Private Banking in Monaco
Private Banking in Monaco is still a Unique experience.
The Private Banking industry in Monaco is very much like no other. Every single one of the banks have their employees trained in catering to your every little need. Transforming your Private Banking experience into one of a friendly visit to a “Bank Spa” if there ever was such a term (not my words but that of a foreign national mentioned quite happily).
Of course, they have the necessary financial experts managing your wealth of deposits for you.
Despite the latest round of G20 “enforcement” (read as France’s determination to peg back their own nationals using the Monaco Private Banking laws and not pay French taxes), the Banking establishment has literally transformed itself. Monaco is officially no longer named as a Tax Haven.
But they have ratcheted up the Banking Experience up several notches surpassing I feel, even the scrupilous and excellent Swiss Banks. Eat your heart out retail bankers!
They cater bank account holders and keep their service to a very high standard. But their main Banking business caters primarily to very high net-worth individuals – VHNWI, especially foreign principals and corporations.
Here’s a little more information about doing business and banking in Monaco. Read more below…
A banking sector which answers your every need:
With 40 banking establishments, 70 windows, 3 representative offices and 7 financial companies, the banking sector constitutes a large part of Monaco’s financial activity.
Deposits into Monegasque accounts exceed 75 billion French francs and half come from non-residents.
The Monegasque government actively combats money-laundering and numbered bank accounts are illegal. However, bank confidentiality is one of the main principals of Monegasque banking.
Monegasque banking establishments are not only capable of managing international assets, but also offer comprehensive services to companies in the Principality (including helping companies to obtain financial ressources from a special government fund).
The lifestyle, security, political stability and the fiscal advantages have made Monaco an attractive location for exacting investors.
For more information on the banking sector and its services, please consult the Banks directory of Monaco. Read more below…
Association Monégasque des Activités Financières (AMAF), Monaco’s banking association, was founded by Sovereign Order more than 50 years ago. Its mission is to :
Act as the professional body for authorized institutions conducting banking or financial activities in the Principality.
Represent the Monegasque banking industry, particularly in relations with public authorities.
Promote a sound development of Monaco’s banking sector.
With 70 members, including banks, finance and portfolio management companies, the association federates all of the market’s financial institutions.
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I hope you would not mind if I placed a part of this on my univeristy blog?