Trusts In Monaco - Recent Changes In Reporting Obligations

On 29 February 2024, Law no. 1.559¹ amending in particular Law no. 214 of 27 February 1936 revising Law no. 207 of 12 July 1935 on trusts, Arrêté Ministériel no. 2024-120² and the Ordonnance Souveraine no. 10.430³ were published.

These provisions impose new obligations that should be borne in mind when organising your assets.

Obligation on the trustee to obtain, keep and update more accurate and detailed information:

• This obligation continues for the duration of the provision of services or advice and is fixed at 10 years after the date of cessation of their involvement as trustee or local representative of the trust.
• Information regarding the beneficial owners, settlors, trustees, protectors and any other natural person who ultimately exercises effective control over the trust:
  • Natural persons: surname, name, surname, nickname or pseudonym, forenames, date and place of birth, nationality(ies), home address