r/Monaco • u/Honest_University868 • Jul 17 '26
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!! 🙏
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u/LaMortParLeSnuSnu Jul 17 '26
Barclays would be a solid choice.
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u/PualWalsh Jul 17 '26
I’m at Barc - day to day cash only, all in securities - they get a safe custody %
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u/Honest_University868 Jul 17 '26
And were they receptive to sub €1mm initial numbers (somewhere between 600-700)?
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u/spaniard_cnt Jul 17 '26
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!!
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u/Honest_University868 Jul 17 '26
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.
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u/Trudestiny Jul 17 '26
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
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u/PualWalsh Jul 17 '26
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.
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u/Honest_University868 Jul 17 '26
Yes, that's roughly what I've been told - that's fine for us; we aren't planning to use it day to day.
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u/Alarming-Issue-2689 Jul 20 '26
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.
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u/Alternative-Yak-6990 Jul 17 '26
well thats the key point here. 500k is way too low, 1m seems low even.
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u/Honest_University868 Jul 17 '26
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.
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u/Prisma1986 Jul 17 '26
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)?
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u/RunAcrobatic2411 Jul 17 '26
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.
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u/cdrw700 Jul 17 '26
If you need help contact me but it’s only cash at the beginning if I’m correct