2026-07-17

Gordon S. Blair launches its official Instagram page

Gordon S. Blair launches its official Instagram page In an environment where information is increasingly shared through visual content, Gordon S. Blair is continuing to expand its digital presence with the launch of its official Instagram page. Complementing our presence on LinkedIn, this new platform reflects our commitment to sharing our expertise, news and insights into key legal, tax and wealth planning matters with a wider audience.   A new perspective on our firm Our Instagram account will offer a more visual insight into the world of Gordon S. Blair, highlighting the topics that shape our practice and our day-to-day work. You can expect content covering: international legal and tax developments developments in Monegasque law and key international legal frameworks our insights and expert analysis the major events in which the firm takes part content dedicated to Monaco and its attractiveness life at the firm and our commitments   International expertise For more than a century, Gordon S. Blair has advised an international clientele of private individuals, families, entrepreneurs, multinational groups and family offices on complex legal, tax and wealth planning matters with a strong cross-border dimension. Through our new Instagram presence, we aim to make these topics more accessible, share practical insights drawn from our experience and provide a window into the developments shaping the international environment in which our clients operate.   Follow us on Instagram: @gordonblair_monaco We are delighted to open this new channel of communication and look forward to connecting with you there.

2026-07-09

Edouard Mousny, Partner at Gordon S. Blair, recognised in the Spear's Legal Index 2026

A new international recognition for Gordon S. Blair   Gordon S. Blair is delighted to announce that Edouard Mousny, Partner at the firm, has been recognised in the Spear's Legal Index 2026 as one of its Recommended Aviation & Yachts Lawyers. This distinction acknowledges his expertise in advising an international clientele of high-net-worth individuals, families, entrepreneurs, family offices and private wealth structures on complex legal and tax matters relating to the acquisition, ownership, operation and succession of high-value assets, particularly in the fields of yachting and private aviation. Based in Monaco, Edouard Mousny regularly advises on matters with a significant cross-border dimension, involving multiple jurisdictions and requiring a coordinated approach across legal, tax and private wealth considerations. His practice notably encompasses acquisition structuring, asset governance, regulatory compliance and the long-term organisation and holding of strategic assets.   About Spear's Founded in the United Kingdom, Spear's is the leading publication dedicated to high-net-worth individuals (HNWIs) and their advisers. Internationally recognised, the magazine publishes the annual Spear's Indices, ranking leading professionals across a broad range of disciplines, including legal, tax, wealth management, family offices, real estate, art, aviation, yachting, philanthropy and immigration. Professionals are selected through an independent research process based on the assessment of their experience, market reputation, the sophistication of the matters they handle, as well as interviews with practitioners, clients and industry experts. Inclusion in the Spear's Legal Indices is widely regarded as one of the most respected distinctions for professionals advising an international private client base and reflects a recognised standard of excellence within the market.   Everyone at Gordon S. Blair extends its warmest congratulations to Edouard Mousny on this well-deserved recognition, which reflects the quality of his expertise.   Gordon S. Blair Law Offices - Spear's 500 Company Profile

2026-07-07

The Commercial Activity Lease: A New Tool to Strengthen Monaco's Economic Attractiveness?

At first glance, Bill No. 278, introducing a new Commercial Activity Lease, may appear to be a technical reform of Monaco's commercial lease framework. In reality, its purpose is much broader. It reflects a clear intention to adapt Monaco's legal system to the needs of a changing economy, where the mobility of businesses, capital and talent has become a key driver of competitiveness. As Monaco continues to diversify its economy, encourage innovation and address the challenges of limited commercial space, this reform could become another valuable tool in strengthening the Principality's international appeal.   A Proven Legal Framework For almost eighty years, Law No. 490 of 24 November 1948 has been one of the cornerstones of Monaco's commercial lease regime. By protecting commercial property rights, it has provided businesses with long-term security, making it particularly well suited to traditional activities whose value depends on the stability of their business premises. This framework remains highly relevant. However, the needs of businesses have evolved significantly. Start-ups, fintech companies, technology businesses and representative offices often value flexibility as much as, if not more than, long-term stability. Their growth frequently requires the ability to adapt quickly, including in relation to their business premises. This is precisely the objective of Bill No. 278. Rather than replacing the existing regime, it introduces an optional alternative designed to broaden Monaco's legal framework and offer businesses greater choice.   Greater Flexibility for Businesses The proposed Commercial Activity Lease is based on a simple principle: greater contractual freedom. Among its main features are: freely negotiated rent, no pas-de-porte (key money), a security deposit capped at three months' rent, annual rent reviews linked to an index, no automatic right to lease renewal, the tenant's right to terminate the lease after one year, subject to six months' notice.   Unlike the traditional commercial lease regime, this new framework places greater emphasis on business flexibility than on the protection of commercial property rights. In a Principality where commercial premises remain a scarce resource, this added flexibility could make it easier for new businesses to establish themselves, reduce entry costs and further enhance Monaco's attractiveness for international investors and entrepreneurs.   Finding the Right Balance Like any legislative reform, the proposal also raises important questions. Reducing the protections associated with commercial property rights could, in some sectors, affect the value and transfer of businesses. Likewise, in an already constrained property market, greater contractual freedom could place additional pressure on commercial rents. The challenge will therefore be to strike the right balance between two complementary regimes: a protective framework for businesses seeking long-term stability, a more flexible lease designed for innovative companies, growing businesses and new market entrants.   Supporting Monaco's Economic Strategy Beyond commercial lease law, Bill No. 278 reflects a broader development in Monaco's legislative approach. Today, the law is not only intended to protect economic operators; it is also an important tool for supporting economic growth and strengthening the Principality's international competitiveness. If adopted, the proposed Commercial Activity Lease would provide businesses with a flexible and practical legal option while preserving a long-established framework that has supported Monaco's economic development for nearly eight decades.   In Summary Bill No. 278 is not intended to replace the protective regime established under Law No. 490. Instead, it introduces an optional and more flexible alternative designed to meet the needs of a new generation of businesses while further strengthening Monaco's economic attractiveness.

