Personal accounts: Monaco
An honest assessment before work starts, the quote is fixed in writing.
Monaco is one of Europe's best-known private banking centres. The currency is the euro, and banks are supervised by the French banking regulator and Monaco's financial activities supervisory commission. A personal account here is opened mainly by wealthy clients: people moving to Monaco and obtaining a residence card, owners of property in the principality, and investors who need a private banker and wealth management. A Monaco bank is usually not suitable for everyday payments with a small balance.
Who can open a personal account
| Your status | Chances | What else the bank will ask |
|---|---|---|
| Monaco resident with a residence card | high | card, address, source of wealth |
| Future resident preparing an application | high with a large deposit | deposit for the residence card application, lease or purchase of a home |
| Owner of property in Monaco | medium to high | title documents, source of funds |
| Non-resident with large capital | medium | managed portfolio, detailed source of wealth |
| Non-resident with a small amount | low | private banks rarely take such clients |
We will calculate online the cost of opening a personal account and maintaining it for a year.
The account and the residence card
To obtain a Monaco residence card you need a home in the principality, owned or rented, and proof of sufficient means. In practice this is a certificate from a Monaco bank for the police department that issues the cards: banks usually expect a deposit of at least €500,000, about $560,200, from the main applicant, and the money must stay in the account. So the account is opened as one of the first steps of the move, before the application.
What the bank checks
- Passport and proof of address.
- A detailed biography: education, career, business, how the wealth was earned.
- Source of wealth documents: sale of a company, dividends, inheritance, sale of property, tax returns.
- A reference letter from your bank.
- Tax residence: Monaco has taken part in the automatic exchange of tax information since 2018, and account information goes to your country of residence.
Since June 2024 Monaco has been on the list of jurisdictions under increased monitoring by the international anti-money laundering body. In June 2026 the body found the action plan substantially completed, and removal from the list is expected after an on-site visit. Until then customer checks in Monaco banks are especially thorough, and a well-prepared file saves weeks.
Deposit protection and taxes
| Question | How it works |
|---|---|
| Deposit guarantee | the French deposit guarantee fund, up to €100,000 per depositor per bank, ~$112,100 |
| Income tax for residents | none, except French citizens under the 1963 convention |
| Tax on interest for non-residents | not withheld in Monaco, taxed in the country of residence |
| Currency | euro, accounts in other currencies too |
Dollar amounts are converted at the European Central Bank rate of 5 October 2026 and rounded up.
How the opening works
- Assessment of the profile and amount, choice of bank and service level.
- File: biography, source of wealth, reference letter, tax details.
- Meeting with a banker in Monaco, answers to the review questions.
- Account opening, transfer of capital and, when moving, the bank certificate for the residence card application.
A review at a Monaco bank usually takes three to eight weeks, longer if the source of wealth is complex.
Who gets refused
The bank will refuse if the amount is below its threshold, if the source of wealth cannot be proven with documents, if the client or their money is linked to sanctions, or if the biography has unexplained gaps. We check whether the bank works with Russian citizens before preparing documents.
What we do
Murblz specialists assess the chances before applying, choose a bank for your amount and goal, prepare the file with the biography and proof of source of wealth, arrange the meeting with the banker and handle correspondence until the account is open. If you are moving, we link the account to the home search and the residence card application. We fix the estimate in writing; the decision to open an account always rests with the bank.
What we do
- Personal account - opening assistance
See also
Company formation · Business account · Investment property · Country taxes · All country programs
FAQ
Can a non-resident open an account in Monaco?
How much must be deposited for a Monaco residence card?
Do I need to travel to Monaco?
Is money in a Monaco bank protected?
Does Monaco share account information?
How much does it cost to open an account with your help?
Want to open a personal account in Monaco?
Monaco banks serve substantial wealth and an account is often needed for residency: we assess the entry threshold, prepare the pack and follow the review. Every country is in the searchable catalogue.
The Murblz consultant replies straight away in the chat on this page. Describe your situation and we will work it out together.
Free consultation