Personal introduction to Monaco and European banks

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

How monaCOncept can help you to choose the right bank?

In order to understand your needs, we advise you to contact us ( email, call) providing the follow information and we will get back to you with our solution:

  • Name* , ,
  • Type of Client* ( Individual, Corporation, Institution).
  • Type of required bank account in Monaco
  • Required services ( mortgages lombard credits,financing of yachts, private jets, portfolio management, investment advise, fiduciary loans,others), description of collateral, preferable LTV
  • Required options (online banking, safety deposit boxes,check books, attestation letter for Monaco residency application, preferred location and other).
  • If you consider real estate investment (monaco or South France property purchase,renovation, renting in Monaco), please provide with the details ( location, expert estimation, other relevant information)

Benefits of Using monaCOncept:

  • Personal Welcoming. Our clients have a comfortable and stress-free experience:they arrive directly on a meeting with a staff of the chosen bank when all preliminary negotiations are done.

  • Expert Advice on Banking Alternatives. MonaCOncept work  with a selected number of Swiss and Luxembourg banks which can be a good alternatives, especially when it comes to services to institutional, corporate clients and mortgages for private clients .

  • Expert Advice on  Financing Solutions. Should you require either lombard or fiduciary loans, MonaCOncept will provide you with the short list of selected banks with the best rates and conditions, so you could choose the most profitable solution. 

  • Help with Making the Best Banking Choice. We will provide you will all information needed to open a bank account, such as required bank's application form for completion, minimum deposit, conditions for mortgages as well as available banking services options such as credit cards and safety deposits.

The requirements: opening bank account in Monaco

  • The minimum required balance varies from bank to bank starting for private banks with the minimum 300 000 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
  • Openness of the government and administrative departments is the important factor in creation a constructive climate where possible to find a best adaptive and most protective solutions, both for the investors and for the state.
  • Favourable tax regime for residence and established companies. Along absence of withholding tax  for individuals, Monaco offer the proper environment for establishing  support structures (back offices, administration etr.) for the financial business structures located outside of Monaco
  • Banking secrecy: article 308 of 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 are belong to non-residents   
Source: IMSEE

Top Monaco banks

  1. Barclays Wealth Monaco
  2. Credit Suisse Monaco
  3. Bank Julius Baer Monaco
  4. BNP Paribas Monaco
  5. HSBC Private Bank Monaco
  6. Credit Du Nord Monaco
  7. Compagnie Monegasque de Banque
  8. Banque Edmond de Rothschild Monaco