Bill No. 276, submitted by the National Council to the Princely Government on 3 April 2026, could mark a significant development in the legal framework governing foreign structures owning real estate in the Principality. Should it be enacted, the proposed reform may substantially alter the legal and tax regime applicable to foreign entities holding real estate assets in Monaco.   A legislative initiative reflecting enhanced transparency objectives The proposed legislation seeks to establish a more comprehensive framework for foreign legal entities holding real property rights in the Principality. Among the measures under consideration is the possibility for a foreign entity owning real estate in Monaco to transfer its registered office or domicile to the Principality while retaining its original legal personality, subject to compliance with the conditions set out in the proposed legislation. Beyond this structural aspect, the bill reflects a clear policy objective of strengthening transparency regarding the identification of the beneficial owners of the entities concerned.   An unprecedented tax mechanism The proposed legislation introduces an annual levy applicable to foreign entities owning real estate in Monaco that do not voluntarily disclose the identity of their beneficial owners. The levy would be set at 1% of the market value of the real estate assets held, potentially resulting in a significant financial burden for certain holding and wealth-structuring arrangements. To facilitate potential restructuring or compliance measures, the bill also contemplates a transitional regime providing for an exemption from registration duties for a limited period of three years.   What comes next? At this stage, the proposal remains a bill and has not yet been enacted. The Princely Government has until 3 October 2026 to communicate its position and any observations on the proposed legislation. While the outcome remains uncertain, the initiative nonetheless reflects the Principality's continuing efforts to enhance transparency and strengthen beneficial ownership disclosure requirements. Property owners and investors concerned may wish to assess the potential implications of the proposed measures and review, where appropriate, the suitability of their existing holding structures in light of the policy direction reflected in the bill.   The teams at Gordon S. Blair are closely monitoring developments and remain available to assist clients in assessing the legal, tax and wealth-planning implications of this proposed legislation.

Convinced that legal expertise can make a meaningful contribution to today’s major challenges, Gordon S. Blair continues to develop its pro bono commitment alongside organisations operating in areas with significant human and societal impact.   In this context, the firm is pleased to support several committed organisations, including the NCMEC (National Center for Missing & Exploited Children), the Longevity Private Council, Association Montjoye and AMADE (World Association of Children’s Friends).   These collaborations focus on major issues such as child protection, solidarity, governance, succession planning, philanthropy and, more broadly, matters relating to sustainable impact and corporate social responsibility.   Through this initiative, Gordon S. Blair aims to place its legal expertise at the service of meaningful initiatives while supporting organisations engaged in projects pursuing public interest objectives.   This programme has generated genuine enthusiasm within the firm’s teams, who are particularly committed to contributing concretely to projects aligned with strong human values and a long-term vision.

Gordon S. Blair Law Offices is proud to stand alongside Equipage ADÉONA as sponsor in the 35th edition of the Rallye Aïcha des Gazelles, an internationally recognised all-female off-road rally taking place in Morocco. Bringing together nearly 400 women from around the world, this unique event is not a race of speed, but a challenge of navigation, endurance, resilience and strategic thinking. A meaningful commitment with real impact This sponsorship reflects the firm’s commitment to supporting ambitious initiatives that combine human values, determination and purpose. The participation of the ADÉONA team carries a strong charitable dimension, as it supports the Fondation Flavien, a Monaco-based foundation dedicated to fighting pediatric cancer and rare diseases. Each year, approximately 2,500 new cases of pediatric cancer are diagnosed, making it the leading cause of death by disease among children. Supporting research and raising awareness in this field is therefore not only meaningful, but essential. A remarkable adventure driven by determination The project is led by Laura Trastour and Anne-Charlotte Dimech, friends for five years and nurses in Monaco, whose shared ambition gave rise to a challenge that combines personal resilience with a collective cause. This adventure was born from the meeting between Xavier de Sarrau, our Managing Partner and a rally enthusiast, and Laura, who initiated this commitment and has been the driving force behind this inspiring initiative. Their participation reflects values that strongly resonate with the firm: commitment, endurance, courage and long-term vision. Backing projects that embody purpose and excellence At Gordon S. Blair Law Offices, we believe our role extends beyond legal and tax advisory. Supporting initiatives such as the Rallye Aïcha des Gazelles is a strong expression of the firm’s commitment to backing projects that create meaningful impact and embody excellence, solidarity and determination. The ADÉONA team’s adventure begins at Palais Nikaia in Nice on 28 March 2026 and concludes in Essaouira on 11 April 2026. Regular updates on the team’s progress will be shared on our LinkedIn page throughout the rally : https://www.linkedin.com/company/gordon-s.-blair/?viewAsMember=true. Their journey can be followed live here : https://live2026.rallyeaichadesgazelles.com/equipages/team-186/ (Team 186)