Living in Monaco with a global portfolio, a collection of luxury cars, art, watches, or jewels? Planning family succession, managing trusts, partnerships, or foundations? A Family Office might just be your best ally.

A Family Office in Monaco provides a comprehensive range of services designed to manage the wealth and investments of affluent families and individuals willing to relocate to Monaco or manage their wealth from Monaco.

What is a Family Office?

A Multi-Family Office is structured to cater to the complex financial, legal, and personal needs of its clients, offering a seamless integration of financial advice, wealth and tax planning, succession planning, and more, all under one roof.

Unlike what many people may think, this entity is regulated by a Monegasque Law passed in 2016 by the Conseil National of Monaco (Law n° 1.439 of December 2, 2016 concerning the creation of the activity of Multi Family Office).

The purpose of this law is to recognise the existence and regulate the Multi-Family Office activity in view of offering high quality services in the field of asset management to clients residing in Monaco or abroad.

In fact, thanks to the lifestyle its residents enjoy, its security, privileged location, favourable tax regime and skilled professional pool, Monaco has witnessed over the last few years a growing number of affluent families and individuals who have decided to set up their own Family Office in Monaco, i.e. an entity designed to centralise the management of their assets and ensure the sustainability of their estate, affairs and interests in the broad sense.

Unlike Single-Family Offices which manage the affairs of a single family, a Multi-Family Office’s purpose is to provide services to several families, independently from one another, by aggregating various professionals specialised in the issues affluent families are faced with.

Subject to authorisation it will also be able to provide investment advisory services, although it will not be able to provide discretionary portfolio management, or fund management services.

Why choose Monaco for your Family Office?

Monaco is renowned not just for its glamorous lifestyle but also for its advantageous fiscal policies, including no personal income tax, no capital gains tax, and favorable inheritance laws. These features make the Principality an attractive location for establishing a Multi-Family Office:

• Wealth and Tax Planning: staying on top of the dynamic landscape of global taxation is crucial. A Family Office ensures that its clients not only comply with tax laws but also optimize their financial positions to benefit from tax efficiencies, especially given Monaco’s favorable tax environment.
• Investment Management: with expertise in market analysis and asset allocation, A Family Office provides bespoke investment strategies that align with the family’s financial goals and risk tolerance, leveraging both local and international markets.
• 0% Corporate Income Tax: Family Offices carrying out self investment activities and generating less than 25 % of their turnover outside Monaco are not subject to corporate income tax.
• Succession Planning: ensuring the continuity of wealth across generations, a good Family Office helps families plan the transfer of assets and leadership, maintaining family values and vision at the forefront.
• Family Governance: a Family Office fosters an environment that supports open communication and structured decision-making processes within families, crucial for maintaining unity and aligning the family’s financial and personal goals.
• Philanthropic Strategies: for families looking to make a lasting impact, a Family Office assists in structuring philanthropic initiatives and foundations, ensuring that charitable activities reflect the family’s values and legacy intentions.
• Administrative and Daily Management: from real estate management to the oversight of recreational assets and household staff, a Family Office handles all administrative tasks, allowing clients to focus on their personal and professional lives without the burden of daily management.
• Legal and Compliance Services: navigating the complexities of legal requirements across multiple jurisdictions can be challenging. Your Family Office should provide comprehensive legal advice to ensure compliance and protect the family’s interests, and considering French tax matters due to the proximity of France and real estate investments on the French Riviera.

Disclaimer

Please, bear in mind that Multi Family offices are vehicles highly regulated by the Monegasque goverment and only those with a licence and accepted by the Monegasque govermeng can provide this type of services. MonacoAdvisers does not have its own regulated Multi family office regulated in Monaco, the sole intention of this text is to explain to the reader what a family office is and what services can be expected from it.

If you have any questions, please do not hesitate to contact us at [email protected] or through the contact form. We also recommend reading our report “The definitive guide to living and paying taxes in Monaco”, available for free below.