Monaco eases credit access for people with serious health histories
By Zak Jackson, MonacoViews Editorial
A new law means residents who have faced serious illness can no longer be routinely blocked from obtaining bank loans or insurance cover in the Principality.
Law n° 1.561, passed on 2 July 2024 following a proposal from the Conseil National, removes a long-standing barrier for residents whose medical histories have made borrowing difficult or impossible. Under the previous framework, anyone who had experienced a serious illness faced automatic obstacles when applying for bank credit, largely because insurers would decline or heavily load the cover required to secure a loan.
The new legislation sets limits on how far lenders and insurers can use health status as grounds for refusal, meaning a past diagnosis need no longer derail a mortgage, business loan or other major financial commitment. The rules were developed through extensive consultation with the Association Monégasque des Activités Financières and the Chambre Monégasque de l'Assurance, bringing Monaco broadly in line with the right-to-be-forgotten frameworks that have been adopted in neighbouring France and across much of the European Union.
For residents and property owners, the practical effect is significant. Anyone who has completed treatment for a serious condition and can demonstrate stable health should now find their borrowing options meaningfully wider, removing what had effectively been a financial penalty on recovery.