Registration fees for property transactions – professional representatives
Legal entities who hold real rights to one or more properties located within the Principality, and which are defined by article 2 of the Act no. 1.381 of 19 June 2011 on registration fees payable on transfers of property and property duties , now have an obligation to make an annual declaration to the Department of Tax Services regarding whether there have been any changes to the economic beneficiaries of those rights.
To this end, the legal entities affected are required to appoint a professional representative established in Monaco (Article 5 of Loi n° 1.381 du 19 juin 2011) in accordance with the procedures set out in article 2 of l’Arrêté Ministériel n° 2011-444 du 4 août 2011.
Professional representatives must be appointed either:
- At the same time that the real rights are established; or
- By 30 June 2012 at the latest for legal entities who held such real rights before the entry into force of Loi n° 1.381, that is, before 2 July 2011
The list of professional representatives accredited by the Department of Tax Services will be updated regularly, and can be found here (French only):