Financial Requirements for Opening a Bank Account in Monaco
Tax evasion is a crime in many countries, however tax avoidance is not. Tax avoidance means that it is within your rights to pay only the amounts required by law, and nothing more.
One of the very first questions people ask is how much money they need to relocate into the Principality. In addition, this question often creates the biggest illusion about the truth, since there are multiple ways to relocate to the Principality of Monaco.
There are different ways to relocate to Monaco with or without money. Situations can arise where if you have a strong financial background, your application may not be granted. It is good to be clear in advance that the Principality of Monaco is not really a good place for commercial banking even if a few banks offer these solutions.
If you ask ten people about how much money do you need to open a bank account in Monaco, some of them might tell you that it is minimum five million Euro or even higher numbers. In general, you will receive at least five different answers and there is a reason for this. There is a very well developed mystery around the Principality of Monaco in order to make it more special and to attract high net worth individuals.
The Principality of Monaco does not set financial limitations required to relocate and to live in the Principality. Despite all of the presumptions, it is not regulated, allowing for local banks and wealth managers to develop tailored approaches for individuals looking to relocate. However, it is highly recommended to engage a personal advisor who understands the local specialities.
The amount of capital required to relocate to Monaco can vary from the amount requested from banking institutions to open your bank account.
Please note that many banks in Monaco are part of the Association Monégasque Des Activités Financières (AMAF). Since May 2017, AMAF in Monaco recommends that its members ask for a minimum deposit of 500.000 Euro in case of Monaco residency applications.
The Monégasque Government requests visible proof from your bank that you have sufficient funds and income to maintain your living costs and residency once they accept your residence request.
Since Monaco highly respects the privacy of its residents, they will never ask how much money you have. They entrust the bank to declare (without disclosing your wealth) that you can pay your stay during the period of your Monaco residency.
Some banks are very selective, and they do not prefer smaller clients. The usual practice for big banks is 500,000 euro, however some banks accept significantly smaller amounts as well. In general, if you have 150,000 euro then you have good opportunity to make your first steps into Monaco. It is recommended to bring an independent advisor who represents your personal interests to partake in these negotiations.
- You are allowed to open Monaco bank account with or without residency.
- The Principality of Monaco does not set financial limitations required to relocate.
- Tax evasion is a crime in many countries, however tax avoidance is not.
- Since Monaco highly respects the privacy of its residents, they will never ask how much money you have.
Many banks in Monaco are part of the Association Monégasque Des Activités Financières (AMAF). Since May 2017, AMAF in Monaco recommends that its members ask for a minimum deposit of 500.000 Euro in case of Monaco residency applications.
- The amount of capital can vary from the amount requested from banking institutions.
- It is recommended to bring an independent advisor who represents your personal interests to partake in these negotiations.
- When you apply for Monaco residency, the Monegasque Government entrust the local bank to declare (without disclosing your wealth) that you can pay your living costs during the period of your Monaco residency.
Interested to learn more about the Principality of Monaco?
Monaco: The Essential Relocation Guide
“Monaco: The Essential Relocation Guide” This comprehensive book is dedicated to all current and future residents of the Principality of Monaco.
In this book, contributing authors André C Perry, Charlotte Easterbrook and Zsolt Szemerszky have compiled the most important and vital information required to help guide you through the process of relocating to the Principality of Monaco. Being independent experts, they also spiced up the chapters with their personal knowledge on the relocation process to create this in-depth and essential relocation guide.
Living in Monaco
Living in Monaco book is a professional relocation itinerary written by Zsolt Szemerszky.
A comprehensive, objective and brutally honest book about the Principality of Monaco and its living environment. The author intended to hunt down the myth around Monaco and to go beyond gossips.
It is not a travel book, it is an ultimate guideline to those who are aiming to get a glimpse about the real Monaco and who have the desire to relocate their personal or business life to the Principality.