How to Open an Offshore Bank Account in Monaco

Offshore banking in Monaco isn’t just about storing wealth – it’s about status, security and access to one of the world’s most exclusive financial networks.

Built for the ultra-wealthy, Monaco’s banking system offers elite privacy, rock-solid financial stability and the prestige that comes with banking in one of the great playgrounds of the rich.

Throw in zero personal income tax and it’s not difficult to understand the appeal Monaco holds for many.

But if there’s one thing you need to know about banking in Monaco, it’s this: Monaco isn’t for everyone.

Opening an account requires passing rigorous background checks, proving serious financial credentials and meeting high deposit requirements.

So, how do you get in? How do you get to be part of one of the world’s great elite clubs?

Well, it’s complicated. 

So, the Nomad Capitalist team put together this in-depth guide to everything you need to know, from the benefits of the principality to the step-by-step process of opening a bank account there.

Benefits of Opening an Offshore Bank Account

First off, why open an offshore bank account in the first place? 

Mainly because offshore banking is one of the best solutions to protect and grow your wealth. 

One of the big advantages is tax optimisation: By banking in the right jurisdiction (like Monaco), you can legally reduce your tax burden, especially on interest and investment income. 

Then, there’s asset protection. Offshore accounts can help shield your wealth from lawsuits, creditors and political instability in your home country. 

If your local economy takes a hit or your government tightens financial regulations, having funds offshore gives you a secure financial backup. 

Many offshore banking hubs also offer strong privacy laws, making it harder for third parties to access your money.

Geographic and currency diversification is another smart reason to go offshore, as keeping all your assets in one country exposes you to its financial risks and currency fluctuations. 

With an offshore account, you can hold multiple currencies, reducing the impact of inflation and devaluation. 

Offshore banks can offer better interest rates than local banks and provide exclusive investment opportunities. They cater to high-net-worth clients, offering premium services that aren’t always available domestically. 

Finally, offshore banking is about superior service and global access. You can benefit from multi-currency accounts, offshore credit cards and seamless international transactions.

So, whether you’re nomadic or want a more secure place to store your wealth, an offshore account gives you more financial freedom and peace of mind.

Why Bank in Monaco?

Monaco offers a level of security, prestige and exclusivity that few places can match.

Its banking system is built to serve the ultra-wealthy, offering top-tier wealth management services, investment opportunities and personalised financial strategies.

Then there’s the favourable tax environment, with no income tax for residents. 

While opening an account here won’t automatically grant you residency, a big enough bank deposit can help you meet the financial requirements for Monaco’s residency program, but more about that later.

Confidentiality is another major reason why people bank in Monaco. The principality has strict privacy laws that protect clients’ financial information. 

But, all of that said, actually being allowed to bank in Monaco is far from easy. 

Unlike other offshore jurisdictions, Monaco’s banks have some of the highest entry requirements. You’ll need a substantial deposit (a bare minimum of €500,000) and strict due diligence checks also mean your financial background will come under a microscope. 

Clearly, the government in Monaco works closely with banks to ensure strict and careful checks are carried out.

So, if you’re looking for more accessible offshore banking options, there are other jurisdictions that offer similar benefits with fewer barriers to entry.

Banking in Monaco: Services Offered

For those who can afford it, it’s possible to access banking services that are second to none.

With around 30 banks and 50 financial management firms packed into just two square kilometres, it’s a powerhouse of financial expertise. 

The services here go far beyond what you’d find at a typical bank.

Clients have access to bespoke wealth management services, including investment advisory, estate planning and asset protection. The banks here don’t just manage money – they help clients build generational wealth with tailored strategies.

Monaco’s banks offer current and savings accounts with all the international banking features you’d expect. Multi-currency accounts, online banking, international transfers, and high-limit credit cards are standard. 

Even better, these accounts are designed for those who live globally and need seamless access to their funds across borders.

Financing options are also available, though typically aimed at individuals and businesses with significant assets. 

Foreign exchange services are another major benefit. Holding multiple currencies and accessing competitive forex rates can make a huge difference when managing international wealth. 

