Monaco and the EU succession regulation
Did you know about it ?
The EU regulatory rules applicable to international estates have evolved recently as a result of the entry into force on August 17th, 2015, of the European Regulation n°650/2012 dated July 4th, 2012.
As a third state, Monaco is not directly bound by this regulation, which has however implications in the Principality since it governs the international successions of European citizens (except citizens of Denmark, Ireland and United Kingdom), and also of third-country nationals whose last domicile at the date of their death was in a EU member state
This EU Regulation aims at standardizing European Law related to international estate. It endorses the principle of unity of succession law: one single law will apply to the whole estate. By default, the estate will be governed by the laws of the deceased's last domicile. But the EU Regulation also allows the individuals concerned to choose their national law, provided that they make this choice before their death.
By now, Monegasque law will apply to the settlement of the estate of any European national bound by this EU Regulation who had established his last domicile in the Principality in the following two cases :
- in the absence of a will,
- or in case the estate includes real properties located Monaco.
By Christine Pasquier-Ciulla and Sandra Landais