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 is︀ to not continue generating wealth and only have 1-5 million, what is the reason for︁ 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 other︃ banks (smaller I suppose) safer than these?
It does not matter whether the investment funds︄ or the portfolio in which you invest are kept in one place or another (except︅ for the commissions, which are cheap considering you have 0% taxes). In the event of︆ bank bankruptcy, financial instruments do not work the same as deposits.
Having money invested in︇ Monaco does not mean that in an emergency you cannot use that money without losing︈ your residence. You just have to be a little creative.
Personally, I see no safer︉ place (and without excessive storage or management headaches) to have money than in a diversified︊ 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 money︌ in stocks (custodied by banks) for decades without any problem. And during that time there︍ have been wars, global economic crises, pandemics, social conflicts, ponzi scams like those of Bernie︎ Madoff, bankruptcies of large banks like Lehman Brothers, the only thing left is for aliens️ 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.
The way I'm going to do things is︆ as follows (correct me if I'm on the wrong side):
I'm not going to go︇ to a bank and tell them that I want to deposit money because I want︈ residency in Monaco. That will probably make them greedier and put me in a worse︉ position to negotiate.
I'm just going to go to the banks and tell them, I︊ have this amount invested in Estonia (amount that meets the requirements of most banks) and︋ I am looking for management options in Monaco. What conditions do you offer me? I︌ just want to maintain the same investments that I have in Estonia in the same︍ products, and that we negotiate where to invest the next capital that I add to︎ the account (listen to their s**t).
After 2-3 months, I now want to live in️ 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 a︀ girlfriend. If you go with a traditional Slavic girl, she will want you to open︁ 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 your︃ goal is to inseminate that bitch, you will have to play the cards in your︄ favor just as you do when dealing with banks.
