HOW TO OPEN A BANK ACCOUNT IN MONACO
2021-03-04
Opening a Bank Account in Monaco: A Key Step for Your Residency
Opening a bank account in Monaco is one of the essential requirements for obtaining a residence permit. This process can take anywhere from a few days to several weeks, so it is recommended to start it at the very beginning of your relocation project.
Banks in Monaco: A Wide Range Tailored to Your Needs
The Principality has about 30 banks and 60 portfolio management companies, offering a variety of services suited to international profiles. Whether you are looking for a private bank or an institution offering more general services, our partners will guide you to the establishment that best meets your expectations.
Documents Required to Open a Bank Account:
Monaco banks generally require the following documents:
- A valid form of identification (passport or ID card).
- Proof of residence dated within the last 3 months.
- A curriculum vitae detailing your professional background.
- A declaration of the origin of your funds (business sale, inheritance, professional income, etc.).
- Your latest tax return.
- Information about your financial and real estate assets.
- A provisional receipt of your residence permit application, if you are in the process of relocating to Monaco.
It is important to note that some banks may require a minimum deposit, generally starting from €500,000, depending on the type of account and services desired.
Disclaimer: As a Monaco real estate agency, we partner with authorized local companies to assist with relocation, residency, and other services beyond real estate transactions. We do not provide legal advice, and our services should not be seen as legal counsel. For specific needs, we collaborate with local professionals. Information on our website and blog is for general purposes only and does not reflect individual legal procedures.
