How to open a bank account under the Act granting the right to a bank account

PROCEDURE
YOU AND THE GOVERNMENT SERVICES
Last updated: 03/03/2023

Any person of Monegasque nationality, who is resident or in the process of moving to Monaco, or financial agent appointed by a candidate in an election, may open a bank account in the Principality with a banking establishment of his or her choice, under the conditions set out in Act No. 1.492.

Understanding the process

Any person of Monegasque nationality, who is resident or in the process of moving to Monaco, or financial agent appointed by a candidate in an election, may open a bank account in the Principality with a banking establishment of his or her choice, under the conditions set out in

LEGAL TEXT

Act No. 1.492 of 08/07/2020 on the granting of the right to an account

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Note that any natural person who undertakes a professional, craft, commercial or industrial activity is required to have a bank account with an establishment in Monaco, for the exercise of his or her professional activity and for as long as this activity lasts.  The same applies to any public limited company, general partnership, limited partnership with shares or limited liability company.

Documents to be provided for an application to open an account under the right to a bank account:

  • A copy of both sides of a valid proof of identity document, issued by a public authority and including your photo
  • A copy of a proof of address, dated of less than 3 months
  • If you are in the process of moving to Monaco, a provisional receipt certifying that you have submitted an application for a residence permit issued by the Police Department
  • If you are acting with regard to your professional activity, a copy of an official document attesting to the professional activity
  • A sworn statement to the effect that you do not have an open deposit account in Monaco for personal purposes, if you are acting as a financial agent appointed by a candidate in an election;  the document concerns the candidate being represented
  • if you are acting as a financial agent appointed by a candidate in an election, a copy of the nomination papers of the candidate(s) for election, as well as a proof of identity of the candidate(s) for election represented

 

The bank has 15 working days from receipt of all required documents, to: 

  • Either open the bank account
  • Either issue a certificate of refusal to open a bank account and inform you that they may contact the Department of Budget and Treasury, which will designate a bank to open an account for you