Personal introduction to Monaco and European banks for monaCOncept clients

The Principality of Monaco, вeing a stable, cosmopolitan and sovereign state, generate strong attention from the investors of all over the world. Monaco banks can offer individual approach, diversified asset allocation adapted to the required degree of risk aversion together a high quality of operation. But how to find the bank fit your needs? monaCOncept have a good knowledge of banking and can help private individuals and corporations on making an educative choice of Monaco's,or as alternative, European bank.

The requirements for opening bank account in Monaco

  • The minimum required balance varies from bank to bank starting for private banks with the minimum half million Euros ( for the majority  of banks -1 million Euros)

  • Proof of Identification of the beneficial owner of the account ( copy of a valid passport).

  • Proof of fiscal residence of the client (a copy of recent electricity bill of their main residence).

  • Summary of Client and Financial information including  Asset & Liability Statement, Statement of Income and Expenditures, Source of Wealth.

  • Clients are required to complete the official bank application sheets

  • In most cases, the client is required to meet with a member of the bank's staff.

Advantages of Monaco's banking system

The Principality offers unique advantages as a destination of choice for private investors, families, or more generally, "high net worth individuals"

  • Monaco stands out as a haven of stability in both constitutional and legislative terms

  • Local presence of world-leading international banks. 

  • The openness of the government and administrative departments is the important factor in creation of a constructive climate where possible to find the best adaptive and most protective solution, both for the investors and for the state.

  • The favourable tax regime for residence and established companies. Along with the absence of withholding tax  for individuals, Monaco offers the proper environment for establishing  support structures (back offices, administration etc.) for the financial business structures located outside of Monaco

  • Banking secrecy: article 308 of the penal code regulates  the banker's professional confidentiality

  • Since the first anti-money laundering law of 1993, the Principality has been pursuing the policy in anti-money laundering, terrorist financing and corruption (AML/CFT-C)

  • Current French legislation concerning credit institutions also applies to Monegasque banks.

Snapshot of Monaco's Banking Sector in 2013

Number of banks - 35

Amount of assets: Deposits and Securities (in millions of €) - 92,094

Amount of credits (in millions of €)-16909; Amount of Deposits (in € millions)-32,586

Substantial growth 2012/2013 for more than 10% for assets and credits

85% of all private accounts in Monaco banks belong to non-residents   

Source: IMSEE

Snapshot of Monaco's Banking Sector in 2013

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