Legislative Proposal No. 272, adopted by Monaco’s National Council on 6 November 2025, seeks to modernise certain provisions of Monaco’s Private International Law Code relating to succession and lifetime gifts in an international context. The proposal is intended in particular to clarify a number of rules applicable to cross-border wealth transmission.   Succession: reaffirming the unity of the applicable law In succession matters, the proposal would remove the provision referring to the deceased’s national law for the purposes of determining forced heirship protection. This would reaffirm the principle that a single law governs the succession as a whole. The proposal would also clarify the powers of Monaco’s courts to take the steps necessary to administer an estate in certain international situations, irrespective of the law governing the succession.   Lifetime gifts: clarification of the applicable law The proposal also addresses the rules governing lifetime gifts. It would clarify how the applicable law is determined and provide expressly for Monaco law to govern gifts of real estate located in the Principality. The text would also clarify Monaco’s international public policy exception, while taking account of rights lawfully acquired abroad.   A reform still in the legislative process On 7 May 2026, the Prince’s Government confirmed its support for converting the legislative proposal into a government bill. The bill must be submitted by 10 May 2027. At this stage, the proposed measures are not yet in force.  Their final scope will depend on the future government bill and the subsequent legislative process.

Legislative Proposal No. 268 concerning the Monaco Patrimonial Foundation seeks to introduce a new legal structure for the management and transfer of wealth, primarily for the benefit of the founder’s family. With its own legal personality, the foundation could hold assets including real estate, company shares and intangible rights.   A new wealth-holding structure The proposal provides for an initial cash endowment of at least €10 million. Establishing the foundation would require authorisation from the Minister of State and registration. Its operation would also be subject to specific governance, accounting and transparency requirements. The founder and at least a majority of the administrators would need to be domiciled in Monaco or, in the case of legal entities, have their registered offices in the Principality.   An expressly regulated purpose The Monaco Patrimonial Foundation would be intended to manage and transfer wealth and could engage in commercial activities only on an ancillary basis. Assets transferred to the foundation would also remain subject to any forced heirship protection provided for by the law applicable to the succession. The proposed framework therefore combines a wealth structuring tool with safeguards designed to take account of succession rules that may apply in an international context.   A reform still in progress On 19 December 2025, the Prince’s Government confirmed its support for converting Legislative Proposal No. 268 into a government bill. The bill must be submitted by 23 December 2026.   At this stage, the Monaco Patrimonial Foundation remains a proposed framework. Its final scope and practical requirements will depend on the next stages of the legislative process.

MONACO, 16 March 2026 — Monaco’s National Council has received Bill No. 1,124, which seeks to strengthen the right to open a bank account established by the Law of 8 July 2020, while preserving anti-money laundering and counter-terrorist financing requirements.   Under the bill, banks would have 45 working days to process a complete application. If a bank failed to respond within that period, its silence would be treated as an implicit refusal, allowing the applicant to ask the Budget and Treasury Department to appoint another institution.   The scheme would also be extended to holders of joint accounts seeking an individual account and to customers who have been notified that their existing account will be closed. The latter could begin the procedure before the closure takes effect.   The bill also provides for written notification of refusals, the possibility of requesting the appointment of another bank, and an expedited court procedure to challenge certain refusals or account closures.   Derived from a proposal adopted by the National Council in October 2024, the bill must still be examined and passed before entering into force.