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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.
Now more than ever, health is at the forefront of everyone’s minds. On 7th April, we have an opportunity to thank the nurses and midwives of the Principality during World Health Day 2020.
Monaco’s support workers caring for the most vulnerable in the community are making heroic efforts to maintain vital ties to the elderly and disabled, whilst trying to remain safe themselves during the crisis.
Since confinement began on 18th March, the Monaco police force has made 11,000 traffic checks on drivers entering the Principality.
Prince Albert has warned the National Council that its criticism of his government’s management of the Covid-19 pandemic is unnecessarily escalating the tension and uncertainty surrounding the crisis.