List of Banks in Monaco


 

Principality of Monaco (French: Principauté de Monaco; Monégasque: Principatu de Múnegu; Italian: Principato di Monaco; Occitan: Principat de Mónegue), is a sovereign city state on the Côte d'Azur (French Riviera). It is surrounded on three sides by its neighbour, France, and its centre is about 16 km (9.9 mi) from Italy. Its area is 1.98 km2 (0.76 sq mi) with a population of 35,986 as of 2011. Monaco boasts the world's highest GDP nominal per capita at $215,163 and is the most densely populated country in the world. Monaco also has the world's highest life expectancy at almost 90 years.

Monaco is a principality governed under a form of constitutional monarchy, with Prince Albert II as head of state. The House of Grimaldi has ruled Monaco since 1297, and the state's sovereignty was officially recognized by the Franco-Monegasque Treaty of 1861. Despite Monaco being independent and pursuing its own foreign policy course, its national defence is the responsibility of France.

 

  Monaco’s banking sector dates back to the end of the nineteenth century, when the first deposit banks opened in the Principality. Most of these banks were French. The banking industry was very slow to develop and did not really take off until the 1970s, when expansion was stimulated by an imaginative and active policy on the part of public authorities and by the effect of a long period of economic growth and political and social stability. Establishing a bank account in Monaco is pretty straightforward, there are minimum deposits and as with bank account opening elsewhere in Europe the banks in Monaco will ask to see your passport. Some of the banks in Monaco will also ask for proof of your home address – a recent utility bill is normally good enough


The following is a list of banks incorporated in Monaco:

Free Monaco Bank Requirements Report Monaco Bank Guide

Banque de Gestion Edmond de Rothschild - Monaco SWIFT: BERLMCMCXXX
Banque Pasche - CM - CIC Private Banking SWIFT: BPGEMCMCXXX
Banque J.Safra (Monaco) SWIFT: BJSBMCMXXXX
BNP Paribas Private Bank Monaco SWIFT: BPPBMCMCXXX
BSI Monaco SWIFT: BSILMCMCXXX
Credit Foncier de Monaco SWIFT: CFMOMCMXXXX
Compagnie Monégasque de Banque SWIFT: CMBMMCMXXXX
Crédit Mobilier de Monaco (SWIFT: CMMDMCM1XXX not connected)
Credit Suisse (Monaco) SWIFT: CRESMCMXXXX
Dresdner Bank Monaco SWIFT: DRESMCMCXXX
EFG Eurofinancière d'Investissements SWIFT: EFGBMCMCXXX
Fortis Banque Monaco SWIFT: FTSBMCMCXXX
HSBC Private Bank (Monaco) SWIFT: BLICMCMCXXX
ING Bank (Monaco) SWIFT: INGBMCMCXXX
KB Luxembourg (Monaco) SWIFT: KBLXMCMCXXX
Martin Maurel Sella - Banque Privée (Monaco) (SWIFT: MMSEMCM1XXX not connected)
Monte Paschi Monaco SWIFT: MONTMCMCXXX
SG Private Banking (Monaco) SWIFT: SGBTMCMCXXX
UBS (Monaco) SWIFT: UBSWMCMXXXX
Based on official lists of banks registered in Monaco available at the Official Government Portal of Monaco and Monaco Bankers' Association
 

 

Economy of Monaco

One of Monaco's main sources of income is tourism; each year many are attracted to its casino and pleasant climate. Monaco's own citizens are not allowed to gamble in the casino. In 2001, a major new construction project extended the pier used by cruise ships in the main harbour. The principality has successfully sought to diversify into services and small, high-value-added, non-polluting industries, such as cosmetics and biothermics.

The state retains monopolies in numerous sectors, including tobacco and the postal service. The telephone network (Monaco Telecom) used to be fully owned by the state; it now owns only 45%, while the remaining 55% is owned by both Cable & Wireless (49%) and Compagnie Monégasque de Banque (6%). It is still, however, a monopoly. Living standards are high, roughly comparable to those in prosperous French metropolitan areas.

Monaco is not a member of the European Union. However, it is very closely linked via a customs union with France, and as such, its currency is the same as that of France, the euro. Before 2002, Monaco minted its own coins, the Monegasque franc. Monaco has acquired the right to mint euro coins with Monegasque designs on its national side.