And for those requiring more complex financial solutions, Monaco’s banks offer trust services, family office support and tax optimisation strategies. 

And the one thing these services have in common? They’re all designed for ultra-high-net-worth clients who require long-term financial structuring, asset protection and succession planning.

How to Open a Bank Account in Monaco

It should come as no surprise, then, that opening a bank account in Monaco is not as simple as walking into a branch and filling out some paperwork. 

The process is highly selective, designed for only the wealthiest individuals who meet strict requirements.

Choosing the right bank is the first step: Monaco has a mix of commercial and private banks, each catering to different financial needs. 

Commercial banks offer standard banking services, while private banks focus on wealth management and personalised investment solutions. If you’re looking for exclusive financial services, a private bank is the way to go.

But if you’re searching for offshore banking in Monaco, chances are you’re interested in private banking. 

After all, the level of private banking service available in Monaco is one of the main reasons people choose to bank in the country.

Once you’ve chosen a bank, the next step is making contact, which is a challenge in itself. Monaco’s banks operate on an appointment-only basis, and securing a meeting can take time. 

Many clients work with service providers or financial advisors who can make introductions and help you navigate the application process. If you choose to approach a bank directly, you’ll typically need to send an inquiry via email and wait for a response.

The application process involves extensive due diligence, so be prepared to provide plenty of documents for identification and evidence of your financial standing. Expect extensive background checks and compliance reviews before your application is approved.

Then, if you are accepted as a banking client, you’ll be faced with the initial deposit step. 

For private banking, the minimum deposit requirement can range from €2 million to €3 million, while for standard accounts, it typically starts at €500,000 to €1 million – like we said, banking in Monaco is only for the wealthy.

Timelines can vary, but opening an account in Monaco is rarely a quick process. It can take a few weeks or even months, depending on the complexity of your financial situation. 

Unlike in other jurisdictions, remote account opening is nearly impossible, since Monaco’s banks require in-person meetings and thorough vetting before accepting a new client. 

If you need an offshore account without the high barriers to entry, other jurisdictions may be a better fit. 

Requirements for Banking in Monaco

One of the biggest hurdles is the minimum deposit, as discussed above. 

Without meeting the minimum thresholds of around €500,000 to €3 million, opening an account is virtually impossible.

You’ll also need to explain the source of your wealth, whether it comes from investments, business proceeds, inheritance or salary. 

If you’re a resident, a social security number is required and depending on your profile, the bank may request additional documents.

Due diligence is taken seriously here. Banks will run background checks to ensure clients have a legitimate financial history and are not involved in criminal activities. 

Banks can reject clients if they’re ‘politically exposed’ and could pose a threat to the bank’s reputation. If the origins of your funds are questionable, the bank won’t think twice about sending you on your way.

This level of scrutiny makes banking in Monaco one of the most secure and reputable in the world, but it also means that navigating the process is exceptionally challenging. 

Finding the Best Offshore Banks in Monaco

The good news is that you have options if you’re looking to open a bank account in Monaco (and qualify as a banking client). 

Choosing the ideal offshore bank is all about finding the right balance between security, services and accessibility. 

Monaco’s banks operate in one of the world’s most financially secure jurisdictions, but not all banks offer the same level of service, so it’s important to compare what each institution offers.     

As someone looking for a bank account in Monaco, we can assume that the highest level of personalised service is a priority. After all, this is the major appeal of Monaco’s private banking. 

So, assess what kind of service is available to you and, crucially, understand how you’ll be able to access this service remotely. 

While setting up a bank account requires you to be in Monaco, managing your offshore account from anywhere else on the globe should be seamless.

Of course, minimum deposit requirements are a big consideration. If you don’t have the €3 million just to open an account, then you can scratch a few potential banks off your list.

As is always the case in offshore banking, privacy is a major factor. Monaco has strong banking confidentiality laws, but it’s worth understanding the level of asset protection each bank offers.

Fees and interest rates vary widely. Some banks charge hefty account maintenance fees, while others offer competitive rates for high-net-worth clients. 

