13 Aug 2003 - Monaco Law 214 trusts
MONACO CORPORATE
SECRETARIAT
International tax planning
Protecting your assets is our mission
Monaco Law 214 trusts
Law 214 trusts in practice are available to foreigners from countries with the common law legal system who are presently residing or domiciled in Monaco and serve to protect assets in a variant of conditions, for example;
* For protection of assets whereby a foreign person who is a Monaco resident wishes to settle a living trust or a will to circumvent the provisions of the Monègasque forced heir ship laws.
* For where estate planning for the individual is already in place in the form of trust(s) and underlying companies, and the individual takes residency in Monaco and wishes to give added protection to beneficiaries of his estate who reside in civil law countries.
214 Law Trusts are set up in Monaco with either an appointed or registered co-trustee(s) and a notary public (Derek R. Smith is a registered co-trustee in Monaco); there are trustee costs (pursuant to date of death) as there are duties to be paid on the trust to local government of between 1.3 and 1.7% on transfer (or an annual charge of 0.2%). In addition to this, the local notary charges around 1.5% of the trust value at the date of death.
For further information
Please contact :
Derek R. SMITH of M.C.S
Email: assetprotect@libello.com
Tel +377 9797 6230 «» Fax +377 9797 6233
While every effort has been made to ensure that this information sheet is accurate and up-to-date we cannot be held responsible for any errors or omissions.
International tax planning
Protecting your assets is our mission
Monaco Law 214 trusts
Law 214 trusts in practice are available to foreigners from countries with the common law legal system who are presently residing or domiciled in Monaco and serve to protect assets in a variant of conditions, for example;
* For protection of assets whereby a foreign person who is a Monaco resident wishes to settle a living trust or a will to circumvent the provisions of the Monègasque forced heir ship laws.
* For where estate planning for the individual is already in place in the form of trust(s) and underlying companies, and the individual takes residency in Monaco and wishes to give added protection to beneficiaries of his estate who reside in civil law countries.
214 Law Trusts are set up in Monaco with either an appointed or registered co-trustee(s) and a notary public (Derek R. Smith is a registered co-trustee in Monaco); there are trustee costs (pursuant to date of death) as there are duties to be paid on the trust to local government of between 1.3 and 1.7% on transfer (or an annual charge of 0.2%). In addition to this, the local notary charges around 1.5% of the trust value at the date of death.
For further information
Please contact :
Derek R. SMITH of M.C.S
Email: assetprotect@libello.com
Tel +377 9797 6230 «» Fax +377 9797 6233
While every effort has been made to ensure that this information sheet is accurate and up-to-date we cannot be held responsible for any errors or omissions.