Real estate is traditionally a very active sector in Monaco and in the Côte d’Azur and the region draws investors from around the world.

Combining a unique expertise in the legal and tax aspects of property acquisition and ownership, an intimate knowledge of the market and an excellent reputation among real estate professionals, the teams at Gordon S. Blair advise, accompany and secure investors, whether individuals, family offices or developers, in their real estate projects in these exceptional regions.

Buying property: key questions

Before embarking on a real estate project, it is important to define the objectives: Is this a second home or an investment? Is it intended in whole or part for rental purposes? Is it a personal or group investment? Is the idea to generate to generate a capital gains or passive income?

The answers to these questions will not only enable better tax planning, but also to determine the financing needs, anticipate the passing down of the property to the next generation, and above all, define the ideal acquisition structure.

The applicable taxes should also be anticipated to determine whether a share deal is preferable to an asset deal, by reference in particular to the following aspects:

• Upon the acquisition: notary’s fees and registration fees;
• During the holding period: real estate wealth tax, corporate tax or income tax, 3% tax;
• Upon transfer: capital gains tax on real estate;
• In case of transmission to relatives: gift and inheritance taxes.

It will also be necessary to determine the needs in terms of financing and to build a viable financial model: own funds – shareholder loan used for acquisition purposes and/or recourse to a bank loan, the terms of which will have to be closely analyzed.

The choice of an appropriate vehicle in view of the acquisition of the property and its intended use is essential, as a risky or wrong choice can lead to additional costs, particularly in terms of taxation.

Lastly, beyond the pleasure of owning an exceptional property, it is advisable to consider what will happen to it in the event of death, particularly with regard to the civil and tax aspects applicable in the event of transmission to relatives, and to determine under what conditions and at what cost they will be able to enjoy it in turn.

Our offer

Our specialized team implements a global approach, covering all aspects – legal, tax and financial – relating to the acquisition, ownership and transfer of a property.

We advise our clients in the definition of their projects, based on their specific constraints, and in the choice and constitution of the most appropriate acquisition and holding vehicle depending on the tax implications and their transmission objectives.

We manage our clients’ real estate projects and work closely with all the participants involved: real estate agents, bankers, notaries, certified public accountants, lawyers based abroad, etc.

Our services can be summarized as follows, in coordination with our other practices :

• Structuring of real estate acquisitions (share deal / asset deal);
• Legal assistance and coordination;
• Tax & Estate Planning (acquisition, ownership, transmission);
• Financing;
• Insurance;
• Compliance with tax reporting obligations;
• Management of real estate projects, work.