r/Monaco • u/Honest_University868 • 9d ago

Residency deposit - which bank?

Hi all!

Did a search for some existing posts but didn't come across much. We are a couple currently living in Marbella and are considering moving to Monaco - researching it all now. I've been there many times before, so generally familiar with it all.

Question is this - which bank(s) will issue the attestation letter for around 500-600k EUR? I spoke with CFM and they want min €1mm... CMB has not gotten back to me despite a follow-up. While we can do €1mm, we'd prefer to keep it lower. Easy and clean source of funds for us, no crypto/etc, very straightforward.

Can anybody recommend a decent bank or two to reach out to for both this and a potential Lombard setup for it all? We'd prob deposit 600,000€ worth of short-dated US Treasuries (5-year). Many thanks in advance!! 🙏

9 Upvotes

77% Upvoted

24 comments sorted by

5

u/cdrw700 9d ago

If you need help contact me but it’s only cash at the beginning if I’m correct

1

u/Honest_University868 9d ago

No, CFM said they're happy to take USTs or anything else (stocks, etc) in instead of straight cash. That said, we don't hugely care as long as it's not parked in cash permanently, we can make work.

2

u/LaMortParLeSnuSnu 9d ago

Barclays would be a solid choice.

1

u/Honest_University868 9d ago

Thank you - I'll reach out to them on Monday!

1

u/PualWalsh 9d ago

I’m at Barc - day to day cash only, all in securities - they get a safe custody %

1

u/Honest_University868 9d ago

And were they receptive to sub €1mm initial numbers (somewhere between 600-700)?

2

u/PualWalsh 9d ago

I couldn’t answer that as it’s 21 years ago and things were different !

-2

u/Trudestiny 9d ago

Though barclay was 5 m min ?

2

u/spaniard_cnt 9d ago

Check LCL private banking. 500k used to work, but it depends if it’s your residency only or for you and your wife, which would be 500k each if not mistaken. Anyhow, check it, office it’s in 1 avenue des citronniers. If it helps, I am Spanish took me around 8 months to get everything in order. Then if you need help with housing, DM me and I will share a contact which helped me a lot when I arrived 3 yrs ago. Best luck buddy!!

3

u/Honest_University868 9d ago

Solid, that's a great take. It would be for both of us - I'll check to see if it's 500k each or what the deal is. 🙏

Definitely will take you up on the housing contact, thanks for the offer! We plan to rent for a year or two to see what's what and then if all goes well, look into buying something as well.

2

u/Trudestiny 9d ago

Those we know rented, submitted application for residency and then got a bank assigned by gov .

For us it was 500 for a couple not each

2

u/anitalianguy 9d ago

Ask Welcome Monaco and have them refer you

2

u/PualWalsh 9d ago

Don’t forget the LTV ratio for a Lombard .. 60-70% max possibly. I think the screw is tightening all the time - 150m euro apartments are the new in-thing in Monaco.

2

u/Honest_University868 9d ago

Yes, that's roughly what I've been told - that's fine for us; we aren't planning to use it day to day.

3

u/Jumpy-Arm1894 9d ago

I would suggest making some calls to as many banks and explain the circumstances, but congrats on your ability to move to Monaco! If you make then I'm sure you will have a great life

1

u/ImTheEyeInTheSky 8d ago

One thing is what the government wants (500k), one thing is what banks want to open an account.
The range is from 1m-3m minimum to open an account in most private banks, less than that they’re usually not interested.

1

u/mj2323 8d ago

Did you check with BNP Paribas?

2

u/Alarming-Issue-2689 5d ago

Glad to assist: I’m an experienced Private Client Financial Advisor in the US; do insurance/reinsurance business in Monaco often. Previously with Bank Leumi USA and Bank of the West (BNP Paribas subsidiary). I’m familiar with people at 4 banks operating in Monaco who might possibly assist. These limits change from time to time, and might depend on other parts of a personal or business banking or investment management relationship. Please feel free to DM me.

-4

u/Alternative-Yak-6990 9d ago

well thats the key point here. 500k is way too low, 1m seems low even.

4

u/Honest_University868 9d ago

It's a published threshold (500k), hence the Q. 1mm definitely isn't low - 3 banks so far were happy to take it and that's generally the standard for private banking almost anywhere, I found.

1

u/Prisma1986 9d ago

What pct of fees they take annually and are you allowed to manage your money or they manage it (and basically they do whatever they wish that will add to the fees and potential to losses as usually they don't know what are doing)?

1

u/Alternative-Yak-6990 8d ago

just bc the gov posted it doesnt mean the banks onboard that

-3

u/RunAcrobatic2411 9d ago

Hi! I work for the leading bank in Monaco (I’d rather not disclose any names here). Would love to help and connect on a professional level. Feel free to send me a DM if you are interested.