MONACO: Update on International Law
Monaco has recently legislated an entire modification of its international private law groundwork. Law No.1488 was initiated on the 28th of June 2017 and aims to solve conflicts of law where international families are concerned with major events, such as divorce or succession. The reform intends to simplify and consolidate the international private law.
Through this reform, Monaco is now able to present a modern legal foundation for the citizens and residents of Monaco, regarding both their personal lives and businesses that have an international aspect.
In addition, Law No.1488 now clarifies that a sole domestic succession law can apply to the whole of an estate, irrespective of the type of assets and their location.
Moreover, the law also establishes the matrimonial law which will be applied in an international divorce case. And so, the new law hints at potential conflict between law rules in order to determine the Monegasque courts’ capability.
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