The law proposal on trusts was submitted to the General Secretariat of the Conseil National and registered by the latter on 10 June 2025 under number 269. A trust is a transfer of ownership limited in substance and duration, which has various interests that distinguish it from other legal arrangements: - a management trust, which allows a professional manager to be entrusted with a number of assets of different kinds in order to benefit from their expertise and management resources for the benefit of the settlor or beneficiaries; - security trusts, which allow the settlor to grant the creditor a security interest in the assets transferred to them and to strengthen their control over the repayment of their debt. In Monaco, in 2010, a law proposal (n° 197) envisaged the "creation of trusts under Monegasque law" and in 2012 a draft law proposed an alternative to the "security trust" with a view to enriching Monegasque law with a "security ownership agreement". Neither of these projects came to fruition, but they inspired the drafting of this law proposal. This law proposal will enable Monegasque law to be adapted to developments in business practice in order to enrich the wealth engineering options that Monaco can offer with trust management and to strengthen Monegasque law on securities and companies in difficulty through the use of security trusts. The law proposal n° 269 aims to establish trusts as a new legal instrument for asset management in Monegasque law. The law proposal comprises eight chapters and forty-four articles. https://www.conseil-national.mc/2025/06/10/n269-proposition-de-loi-relative-a-la-fiducie/    

The law proposal on the Monegasque Patrimonial Foundation was submitted to the General Secretariat of the Conseil National and registered by the latter on 10 June 2025 under number 268 and adopted in public session on 18 June 2025. Monegasque foundation law has lagged behind developments in other European countries, such as Switzerland, Liechtenstein and the Netherlands.   However, legal instruments of this type are essential to meet the asset structuring needs of a significant proportion of Monegasque residents, particularly High Net Worth Individuals (HNWIs). These individuals are seeking the most effective solutions to protect high-value assets such as real estate, works of art and family property, to transfer company shares, or to guarantee the integrity of their estate in the event of inheritance or family disputes.   The patrimonial foundation could enable better management of copyright or even anticipate the future use of an art collection by specifying in its constitution that these assets must remain within the immediate family or be made accessible to the public in the form of loans to museums, for example.   This law proposal provides for the creation of a new type of foundation, in order to provide Monegasque law with an innovative wealth engineering tool.   This law proposal will allow for the creation of a legal entity under Monegasque law intended to manage assets primarily for the benefit of the founder's family members. It may consist of real estate or movable property, such as shares in companies, but also intangible rights such as copyright.   Upon its establishment, the foundation must be endowed with a sum of not less than €10,000,000. In addition, the endowment may be made in kind. Furthermore, the Monegasque patrimonial foundation is intended exclusively for persons with a genuine link to Monaco, as the founder and the majority of the administrators must be domiciled there.   Among the measures provided for in the law proposal are the obligation to register the foundation in the special register kept by the Trade and Industry Register, to declare the identity of the beneficiaries and to register them in the register of beneficial owners (companies and economic interest groups), and to appoint a person responsible for basic information about the foundation and its beneficiaries.   https://www.conseil-national.mc/2025/06/18/n268-proposition-de-loi-relative-a-la-fondation-patrimoniale-monegasque/

In a letter dated 28 May 2025, the Prince's Government informed the President of the National Council that it had given its approval for transforming Bill No. 262 on the Time Savings Account ("Compte Epargne Temps", or "CET") into a draft law. This text extends the CET regime, which was introduced into Monaco's labor law by Law No. 1505 of June 24th, 2021. This law relates to concerted working time arrangements over a reference period longer than one week. The objective is to furnish all employees with a flexible time management instrument, enabling them to accrue entitlements to remunerated leave. The CET may be credited with annual paid leave days exceeding the 24-day threshold, seniority leave, collective agreement leave entitlements, overtime rest days or monetary equivalents. The CET also offers companies a distinct advantage by supporting greater flexibility in working time arrangements. It is particularly beneficial in ensuring a more effective alignment between the scheduling of leave and fluctuations in business activity, as it prevents unused leave days from being lost at the end of a period. Any unused leave days can be taken at a later date when workloads are lower. In addition, it functions as a method of employee retention. The CET can be established through a collective bargaining agreement or, failing that, by a decision of the employer after consultation with trade union delegates or staff representatives. The general operating procedures of the CET, the conditions of its funding, any potential employer contribution, and the terms of its use will be determined by the collective agreement or the employer's decision. In the event of termination of the employment contract, the employee is entitled to an indemnity payment. This payment is equivalent to the number of days accumulated in the CET, unless there is a provision in the collective agreement or in the employer's decision to the contrary. The value of the day is assessed on the date of payment. The draft law is to be submitted to the National Council no later than 5 June 2026.