Monaco law now requires separate bank accounts for each co-owned building
By Zak Jackson, MonacoViews Editorial
The National Council has passed a government-backed law obliging professional property managers to hold a dedicated bank account for every co-ownership building they manage.
A new law adopted by the National Council requires professional syndics to open an individualised bank account for each co-owned residential building under their management. The reform, brought forward by the Prince's Government, marks a significant tightening of the legal framework governing co-ownership in the Principality.
The measure is designed to modernise Monaco's property management rules and improve financial transparency. By ring-fencing each building's funds in a separate account, owners gain clearer visibility over how their charges and reserves are held, and the risk of funds being commingled across multiple properties is eliminated.
For the many residents and investors who own apartments in Monaco's co-owned buildings, from the high-rises of Fontvieille to the older stock in La Condamine and Monte-Carlo, the change offers a more robust layer of financial protection. Syndics who manage several buildings will now need to structure their banking arrangements accordingly.