Once you have decided to relocate in the Principality of Monaco you will have to open a local bank account. In many cases opening a bank account is the very first step that foreign people do. It can be a very obvious choice because without (employment contract or) the bank proof that you have enough fund to live in the territory of Monaco you have no chance to successfully apply for a residence permit.
Monaco’s banking and financing sectors offers you an estimated of forty banks and another fifty wealth managers, family offices and financial advisors. They are managing together a fund, which is almost 100 billion Euro.
What is interesting is that even if Monaco offers almost ninety banks, wealth managers and family offices, very few of them are empowered to receive all types of deposits. Therefore if you might need a specific deposit service in the future then it is always better to make some pre-check before you choose and commit yourself to a bank.
It is also good to know that all licensed banks in the Principality of Monaco, as well as the fund and portfolio manager companies belong to the Monégasque Association of Financial Services, which is a member of the European Banking Federation. Therefore Monaco is in the Eurozone and the SEPA (Single Euro Payments Area).
All the members of the Monégasque Association of Financial Services are subject to regular supervising. These supervisions take place of course with the highest confidentiality to secure the undisturbed operation of the Monégasque banking establishments. They happen in order to protect the residents and the investors’ best interest.
For many years now the Principality of Monaco takes serious steps and an active fight against money laundering, corruption and terrorists financing. These steps often reaches international levels as well.
The Principality of Monaco has also created its own Financial Investigation Unit, called S.I.C.C. FIN (Service d'Information et de Contrôle sur les Circuits Financiers). The S.I.C.C. FIN works together on an international level with more than 130 countries all around the globe. It has a role to suspend financial transactions carried out by professionals who are subject to legal matters.
This special attention and care helps Monaco to develop and modernise its banking system and its whole financial sector. It supports practices and quality standards, which are globally recognised by all European financial centres.
We help you to achieve your highest ambitions in the Principality of Monaco.
IS THE AMOUNT REALLY IMPORTANT?:
No, it is not.
The common belief is that you have to have at least one million Euro to open a bank account in Monaco. This is not exactly true, let’s say it can be true.
Monaco does not draw any line of how much fund you need to relocate and to live in the Principality. Despite all the expectations it has never been regulated. The only thing that the Government requests is a visible proof that you will have enough fund, income to maintain your living costs and residency once they accept your residence request.
Most banks and wealth managers prefer the big accounts whereby they can offer more services but you should not make your decision based on the requested opening amount. Furthermore you should never allow the wealth manager to control you because they need you much more than the other way around.
One of the most important thing to consider is how the banks can serve your best interest in the Principality. At this point the amount is irrelevant since even if you have small funds you can open bank account from 150 000 Euro. However if you need a custom tailored wealth management service and/or some independent investment advisor team perhaps you will look for a different level, starting from one million Euro.
You should also consider whether you need a bank, a wealth manager company or a small family office. They all can co-operate together to assist you but from your own perspective maybe it could be a key question which one has the power of attorney to your assets.
The most important for you is to find the right partner which is able to fulfil your needs. Do not be afraid to look around and to get an impression from many of the possible banks. If you have a few days in Monaco you can take a little “window shopping” to compare the possibilities and to gain a first hand impression.
You will also see that once you are considered by the bank as an important partner the amount will never be important again. In many banks you can also create good bargains by renegotiating their conditions. Do not forget that even if they will never admit it publicly they really need you since you are the client. And as a silent mark I would add that they know that probably your savings account is much higher than a standard commercial account.
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