Monaco- Where to invest your money?

PHOTO:MONTE CARLO CASINO

The Best Private Banks in Monaco

There are 37 Banks and 42 Portfolio and mutual fund management companies from which to choose. This can be slightly mind-boggling for those investing in Monaco for the first time. Focus on the most reputable and those with long standing experience in the Private banking sector.

Here are a few of the Best Private Banks in Monaco:

UBS Monaco – One of the most reputable investment banks in the world. UBS has analysts in 50 countries with investments of approx USD 2 trillion. UBS has helped Monaco residents and foreign investors with their investments in the Principality since 1956. Their analysts are multi lingual too.

HSBC Monaco – Where to invest your money in Monaco? HSBC Private Bank Monaco has teams of relationship managers waiting to advise you on the best investments. They will also advise on a wide range of financial subjects such as Taxation and Property in Monaco. HSBC Monaco offers asset management, maritime and nautical leasing.

CFM – Monaco – Established in 1922 this is the oldest bank in Monaco. CFM regularly ranks amongst the highest performing Private banks. CFM is a subsidiary of Credit Agricole.

Barclays Private Bank – Established in Monaco in 1922 it was the first foreign wealth management firm to open its doors in Monaco’s Golden Square and is one of the most respected financial institutions in the Principality. Barclays will offer a dedicated private banker to work with you and advisors. Barclays also offer a philanthropic service delivered by a team of specialists.

The banking sector constitutes a large portion of Monaco’s financial activity.

PHOTO: Oceanographic Museum, Monaco Ville

Invest in Property in Monaco

A new life in Monaco. What could be more exciting! My advice is DO NOT BUY until you have lived there for at least 1 year. Rent for the first year. After a lifetime travelling the world I would offer this advice to anyone moving to a new country.

Firstly, you might not like it! Sink a large amount of money into a very expensive piece of real estate and it is difficult to move on to pastures new. Rent first, check out the different areas and then wisely buy. More than half of the real estate investments are made by people planning to live in the Principality temporarily or French nationals taking advantage of favourable Monaco Inheritance Tax law. However, you do not need to own a property to become a resident in Monaco, you just need a registered lease for an apartment.

However, if and when you decide to buy then Monaco is a good property investment. Property prices held up well even during the Pandemic years of 20/21. Especially property prices under 10 million euros. The Tax regime in Monaco, high quality of life and the sheer small size of the Principality ensures that investment in the Monaco Property market continues to be highly attractive.

Monaco – Where to invest your money? If you decide to invest in Monaco property then choose one of the prestigious and long established Real Estate companies. Monte Carlo Sotheby’s, LaCosta Properties, Savills, Dotta Immobilier and Pastor Immobilier are a few Estate Agents to consult. They can advise on the different areas of Monaco.The main areas are Monaco Ville, home to the Prince’s Palace, Cathedral and Oceanographic Museum and known as ‘Le Rocher’. Fontvieille, Monghetti, La Condamine and glamorous area of Monte Carlo.

PHOTO: Fontvieille, Monaco

Monaco – Where to Invest Your Money?

What NOT to do when investing your money in Monaco:

Caveat Emptor. If it seems too good to be true then it probably is too good to be true. How can things go wrong when investing your hard earned money? Sadly, I have seen things go very wrong sometimes during my lifetime here on the sunny Cote d’Azur.

If you make sensible investments with well established financial institutions, buy property from a prestigious Estate Agent then everything should be fine. How can things go wrong? I’ll give you an example example. A hardworking British entrepreneur, let’s call him Frank, sells his business. He has worked hard, paid his taxes, employed local people and his business is worth a considerable sum of money. He wants to take advantage of a tax haven to safeguard his newly acquired wealth.

Frank moves to Monaco (OR Dubai, Switzerland, any Tax haven). He buys a nice apartment, invests his money and settles into a new life. Sadly, all his friends are back home in England. The one or two friends he has travel the world and are rarely to be seen. Frank joins a few local societies to find new friends and interests. Tax havens are full of super rich individuals. Frank starts to notice that he is a very small financial fish in a pond awash with money. He starts to feel a little unsatisfied. His Yacht looks VERY small in the harbour.