Gambling IndustryCasino gambling was initially legalized during the reign of Florestan I in 1846. At the time, the monarch hoped the newly legal industry would help alleviate the crushing debt the royal family had incurred due in part to economic interference from Sardinia--which had received Monaco as a protectorate under the Treaty of Vienna (1815) and was attempting to destabilize the principality in order to annex it. Monaco's first casino would not receive a royal concession to operate, however, until after Charles III assumed the throne in 1856.

The grantee of this first royal concession was unable to attract enough business to sustain the operation and, after relocating the casino several times, sold the royal concession to French casino magnates François and Louis Blanc for 1.7 million francs. The Blancs had already set up a highly successful casino in Homborg and quickly petitioned Charles III to rename a depressed seaside area known as "Les Spelegures," or "Den of Thieves," "Monte Carlo," or "Mount Charles." They then constructed their casino in the newly dubbed "Monte Carlo" and cleared out the area's less-than-savory elements to make the neighborhood surrounding the establishment more conducive to tourism.

The Blancs opened Le Grand Casino de Monte Carlo in 1858, and the casino benefited from the tourist traffic the newly built French railway system created. Due to the combination of the casino and the railroads, Monaco finally recovered from the previous half century of economic slump, and the principality's success attracted other businesses. In the years following the casino's opening Monaco founded its Oceanographic Museum and the Monte Carlo Opera House, 46 hotels sprang up and the number of jewellers operating in Monaco increased by nearly 500 percent.

Today, Le Grand Casino still operates in the original building the Blancs constructed and has been joined by several other casinos, including Le Casino Café de Paris, the Monte Carlo Bay Casino, the Monte Carlo Sporting Club & Casino (Summer Casino) and the Sun Casino. The most recent addition to the list—the first casino to open in Monte Carlo in 75 years—is the Monte Carlo Bay Casino, which sits on 4 hectares of the Mediterranean Garden and, among other things, offers 145 slot machines, all equipped with "Ticket-In, Ticket-Out" (TITO); it is the first Mediterranean casino to utilize this technology

 

 

 

Monaco Tax haven

Monaco levies no income tax on individuals. The absence of a personal income tax in the principality has attracted to it a considerable number of wealthy "tax refugee" residents from European countries who derive the majority of their income from activity outside Monaco; celebrities such as Formula One drivers attract most of the attention, but the vast majority of them are less well-known business people.. This applies to all residents of Monaco of any nationality except French citizens whose residency started after 1957. These French citizens still must pay French income tax.

Monte Carlo CasinoIn 1998, the Organisation for Economic Co-operation and Development (OECD) issued a first report on the consequences of the tax havens' financial systems. Monaco did not appear in the list of these territories until 2004, when OECD became indignant regarding the Monegasque situation and denounced it in its last report, as well as Andorra, Liechtenstein, Liberia and the Marshall Islands, underlining its lack of co-operation as regards financial information disclosure and availability.

In 2000, a report by the French parliamentarians, Arnaud Montebourg and Vincent Peillon, alleged that Monaco had lax policies with respect to money laundering, including within its famed casino, and that the government of Monaco had been placing political pressure on the judiciary, so that alleged crimes were not being properly investigated.

In 2000, the Financial Action Task Force on Money Laundering (FATF) stated: "The anti-money laundering system in Monaco is comprehensive. However, difficulties have been encountered with Monaco by countries in international investigations on serious crimes that appear to be linked also with tax matters. In addition, the FIU of Monaco (SICCFIN) suffers a great lack of adequate resources. The authorities of Monaco have stated that they will provide additional resources to SICCFIN." The Principality is no longer blamed in the 2005 FATF report, as well as all other territories. However, since 2003, the International Monetary Fund (IMF) has identified Monaco, along with 36 other territories, as a tax haven.

The Council of Europe also decided to issue reports naming tax havens. Twenty-two territories, including Monaco, were thus evaluated between 1998 and 2000 on a first round. Monaco is the only territory that refuses to perform the second round, initially forecast between 2001 and 2003, whereas the 21 other territories are implementing the third and last round, planned between 2005 and 2007.

However, Monaco has high social insurance taxes payable by both employer and employee. The employer's contribution is between 28%–40% (averaging 35%) of gross salary including benefits and the employee pays a further 10%–14% (averaging 13%). Social insurance contributions, amounting to nearly 50% of salary, are a major disincentive to the hiring of staff and in many ways detract substantially from the advantageous income tax regime which exists in Monaco
 

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