Finally, as Monaco offers such a high degree of service, banks here tend to specialise in certain areas. So, know precisely what services you’re looking for and find a bank that offers these at the highest level.

Top Banks in Monaco

Ultimately, the ‘best’ bank in Monaco depends on your banking needs, situation and financial capacity. 

With that caveat noted, however, below are some of the most reputable offshore banks for high-net-worth individuals:

• CFM Indosuez Wealth is a leading choice for private banking, providing bespoke wealth management solutions and investment services. 

• UBS Monaco and Julius Baer cater to international clients looking for exclusive financial products and multi-currency accounts. 

• Société Générale Private Banking is another strong contender, known for its expertise in asset management and estate planning. 

For those after a more traditional banking experience, BNP Paribas Monaco offers both private and commercial banking services. 

Getting Residence in Monaco

It’s important to mention that if you do qualify as a private banking client, you can also secure  Monaco residence at the same time. 

That’s because one route to residency is through a €500,000 bank deposit. This deposit is part of the Residence-by-Independent-Means program, and it must be kept in a Monaco bank. 

While €500,000 is technically the minimum, most banks prefer clients with at least €1 million or €2 million. If you start with a lower amount, there may be an expectation to increase it in the near future.

Once you’ve made the deposit, you’ll be granted a temporary residence permit, valid for one year. This can be renewed annually, and after three years, you can apply for a longer-term permit. 

To qualify for residency, you’ll need to prove you can support yourself financially, either through a substantial income or assets, and you must live in Monaco for at least 183 days a year. 

On the plus side, this also makes you a tax resident of Monaco, reducing your tax obligations to zero.

There are other requirements, like renting or purchasing property in Monaco, which typically start at €500,000.

After living in Monaco for 10 years, you can apply for permanent residency and after another 10 years, you can seek citizenship.

However, Monaco doesn’t allow dual citizenship, so if you take this route, you’ll need to renounce any other nationality. 

The process is rigorous and certainly not for everyone. 

But if you’re interested in the world’s most glamorous tax haven, surrounded by some of the world’s wealthiest individuals, then the option of long-term residency is certainly a perk that comes with banking in Monaco.

Tax Residency in Monaco

Beyond the highly specialised banking sector, Monaco also offers a highly attractive tax system. 

To take advantage of this, you’ll need to become a tax resident in the tiny country, as holding an offshore account here isn’t enough.

To qualify as a tax resident, you must live in Monaco for more than 183 days a year or make it your principal place of business. Essentially, if you spend the majority of the year in Monaco, you’re considered a resident for tax purposes. 

The beauty of Monaco’s system is that there’s no personal income tax for residents, which includes no tax on investment income, capital gains, dividends or directors’ fees –      unless you’re a French national.

For those with significant assets outside of Monaco, the tax benefits are even more attractive. There’s no inheritance tax on worldwide assets, and there’s no wealth tax or property tax either. 

Monaco Banking: FAQs

Open an Offshore Bank in Monaco with Care

Banking in Monaco offers prestige, security, and an unparalleled level of service, but it’s a tricky destination in which to park your money. 

The high entry requirements, strict compliance checks and substantial deposit thresholds mean that only the wealthiest can access this banking system. 

If you’re after a more flexible offshore banking solution, there are plenty of other options that might be a better fit. Places like Switzerland, Singapore and the Cayman Islands offer excellent banking services with fewer barriers to entry. 

If you’re after easy offshore banking and high-interest returns, we’d recommend Georgia. You might even consider the Cook Islands if you want a great place to open an account remotely.

These places may not have the same kind of ‘name’ brand prestige associated with Monaco, but their banking options aren’t anything to be looked down upon. Check out our guide to the best offshore banks for more details.

Here’s the bottom line: opening a bank account in Monaco is a complex process, and making the wrong move can waste time and money. 

At Nomad Capitalist, we help ensure that your banking strategy aligns with your broader offshore plan. If Monaco is the right fit, we’ll make the process seamless. If not, we’ll find a jurisdiction that works better for you. To build your ideal offshore strategy, get in touch today.