A solution to prevent the compilation in the context of RW framework of the tax return prospect of individuals in relation to real estate held abroad, is represented by the initiation of a fiduciary mandate of administration without ownership. This agreement was initially used for legal repatriation of properties located in countries that do not consent to an adequate exchange of information and for the repatriation of Civil Companies- Real Estate of Monaco (SCI).

However, this negotiation framework can be used both for financial activity and for non-financial activity such as company shareholding.

Note that through the mandate without ownership, transfer to the standing fiduciary company to administer the assets takes place while ownership is retained by the principal owner.

A natural consequence of this institution, and significant difference compared with the ‘traditional’ mandate, is that there is no protection for the identity of the settlor, and confidentiality to third parties that, instead, is the main reason for fiduciary mandates with ownership.