In order to safely store funds and ensure the protection of deposits from depreciation during currency fluctuations, it is necessary to choose the right banking institution. Currently, a large number of countries have developed effective banking systems that satisfy all the requirements of the modern world. Today we will look at the advantages of registering a bank account in Monaco, the main aspects of opening and operating.
The provision of banking services in Monaco
Today in this principality there are a large number of local and foreign banking institutions offering clients a full package of financial services. The banking services sector is represented by institutions of various sizes (from large international organizations with a worldwide reputation to local banks). Accordingly, each institution provides investors with different packages of services.
When choosing a bank to register an account for non-residents, it is necessary to rely on the following aspect: opening deposits in some financial institutions gives the right to receive a residence permit in Monaco. Therefore, when contacting a bank, you need to ask the attendants about whether the financial institution provides the relevant document, which is required by the local regulatory authorities to provide the applicant with a residence permit in the country. Before giving this certificate to the client, the bank is obliged to receive from the depositor a confirmation of its solvency (the presence of a certain amount in the account sufficient to maintain the necessary standard of living in the country for itself and family members).
All local banks provide customers with this certificate. Similar evidence can be obtained from most foreign financial institutions in international systems. The required deposit for registering a deposit and obtaining a certificate in each financial institution has its own value. Average values range from 300,000 euros to 1,000,000 euros.
The list of services of large private banking institutions in Monaco include:
- Implementation of cash services.
- Provision of individual bank safes.
- Providing customers with check vouchers in euros.
- Provision of direct debit services.
- Issue of debit and credit type payment cards.
- Assist in investing.
- Registration of accounts in various currencies.
- Securities trading.
- Implementation of financial transactions related to the shares.
- Providing clients with trading platforms for trading in foreign currencies, buying and selling precious metals and other industrial raw materials.
Benefits of Monaco Banks
- Both residents and non-residents can register an account (applies to individuals and legal entities).
- The staff of local financial institutions is multilingual and communicates freely with clients in common foreign languages.
- Customers are guaranteed maximum protection of deposits and valuable information.
- In terms of quality of service, Monaco banking institutions are among the top ten in the world.
- When registering accounts, foreign nationals are granted the right to obtain a residence permit in Monaco (also applies to members of his family).
The procedure for registering bank accounts in Monaco
- To open an account, the investor must provide an identification document for which the account is assigned. In most cases, the presentation of a citizen passport is sufficient.
- The client undertakes to prove tax residency. For this suitable certificate of payment of utilities (a recent bill), which contains information about the client. It is also possible to use other official papers (the list of permitted documents should be clarified in the selected financial institution).
- Proof of the legality of the origin of the capital that the investor plans to deposit. Required to indicate the source of profit.
- The client is obliged to submit to the bank employees a file in which their type of activity and source of enrichment is indicated.
- After completing the above actions, the applicant is required to be present in person at the bank branch. At a meeting with representatives of a financial institution, the required official papers are filled out.
- If the client has completed all actions in the required order and in compliance with all the requirements of the bank and the current legislation of Monaco, registration of the account takes from 1 week to 10 business days.
Lawyers of our company will make a package of necessary papers in accordance with the requirements of the bank, provide support to the client in negotiations with representatives of the financial institution and provide the necessary advice.