Frank is befriended by a banker and his wife. They invite him to some wonderful private events. They take him to the Casino and a few dinners. Frank is very flattered. The little, rotund Hercule Poirot lookalike banker starts to drop a few ‘breadcrumbs’. The banker works for a small private bank. He can offer Frank some incredible high interest investments. The high returns start to look very appealing to Frank. Invest a mere 500,000 euros and gain high rewards in several small African nations. STOP!!

This is where common sense should prevail. However, something very odd can happen to perfectly sensible people when they move to a new country. I have watched with astonishment countless times as my fellow citizens throw caution to the wind. An intoxicating mix of sunshine, freedom, loss of inhibitions and vast sums of money, work as a sort of drug. Frank thinks to himself ‘Well, if all these super rich people are making these high risk investments, I will jump onboard too!’ He forgets that he cannot afford to gamble with a few million quid. A few unwise investments and Frank will find himself surviving on charitable donations (There are charities in Monaco supporting British Expats who find themselves in financial trouble). He will not be the only one, that is for sure!

Now, this is the time to have a little chat to yourself. Would you entrust your life savings to a slightly dodgy, small time banker? Especially one rumoured to come back from —— in Africa with suitcases full of cash? A little reward for his work finding ‘investors’. People, just like Frank, are easily swayed by the fact that the investment returns are sky high. So, Caveat emptor and take your common sense along with you to Monaco. Note: Frank’s story is fictional and any resemblance to any living person is entirely coincidental.

PHOTO: Monaco Super yachts

Monaco – Invest your money in a Superyacht

Well, the sale of Yachts has rocketed during the pandemic years of 2020 and 2021. Great news both for shipyards and the resale Yacht industry. Personally, I would not call a Yacht an investment. It is more likely to need a bottomless pit of money! However, a Super Yacht offers an amazing lifestyle with the freedom of the open sea. Go where you like, when you like aboard a floating palace. And if you can afford it then why not?

I have worked with quite a few Yacht companies. I would recommend chartering a Yacht before you buy. If you plan to buy a resale Yacht then see if you can charter it for a couple of weeks. If you plan to commission a Shipyard to build you a Yacht then try and find a Yacht built by the Ship Designer and charter that for a week or two. Find out what you really want before you buy.

Where to find your Superycht? world reknowned Fraser Yachts offers the largest fleet of Superyachts in the world click here:https://fraseryachts or Burgess Yachts: https://www.burgessyachts.com or skip down the Italian coast for stunning Italian Yacht design: https://benettiyachts.it

So, not necessarily the best financial investment, but a SuperYacht can be valued beyond price for your lifestyle and well being. A Superyacht costs approximately 20% of its purchase price to run annually.

PHOTO: Monaco Lifestyle

Other ways to invest your money:

There are some fun ways to invest your money which have Tax advantages, can yield a good return and that you will enjoy at the same time. How about a Vintage Car? Whizz about the Principality in a stunning Vintage Lamborghini. Buy the right Vintage car and it can be a great investment. There are several Vintage car dealers in Monaco so yo can shop til you drop. Also, snap up a prestigious work of Art. Fantastic Tax advantages, can increase nicely in value and you will enjoy seeing it on the wall of your Monaco apartment.

Monaco – Where to invest your money?

  • The top Monaco Private Bank
  • A Monaco Property Investment
  • A SuperYacht, Art, Vintage Car, Jewellery

Monaco – Invest your money wisely

Somerset Maugham called the french Riviera “A sunny place for shady people” back in the 1920’s. Not much has changed to be honest. Of course, there are mostly wonderful people living here – just watch out for the shady types too! Just remember, “If an investment seems to good to be true then it probably is!”.

Some products, trips, hotel stays, restaurant visits are gifted, Press trips, Press events, Paid or sponsored.  All opinions are my own and I only accept invitations to places, events that I really love.