Monaco is one of the richest economies in the world and many individuals of high-net-worth choose to set up a bank account in this jurisdiction. Its banking sector has a rich history that dates back to the nineteenth century, when the first deposit banks opened within this principality. Since then, many investors have flocked to its shores to set up an account, and the principality’s economy is flourishing in large part due to foreign investments.
Why open a Monaco offshore account?
Monaco is the travel destination of choice for people of exceptional high-net-worth status. Regarded as one of the most expensive destinations in the world, it is also favored by many for its extensive banking infrastructure. Approximately 70% of its assets are from non-resident funds, demonstrating the sheer volume of international investors who select Monaco for their banking needs.
Monaco is a leading offshore banking jurisdiction that is selected by many wealthy individuals for offshore banking services. When opening an account in this destination, usually a substantial minimum capital is required to be deposited, although this amount will depend on the specific institution selected.
Located on the coast of southern France, it has strong international ties with major European economies, and features the world’s highest GDP nominal per capita. Although Monaco is not a member of the European Union, it maintains very close ties with France and uses the Euro as its main form of currency.
Monaco has the lowest unemployment rates in the world and its strong economic, political and social infrastructure is what attracts countless investors here year after year. The Monaco banking system has an extremely extensive network that comprises of a broad selection of banking institutions. Its banks offer a wide range of services that encompass both retail and commercial activity, although many of these services are focused specifically on private banking and wealth management services.
Monaco is a regarded as an attractive tax haven that charges no income tax to individuals. Many offshore business people and celebrities have sought tax refuge in Monaco by placing their funds in its bank accounts or establishing business deals here. Opening an account here can be achieved relatively quickly and easily, and payment solutions such as credit cards, debit cards and cheque books will usually be received within ten days of the account being opened.
To learn more about offshore banking and bank account opening in Monaco, please view our Monaco Bank Account services page.
Alternatively if you would like to learn more about offshore banking, please Contact Us.