2026-07-02

Monaco Brings into Force the Tax Treaty with the United Arab Emirates

By Sovereign Ordinance No. 11.964 of 12 June 2026, published in the Journal de Monaco, the Principality has brought into force the Convention between the Principality of Monaco and the United Arab Emirates for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance. Signed in Dubai on 13 November 2021, the Convention entered into force for Monaco on 12 June 2026. Its implementation represents a further step in the expansion of Monaco's tax treaty network and strengthens the legal certainty of cross-border economic relations between Monaco and the United Arab Emirates. Key Features of the Convention The Convention is designed, in particular, to: allocate taxing rights between Monaco and the United Arab Emirates in order to eliminate double taxation; establish mechanisms to prevent tax evasion and tax avoidance; strengthen administrative cooperation between the competent authorities of both jurisdictions; provide a more secure legal framework for individuals and businesses with activities or investments in Monaco and the United Arab Emirates. Practical Implications The entry into force of this Convention is of particular importance for investors, multinational groups, family offices and private clients with interests in both jurisdictions. As with any tax treaty, its practical application will depend on the interpretation of its specific provisions and their interaction with the domestic tax laws of each State. The Convention may have significant implications for the taxation of cross-border income, the structuring of international investments and the organisation of cross-border business activities. Our firm regularly advises clients on the application of international tax treaties and assists them in assessing the practical implications of new tax developments affecting Monaco and cross-border transactions. Reference: Sovereign Ordinance No. 11.964 of 12 June 2026 bringing into force the Convention between the Principality of Monaco and the United Arab Emirates for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance. Official text: https://legimonaco.mc/tnc/ordonnance/2026/06-12-11.964/

2026-06-26

🔔 UPDATE – FATF Plenary Meeting, Paris, 15–19 June 2026

Monaco Reaches a Major Milestone Following its Plenary Meeting held from 15 to 19 June 2026, the Financial Action Task Force (FATF) adopted Monaco's fourth progress report and acknowledged, on a preliminary basis, that the Principality has substantially completed the implementation of the Action Plan adopted in June 2024. This decision marks a significant milestone in the process initiated two years ago and confirms the substantial progress made by Monaco in strengthening its framework for combating money laundering, terrorist financing, and proliferation financing. The next step will be an on-site visit by the FATF to the Principality, a mandatory prerequisite for Monaco's formal removal from the FATF's "grey list" of jurisdictions under increased monitoring. This could take place during the FATF Plenary Meeting in October 2026. Beyond this important milestone, recent developments reflect a broader evolution in international standards. The focus has shifted from technical compliance alone to demonstrating the effective implementation and practical operation of AML/CFT/CPF measures. For regulated professionals, this development underscores the importance of maintaining robust, well-documented, and demonstrable compliance procedures—not only in preparation for the forthcoming FATF on-site visit, but also in anticipation of future international assessments, particularly those conducted under the MONEYVAL evaluation process.

