sounds pretty amazing having your balls in the hand of a bank like that. Dont they have another program which reduces the role of the bank to just a transfer mechanism?
Why is it a problem to have 1-5M in an investment bank?
If you move to Monaco it is because you have that money (or more) and because you want to continue generating tax-free wealth for the next few years (money that you can invest in other banks or other assets if you don't want to put all your eggs in the same basket) . If the expectation is to not continue generating wealth and only have 1-5 million, what is the reason for moving to Monaco?
In Monaco there are banks like Julius Baer, UBS, BNP Paribas, Barclays, HSBC... in which different banks do you have your money in your country? Are other banks (smaller I suppose) safer than these?
It does not matter whether the investment funds or the portfolio in which you invest are kept in one place or another (except for the commissions, which are cheap considering you have 0% taxes). In the event of bank bankruptcy, financial instruments do not work the same as deposits.
Having money invested in Monaco does not mean that in an emergency you cannot use that money without losing your residence. You just have to be a little creative.
Personally, I see no safer place (and without excessive storage or management headaches) to have money than in a diversified portfolio of funds/ETFs/blue chips. And if you don't tolerate the risk in FOF or bonds.
Warren Buffett, George Soros, Ray Dalio and many other billionaires have been keeping their money in stocks (custodied by banks) for decades without any problem. And during that time there have been wars, global economic crises, pandemics, social conflicts, ponzi scams like those of Bernie Madoff, bankruptcies of large banks like Lehman Brothers, the only thing left is for aliens to come to Earth and annihilate us.
Why are private banks in Monaco less safe than those in Switzerland, the United States or Singapore? I ask because I don't know, maybe you can give me a rational explanation as to why I shouldn't put between 1-5M in an investment bank.
They do, but it's usually only offered (sometimes) to
"insiders".
NGL, I fell for this hook, line, and sinker a long time ago too but then 9/11 didn't even happen yet so it was easier to navigate afterward. It took me +2 decades to find out I could have gotten there a much easier way. To be fair, I was young, dumb, and full of c** and I fell for it triple as bad as most other people. Not ashamed to admit they got me good, and they got me for more than triple what I could have had that carte de séjour for.
PS. Mind you, I went at it alone. Had I gone the route with "service providers and attorneys", I would have been fooled +10 times the amount
The way I'm going to do things is as follows (correct me if I'm on the wrong side):
I'm not going to go to a bank and tell them that I want to deposit money because I want residency in Monaco. That will probably make them greedier and put me in a worse position to negotiate.
I'm just going to go to the banks and tell them, I have this amount invested in Estonia (amount that meets the requirements of most banks) and I am looking for management options in Monaco. What conditions do you offer me? I just want to maintain the same investments that I have in Estonia in the same products, and that we negotiate where to invest the next capital that I add to the account (listen to their s**t).
After 2-3 months, I now want to live in Monaco because I suddenly liked Nikki Beach and the food at Jimmy's is very good.
Can you give me the reference to process the residency?
1. Yes. Great we continue working together.
2. No. Perfect, I cannot trust the management of my assets to someone who is not "my friend."
I never get angry because banks want to do as much business as possible with me. I see it logical. There are industries that are greedier than others. And there are people who have some values and others who are totally different. It is the process of dealing with society.
Something similar to having a girlfriend. If you go with a traditional Slavic girl, she will want you to open doors for her and give her flowers. If you go with a feminist Dutch girl, she will pay for your coffees and even ask you for an open relationship.
We should not get angry because there are attitudes that differ from our values. If your goal is to inseminate that bitch, you will have to play the cards in your favor just as you do when dealing with banks.
