Trusts or similar legal arrangements and their beneficial owners must be entered in the specific register known as the "Register of trusts" in the cases provided for by Act no. 214 of 27 February 1936, amended.
Principle
The beneficial owners of a trust are any of the following:
- The settlor
- The trustee or trustees
- The protector(s), where applicable
- The beneficiaries or the category of beneficiaries - Where the beneficiary(ies) has (have) not yet been designated, the term "beneficiaries" refers to those whose primary interest is served by the creation of the trust or by its effects
- Any natural person who ultimately exercises effective control over the trust
For similar legal arrangements, the beneficial owner is the natural person(s) occupying functions equivalent or similar to those referred to above.
Please note:
In accordance with the FATF Glossary, the terms trust and trustee are to be understood in the sense of and in accordance with the Hague Convention on the Law Applicable to Trusts and on their Recognition. Trustees may be professionals (for example, depending on the jurisdiction, a lawyer or a trust company) if they are remunerated to act as trustee in a professional capacity, or non-professional (for example, a person acting without remuneration on behalf of their family) [1].
[1] Article 2 of the Hague Convention states that: For the purposes of this Convention, the term "trust" refers to the legal relationships created - inter vivos or mortis causa - by a person, the settlor, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose.
A trust has the following characteristics:
a) the assets constitute a separate fund and are not a part of the trustee's own estate
b) title to the trust assets stands in the name of the trustee or in the name of another person on behalf of the trustee
c) the trustee has the power and the duty, in respect of which they are accountable, to manage, employ or dispose of the assets in accordance with the terms of the trust and the special duties imposed upon them by law
The reservation by the settlor of certain rights and powers, and the fact that the trustee may themselves have rights as a beneficiary, does not necessarily preclude the existence of a trust
Administrative contact
9 rue du Gabian
MC 98000 MONACO
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Administrative contact
9 rue du Gabian
MC 98000 MONACO
Opening hours :
from 9.30am to 5.00pm from monday to friday
Phone :
Phone 2 :
Fax :