Monaco’s elected National Council has given its approval to the establishment of Multi Family Offices (MFOs) in the Principality.
While there are already about 40 Single Family Offices operating in Monaco, MFOs will be able to offer a range of services to more than one family. The move will provide a major boost to the volume of financial management services on offer, while at the same time controlling their quality. This in itself is expected to make the Principality even more attractive to prospective residents already drawn by the advantages of low taxes, high quality of life and security.
The MFOs will require the setting up of a SAM, a fully-fledged Monaco company, and they must be completely independent of financial institutions, which will not be allowed to own a majority.