCZKDKKEGPEURGBPHKDHUFINRJODJPYKRWLBPLKRLTLLVLMXNMYRNOKNZDPLNRONSARSEKSGDTHBTRYTWDUSDVEBZAR
Location	United Kingdom
Condition	Used
Serial Number	E50000024
Registration Number	M-INXY

General Information

FAA Reg., 400 TT, Enhanced performance package, Package 1 (DME + Second transponder with Mode S and Diversity), Weather Radar, Sunshade/Visor, Life Vests, Goggles, Topaz Interior

Detailed Description

Date of Registration; 22nd May 2009 Jurisdiction; FAA certification on Isle of Man Register Owner; Midland Aviation, Douglas, Isle of Man Outside pain scheme; White with blue detailing Internal scheme; Topaz Private owners use only http://www.youtube.com/watch?v=b4G-rnjpz8A Additional Equipment: Fitted Options; Enhanced performance package Package 1 (DME + Second transponder with Mode S and Diversity) Weather Radar Sunshade and Visor Six life Vests Smoke Goggles

Malta

€ 1,050,000

The strategic position of Malta, Gozo and Comino has made these islands, located south of Sicily in the Mediterranean, a crossroad of history. You might recognise the Maltese Cross? It is the insignia of the Knights of Malta who were in charge of the islands for 270 years, building magnificent churches and monuments before losing power to Napoleon and the French empire in 1889. The two official languages of the Republic are Maltese and English, leftover from about 160 years of British colonization and then remaining in the Commonwealth when it became independent in 1964.

An abundance of archaeological finds to discover, recent research has shown that the earliest Neolithic temples on Malta are about 1,000 years older than the famous pyramids of Giza. On the north side of the island lie Malta’s most beautiful beaches including Mellieha Bay, Paradise Bay, Ghajn Tuffieha and Golden Sands. With its clear water and temperatures averaging 23° C, diving is a favorite attraction with sites to discover from reefs to wartime shipwrecks. Malta's nightlife is mainly located in the central part of Malta, namely around St Julian's and Sliema, two suburbs of Valletta. Choose from one of the wide range of excellent restaurants and don’t forget to try to Maltese wine. Malta is also well known for its handcrafted lace, glass blowing and local pottery.

An excellent opportunity to acquire this superbly finished fully detached Villa, which is positioned on a cul-de-sac road in the highly regarded area of Santa Maria Estate. This property comprises of a kitchen/living and separate dining, study, three bedrooms of which one has en-suite facility, 4 terraces and a four car garage. One must be truly ready to enjoy the lovely sunsets from this large South-West facing pool deck and living area that is located on the same level. Please keep in mind that this wonderful sunny Villa is wheelchair friendly and viewing comes highly recommended!

ALL DIMENSIONS IN FEET
BASEMENT
Kitchen/Living: 17x33
Dining: 13x25
Study: 20x20
GROUND FLOOR
Bedroom 1: Main 22x14 + En-suite 12x6
Bedroom 2: 12x13
Bedroom 3: 14x13
Bathroom: 7x13
Terrace: 35x35
Terrace: 10x10

Fully Detached
Pool 40 ft
Heavy Duty foundation
Great Valley Views
Private Flat-let
Home Cinema
Maltese Stone
4 Terraces
Air-conditioning
Lift
4 Car Garage
Sought After Location