Monaco (MC)
Monaco is the world's most expensive and glamorous sovereign micro-state — a 2.
Estate & Inheritance in Monaco
Wills, intestacy, inheritance tax, and cross-border estate planning for expats.
Monaco's inheritance law is governed by the Code Civil Monégasque and is one of the most important legal considerations for Monaco residents with significant assets. Monaco does impose inheritance tax (droits de succession) — unlike personal income tax which is zero, inheritance is taxed at rates dependent on the relationship between the deceased and the beneficiary. However, Monaco's inheritance tax rates are more favourable than France's for many situations, and Monaco offers highly effective estate planning tools (Monaco assurance vie, Monaco foundations) that can significantly reduce or eliminate inheritance tax for well-structured estates. Professional estate planning — with a Monaco notaire and conseiller en gestion de patrimoine — is strongly recommended for any Monaco resident with assets above €500,000.
Intestacy — What Happens Without a Will
If a Monaco resident dies without a valid will, the Monaco Code Civil intestate succession rules apply to Monaco-situated assets: (1) Direct descendants (children, grandchildren) inherit first. (2) Surviving spouse inherits alongside children — share depends on matrimonial property regime. (3) If no children: ascendants (parents, grandparents) and collateral relatives (siblings, etc.) inherit in order. (4) Unmarried partners (concubins non-pacsés) receive NOTHING under Monaco intestacy — they must be named in a will. Under the 1963 Franco-Monégasque convention, French nationals in Monaco may have their estate subject to French succession law for certain assets — confirm with a Monaco notaire.
Types of Valid Will
Handwritten Will (Testament Olographe)
Testament OlographeEntirely handwritten by the testator, dated, and signed. No witnesses or notary required for validity. The simplest and most private form of will. Must clearly state your full name, the date (day, month, year), and be signed with your usual signature.
Legally valid in Monaco without registration. Risk: may not be found after death. Strongly recommended to deposit with a Monaco notaire for safekeeping (custody without full notarial formality costs approximately €50–100).
For Monaco residents with international assets (property in multiple countries, foreign bank accounts, trusts), a holographic will may not be sufficient — a notarial will or a series of coordinated wills in each relevant jurisdiction is recommended.
Notarial Will (Testament Authentique)
Testament Authentique / Testament par Acte PublicDictated to or drafted by a Monaco notaire in the presence of two witnesses (or a second notaire). The notaire reads the will aloud, verifies the testator's identity and capacity, and registers the will in the notarial archives.
Automatic registration with Monaco notarial archives. Legally bulletproof — extremely difficult to contest. Recommended for all Monaco residents with assets above €1 million.
The Monaco notaire can advise on: coordination with French succession law (if French national), EU Succession Regulation profession of law election, inheritance tax optimisation through Monaco assurance vie, and foundation structures.
International Will (Testament International)
Testament International (Convention de Washington 1973)Monaco is a signatory to the Washington Convention on the form of an international will. This form is designed for testators with assets in multiple countries — it meets formal requirements in most signatory nations simultaneously.
Recognised in all Washington Convention signatory states.
Particularly useful for Monaco residents with assets in the UK, USA, France, and other jurisdictions simultaneously. Consult a Monaco notaire with international estate planning experience.
Forced Heirship
Monaco's Code Civil provides for héritiers réservataires (forced heirs) who cannot be fully disinherited. The réserve héréditaire applies to: (1) children — the réserve is one-third of the estate for one child, one-half for two children, two-thirds for three or more children. (2) Surviving spouse: has a right to a minimum share in certain circumstances. The quotité disponible (freely disposable share) is what can be freely allocated by will. Important for Monaco residents from common law countries (UK, Australia, USA) who expect to freely disinherit children or favour one child — Monaco law does not permit this entirely.
EU Succession Regulation (Brussels IV)
Monaco is NOT an EU member state and is NOT subject to EU Succession Regulation 650/2012 (Brussels IV). This regulation allows EU residents to elect their home country's succession law for their estate — but it does not apply in Monaco. However, if your estate includes assets in EU member states, Brussels IV may apply to those EU-situated assets. For estates spanning Monaco and EU countries: legal coordination between Monaco and the relevant EU countries is essential. French nationals in Monaco: the 1963 Franco-Monégasque convention may result in French succession law applying to certain aspects of their estate regardless of Monaco residency.
Inheritance Tax
Monaco imposes droits de succession (inheritance tax) on inheritances from Monaco residents. The rate depends entirely on the relationship between the deceased and the beneficiary. Children and spouses inherit at 0%; non-direct heirs face rates of 8–16%. Monaco assurance vie is the principal tool for reducing inheritance tax — assets within a Monaco assurance vie policy pass to named beneficiaries outside the succession estate and are exempt from droits de succession.
| Relationship | Tax-Free Allowance | Tax Rate (above allowance) |
|---|---|---|
| Direct line descendants (children, grandchildren) and surviving spouse / Monaco PACS partner | Fully exempt — no inheritance tax | 0% |
| Brothers and sisters | None | 8% |
| Other relatives (aunts, uncles, cousins, nephews, nieces) | None | 10% |
| Unrelated persons (friends, unmarried partners not registered under Monaco PACS, charities not exempt) | None | 16% |
Unmarried partners who are not registered under Monaco PACS pay the highest rate (16%) — a critical reason to formalise partnerships through Monaco PACS if inheritance is a concern. Monaco assurance vie bypasses the succession estate entirely — assets pass to named beneficiaries tax-free regardless of relationship. Consult a Monaco notaire and conseiller en gestion de patrimoine for all estate planning above €500,000 in Monaco-situated assets.
Cross-Border & Multi-Country Estates
Monaco is NOT subject to EU Succession Regulation 650/2012 (Brussels IV) — EU residents' ability to elect their home country's succession law does not extend to Monaco. For Monaco residents with assets in EU countries: Brussels IV may apply to those EU-situated assets independently. The 1963 Franco-Monégasque convention means French nationals in Monaco may have their worldwide estate subject to French succession law for certain aspects regardless of Monaco residency. For estates spanning Monaco and multiple countries: coordinate legal advice in Monaco, France, and all relevant jurisdictions before any succession event.
Certificate of Inheritance
Monaco does not issue a single unified formal inheritance certificate. Succession rights are established through: (1) the Monaco notaire's procès-verbal de notoriété (declaration of heirs) for intestate succession; (2) the notarial will and accompanying documentation for testate succession. Banks and institutions in Monaco typically require the Monaco notaire's certification to release deceased persons' assets. For multi-jurisdiction estates, separate processes are required in each country where assets are held.
Will Registration
Monaco wills can be registered with the Chambre des Notaires de Monaco through the relevant Monaco notaire. Monaco does not have a centralised national will registry equivalent to those in some EU member states. Strongly recommended: deposit your Monaco will with a Monaco notaire for safekeeping — this ensures it is found and presented after death. For international wills under the Washington Convention (1973): registration provides recognition in all signatory states.
Living Will & Healthcare Power of Attorney
Useful Links
Estate & Inheritance
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