New Monegasque Legislation On The Private International Law
On the 22nd june 2017, a new act on private international law (loi n° 1448 relative au droit international privé) was enacted by the national council (conseil national). The discussions on the project started in 2011 and this long-awaited new act organizes and completes existing but limited provisions in one sole set of rules with the purpose of ensuring legal certainty as to competent jurisdiction and applicable law in situations involving various jurisdictions as well as establishing recognition of foreign decisions and instruments. It will significantly impact monaco nationals and residents on both their personal affairs and businesses containing an international element. In particular, the law applicable to matrimonial regimes and successions may be impacted with significant consequences on spousal and heirship rights. Yet, the new act provides highly flexible solutions, opening new opportunities for estate planning.