There are several reasons that can lead you to open an account in Monaco. Among other things, we can mention tax attractiveness.
The procedures for opening an account are relatively simple and to have an active account to carry out banking transactions, it is necessary to wait ten working days.
Focus on the Monegasque banking system
Since last year, an agreement on the automatic exchange of information has been signed between Monaco and the European Union.
This was introduced in order to comply with the European directive on the method of investment taxation and to avoid tax evasion. Its implementation is scheduled for next year.
When you make transactions with large amounts, your bank will be forced to perform a check. If the transaction is more complex, he will make a declaration of suspicion with a specialized entity.
The opening of the account in Monaco
To do this, you must start by choosing a banking or financial institution. To facilitate the choice and the relationship, you can go through a professional intermediary.
When you have chosen your bank, you must make an appointment. You must present some documents proving your identity, including a copy of the national identity card or a valid passport copy with proof of address.
The banking institution will then look at your financial and wealth situation. You may even be asked why you want to open this offshore account.
The list of documents required to open an offshore account in Monaco may vary from one institution to another. Be aware that some Monegasque banks go so far as to measure the origin, composition and extent of your wealth, your activity as well as your income.
This is fully in these rights and is done in the fight against money laundering and the financing of terrorism.