Personal and Banking Safety in Monaco

If you have accumulated some wealth, after a long lifetime of hard work, you are no doubt interested in securing your financial future. I have long found it prudent to broadly diversify financial and real estate assets. A year or so ago, Debbie and I traveled to Switzerland in the hope—small though it was—of being able to open a Swiss banking relationship. No go, not even a whisper of interest in doing business with Americans. The Swiss want no part of the Obama administration’s new invasive bank reporting measures. Swiss banks were not only not accepting new American clients, but dumping old-line relationships as well. Quite a change of pace.

Next on our search was the little principality of Monaco, which is one of the safest and most confidential places in the world for both financial assets and real estate location. After a trip to Monaco, Debbie and I are interested in continuing to learn more about what Monaco has to offer. In my research travels I came across the services offered by Monaco banking and relocation specialist Wendy Wood-West, who has done a fine job of providing me information. Here is a recent update provided to me by Wendy. I am pleased to be able to have this intelligence to pass along to my personal and financial security devotees here at richardcyoung.com. I have found Wendy to be most timely in her responses to my questions and have no reason to believe you will not receive equally timely response to any questions you may have pertaining to your interest in Monaco.

Living Is Timeless

Many people view the quality of life as important, and if it can be combined with a long healthy life as well it’s the perfect combination.

But where can the two combined best be found?

According to the CIA factbook it’s Monaco. Average life expectancy in Europe’s best known tax haven is an impressive 89 years – compared to 78 in the U.S.

Another tax haven in Europe that features in the top ten is Andorra. Which suggests perhaps that the answer to a longer life is to pay less taxes.

But Monaco has more than just a favourable financial climate to attract newcomers.

The climate in Monaco is positively Mediterranean being on the French Riviera, and with her own beaches and mooring facilities for yachts the lifestyle befits many multi-millionaires who have the added benefit of no income tax.

And for those who are financially astute there are branches of Barclays, HSBC, Societe Generale and other well known names from the banking world, but Lloyds TSB are not represented directly as one of the Monaco banks for consideration.

Andorra meanwhile has her own banks and property to qualify for residency starts at around 350,000 Euros, which will get a good two and sometimes three bedroom apartment in a good area. There are also houses available for those who want to take Andorra property and residency.

In the winter Andorra sees an influx of tourists for skiing as it’s in the Pyrenees, but for the remainder of the year the climate is similar to the UK’s, but with fresh mountain air.

The climate of the Mediterranean for Monaco and the fresh mountain air of the Pyrenees for Andorra doubtless contribute to a long healthy life, but the factor that differentiates them both from neighbouring countries with the same climatic attributes is the low taxes residents enjoy in both.

More information about the banks in Monaco can be found at banksinmonaco.com and details of real estate in Andorra are at propertyandorra.com