In the Principality of Monaco, activities relating to certain transactions involving real estate and business assets are regulated. Law no. 1.252 of July 12th, 2002 determines the conditions of access and exercise. This law obliges real estate agents, co-ownership trustees and property managers to prove their professional competence, to provide a financial guarantee or to take out civil liability insurance.
Individuals wishing to carry out one or more real estate activities must hold a diploma of a specific level and/or have professional experience.
These conditions have recently been reinforced by Sovereign Order no. 8.860 of 15/10/2021 (amending Sovereign Order no. 15.700 of 26/02/2003 setting out the conditions of application of the above-mentioned law).
It also amended the amount and scope of the financial guarantee that each professional is required to subscribe.
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O. S. no. 15.700 of 26/02/2003 |
O. S. no. 8.860 of 15/10/2021 |
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Art.1st Professional skills |
1) - Diploma of general university studies in law or economics, or - a diploma certifying legal, economic, or commercial studies of a higher or equal level, or - University diploma of technology, or - higher technician's certificate for the same disciplines.
- technician's certificate, or - basic legal studies diploma if the individuals have held one of the following jobs for at least 3 years: - employment in an establishment under the authority of a holder of an authorisation to carry out transactions involving the property of others as a regular business (e.g. real estate agencies, co-ownership trustees, etc.) - notary's clerk.
4) 5 years' professional experience in one of the following jobs: - management position in an establishment belonging to a holder of an authorisation to carry out transactions involving the property of others as a regular business (e.g. real estate agencies, co-ownership trustees, etc.)
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1) - Diploma of a level higher than or equal to 3 years of higher education after the A Level and recognizing legal, economic, or commercial studies, or - higher technician's certificate in real estate, construction, or housing professions, or - University diploma of technology in the same fields.
2) Diploma of professional skills functions as notary or 1st notary clerk (no change).
3) 10 years' professional experience in one of the following jobs or functions: - full-time employment in a management position in an establishment belonging to a holder of an authorisation to carry out transactions involving the property of others as a regular business (e.g. estate agents, co-ownership trustees); - in a company established in the Principality with an activity in the field of real estate, construction or housing; - have held a managerial position in a company established in the Principality with an activity in the field of real estate, construction or housing; - notary clerk.
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Art. 2 Joint and several financial guarantee |
At least equals to €35,000 and separately for the activities "Transactions on real estate and business assets" and that for the activities "Property management, real estate administration and co-ownership trust.”
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However, this provision shall not apply to legal persons of which at least one of the legal or statutory representatives has already been subject to the provisions of the aforementioned law no. 1.252 of July 12th, 2002. |
These new provisions are already applicable, except for those relating to the revaluation of the financial guarantee, which will come into force on April 15th, 2022.
This new Order is part of the Government's commitment to reinforce the professionalism of the real estate agents, as well as the guarantees offered to their customers.
The multidisciplinary team of Valeri Agency has a solid experience and ensures you the best expertise regarding all the services that a real estate agency is able to offer you.
Do not hesitate to contact us!
