Monaco Government and AMAF establish a minimum required bank deposit for Monaco residence application purposes

In a recent notice to its members, the Monaco Association for Financial Activities (“AMAF”) advised of the Minister of Internal Affairs’ decision to harmonise the conditions under which a reference letter (“attestation de ressources”) can be issued by a Monegasque bank.

A minimum amount of EUR500,000 must now be deposited on a Monegasque bank account by individuals wishing to relocate to Monaco or renew their residency card. A standard wording has also been set for the bank attestation, which must now specifically mention this minimum amount.

This recommendation will be applicable from 1 July 2017. From that date, the Direction de la Sûreté Publique will only accept attestations based on the AMAF ‘s template.