Granting Power of Attorney in Monaco

Overview

Power of attorney (procuration) allows you to authorize someone to act on your behalf legally. Monaco law requires notarization for most significant powers of attorney.

Types of Power of Attorney

General Power of Attorney

• Authorizes broad range of actions
• Nearly all financial/property matters
• Excludes specific items if noted
• Requires clear scope definition
• Cost: €75-150

Limited Power of Attorney

• Specific actions only
• Defined scope of authority
• Time-limited if specified
• Simpler and cheaper
• Cost: €50-100

Durable Power of Attorney

• Survives incapacity of grantor
• Continues if you become unable to act
• Useful for healthcare/financial
• Requires specific language
• Cost: €75-150

Special Powers

• Real estate transactions only
• Medical decisions only
• Financial accounts only
• Tax matters only
• Cost: €50-100

Legal Requirements

Grantor (Person Granting)

• Age 18 or older
• Mental competence
• Clear intent to grant power
• Can't be under guardianship
• Must understand consequences

Attorney-in-Fact (Recipient)

• Age 18 or older
• Any nationality/residency
• Usually someone trusted
• Can refuse appointment
• Can be family or professional

Documentation Needed

• Valid ID of grantor
• Valid ID of attorney-in-fact
• Detailed scope statement
• Signature witnesses (if not notarized)
• Notary certification (if formal)

Creating Power of Attorney

Step 1: Determine Scope

Define what attorney can do:

• Financial transactions
• Property sales/purchases
• Healthcare decisions
• Tax matters
• Bank account access
• Real estate management

Step 2: Choose Attorney

Select trusted person:

• Family member
• Professional (lawyer/accountant)
• Financial advisor
• Must be willing/able

Step 3: Consult Notary

• Meet with notary
• Explain desired powers
• Draft document
• Review carefully
• Explain consequences

Step 4: Execute Document

• Sign before notary
• Provide witnesses
• Attorney-in-fact may sign
• Payment of fee
• Receive certified copy

Step 5: Register & Distribute

• Keep original
• Give copy to attorney
• Register with relevant parties (banks, etc.)
• Inform important parties
• Store safely

Scope of Authority

What Can Be Granted

• Bank account management
• Property transactions
• Business decisions
• Investment management
• Bill payments
• Tax filing
• Legal proceedings
• Medical decisions (specific)

What Cannot Be Granted

• Power to change will
• Power to marry or divorce
• Power to adopt
• Power to give organs
• Power to vote (usually)
• Power to delegate to others

Notarization Process

Advantages

• Legally binding
• Recognized internationally
• Harder to challenge
• More authorities accept
• Documents preserved

Process

1. Contact notary
2. Provide IDs and scope
3. Meet with notary
4. Review document
5. Sign before notary
6. Notary certifies
7. Pay fee (€50-150)
8. Receive certified copy

Registration & Notification

Banks & Financial

• Provide copy to your bank
• Notify financial institutions
• Register with investment accounts
• Update with insurance companies
• Document with employers

Government

• Tax authority notification (optional)
• Real estate registry (if property involved)
• Social security (if healthcare)
• Court registration (if formal)

Personal

• Inform family members
• Give attorney copy
• Keep original safe
• Notify healthcare providers
• Update executor

Duties of Attorney-in-Fact

Responsibilities

• Act in grantor's best interest
• Keep accurate records
• Account for all transactions
• Not use for own benefit
• Follow grantor's instructions
• Act prudently and carefully

Liability

Attorney can be held liable for:

• Breach of fiduciary duty
• Unauthorized acts
• Misuse of funds
• Negligent management
• Violation of terms

Revoking Power of Attorney

How to Revoke

1. Notify attorney in writing
2. Create written revocation
3. Have notary certify if original was notarized
4. Send revocation to institutions
5. Retrieve or destroy original
6. Inform relevant parties

Effective Date

• Revocation effective immediately
• Institutions need written notice
• Attorney must stop acting
• Provide copy to attorney
• Confirm with banks/etc.

When Automatically Revoked

• Death of grantor
• Grantor becomes incapacitated (non-durable)
• Marriage dissolution (some cases)
• Court order
• Passage of specified time

Special Situations

Healthcare Power of Attorney

• Specific to medical decisions
• Used if incapacitated
• May need special form
• Notarization recommended
• Scope carefully defined

Financial vs. Healthcare

• Usually separate documents
• Different authorities
• Different powers granted
• Different scopes appropriate
• Both recommended for protection

For Expatriates

• Useful for managing home country assets
• Notarization in Monaco recognized
• May need consular certification
• International format helpful
• Professional advisor recommended

Costs

Important Notes

• Always read carefully
• Understand full scope
• Trust the person chosen
• Keep copies secure
• Review periodically
• Update as needed
• Inform attorney of revocation

Next Steps

1. Decide what authority needed
2. Choose trustworthy attorney-in-fact
3. Meet with notary
4. Draft power of attorney
5. Execute and notarize
6. Distribute copies
7. Register with relevant institutions
8. Keep original secure

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Official Sources & Verification

This guide is based on Monaco power of attorney procedures as maintained on MonServicePublic.gouv.mc and notary regulations.

Last Verified: 2026-04-06 Status: Active and operational