Open a bank account in Monaco
The Monegasque banking system offers many advantages
. First, it offers a favorable framework for taxes, financial investments and professional secrecy.
Moreover, it is an extremely rigorous system that grants its customers a great deal of flexibility
. For example, you will certainly appreciate that there are no ceilings to be respected in Monegasque banks for your deposits, withdrawals or transfers of money. In addition, most banks offer you an ultra secure service for managing your portfolio remotely (e-banking).
Finally, it is a very stable sector that is regulated by several recognized administrative bodies such as:
- Commission for the Control of Financial Activities (Commission de Contrôle des Activités Financières - CCAF),
- Financial Circuits Control and Information Service (Service d’Information et de Contrôle sur les Circuits Financiers - SICCFIN),
- Monegasque Association of Compliance Officers (Association Monégasque des Compliance Officers - AMCO),
- Monegasque Association of Financial Activities (Association Monégasque des Activités Financières - AMAF).
Since 2014, the Professional Certification Commission of AMAF has set up a professional certification. This shows the very high level of competence of Monegasque banks.
To open an account in Monaco,
you do not have to be a Monegasque resident. Just show an ID and explain your motivations. In fact, the law now requires the bank to inquire about your financial situation before agreeing to open a bank account. Bank formalities are classic. Thus, you will have to sign a deposit account agreement established by the bank. The document explains the arrangements between you and the bank such as the conditions of power of attorney, the services offered, the means of payment, the conditions of termination, the taxes, the procedure in case of errors, etc...