2026-06-12

June 2026 FATF plenary: the effectiveness of compliance frameworks at the heart of international expectations

As the FATF (Financial Action Task Force) prepares to announce its decision regarding Monaco, attention naturally focuses on one question: will the Principality exit enhanced monitoring or remain subject to increased scrutiny? Beyond the outcome of this upcoming milestone, recent developments point to a more fundamental shift: international expectations are now primarily focused on the effectiveness of anti-money laundering, counter-terrorist financing and counter-proliferation financing (AML/CFT/CPF) frameworks. The decision taken by the FATF in February 2026 confirmed that the issue no longer lies so much in the alignment of the legislative framework with international standards, but rather in the ability of jurisdictions to demonstrate the practical effectiveness of their systems. This evolution is reflected in both the supervisory approach and enforcement activity of the Monegasque Financial Security Authority (AMSF), which place increasing emphasis on the governance of compliance functions, the quality of KYC procedures and the ability of regulated professionals to demonstrate the effectiveness of their controls. Recent decisions have also highlighted that remedial actions implemented after deficiencies have been identified are not necessarily sufficient to mitigate their consequences. For regulated professionals, the challenge therefore extends beyond the outcome of the June 2026 FATF plenary. It lies in ensuring that compliance frameworks are not only technically sound, but are also capable of withstanding an increasingly demanding level of regulatory scrutiny. Gordon S. Blair advises regulated professionals on AML/CFT/CPF governance, compliance reviews and preparation for AMSF inspections.

2026-06-10

Longevity: anticipating the legal and wealth implications of longer lives

Longevity is increasingly recognised as one of the defining challenges of our time. As life expectancy increases, families, entrepreneurs and wealth holders are increasingly confronted with new questions relating to governance, succession, wealth preservation, international mobility and long-term planning.   Addressing these long-term challenges is at the heart of the discussions led by the Private Longevity Council, an independent initiative bringing together experts from a broad range of disciplines. In a recent interview published by La Gazette de Monaco, Michel Bouquier explains the Council's mission: to encourage reflection and develop practical responses to the societal, economic and human implications of longer lives.   As part of this initiative, Xavier de Sarrau, Managing Partner of Gordon S. Blair, contributes the legal and tax perspective to these discussions. His involvement reflects the firm's longstanding commitment to helping international families and entrepreneurs anticipate change and organise their affairs with a long-term vision.   For more than a century, Gordon S. Blair has advised clients on protecting, structuring and transmitting their interests across generations and jurisdictions. In a world where longevity is redefining traditional planning models, this expertise remains more relevant than ever.   Read Michel Bouquier’s interview in La Gazette de Monaco. (hyperlink) https://lagazettedemonaco.com/actualites/societe/michel-bouquier-une-structure-pour-repondre-aux-problematiques-de-la-longevite   

2026-05-29

Real estate and transparency: proposed legislation could reshape the framework applicable to foreign structures holding property in Monaco

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.

2026-05-20

Gordon S. Blair strengthens its pro bono commitment alongside public interest organisations

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.

2026-03-27

Gordon S. Blair Law Offices supports Equipage ADÉONA in the Rallye Aïcha des Gazelles 2026

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)

2026-03-25

Family longevity and strategic structuring at the « SIP Health & Wealth Summit Monaco »

As Principal Partner of the SIP Health & Wealth Summit Monaco, held on 24 March 2026, Gordon S. Blair Law Offices reaffirmed its position as a leading Law Offices, to international private clients in Monaco and beyond. At the heart of this year’s discussions was a central theme: family longevity, meaning the ability to preserve assets, values and cohesion across generations through structured governance and strategic foresight. Xavier de Sarrau, Managing Partner, opened the Summit with a keynote highlighting the importance of robust governance frameworks, a clear alignment between ownership and control, and effective asset protection mechanisms to ensure long-term continuity. Corinne Ricciardella, Partner, addressed the increasing complexity of succession planning in a cross-border environment, emphasising the need to anticipate conflicts of laws and to structure transmission efficiently in order to safeguard family interests. Edouard Mousny, Partner, explored the strategic role of exceptional assets — such as art collections — which, when properly structured, may become true legacy holdings, reflecting a family’s identity while supporting long-term preservation and transmission. Together, these perspectives reflect a clear conviction: family longevity is achieved through anticipation, structuring and a long-term vision. Within Monaco’s sophisticated private client environment, Gordon S. Blair Law Offices continues to support families in designing tailored structures that secure and transmit their assets across generations.      

2026-03-25

Corinne Ricciardella, Partner at Gordon S. Blair, at the PCD Conference in Monaco

Gordon S. Blair Law Offices was pleased to join as speaker the first outstanding PCD Conference on International Wealth Planning in Monaco on 19 March 2026. Corinne Ricciardella, Partner, spoke on “Global Relocation & Mobility Strategies”, sharing practical insights on international mobility, including tax and estate planning considerations before a parterre of leading international Private Clients professionals. Thanks to the PCD Group for this opportunity to exchange views on a topic that is at the heart of so many strategic and personal decisions today. Corinne’s participation in this conference reflects Gordon S. Blair’s recognised long-standing presence alongside international clients in Monaco since 1920. It also highlights the firm’s continued commitment to guiding clients through the evolving tax and legal landscape of the Principality, and beyond. With extensive experience in international tax, estate planning and cross-border structuring, Corinne advises private clients and family offices on asset protection and family organisation, tax planning and estate planning. She also supports their relocation to Monaco, including residency planning. PCD Monaco Conference | PCD