New non-dom rules in the UK make Monaco attractive again
Ever a popular destination for the world’s ultra-high net worth individuals, Monaco’s government continues to make efforts to attract the global super-rich to its shores, and they continue to flock in. Thanks to regulatory changes aimed at drawing in more residents, advisers based in the principality say workloads are hitting new highs.
The Swiss bank Union Bancaire Privée (UBP) is the latest to enter the market, taking over first the Monaco operations of Lloyds Banking Group in 2013, and then of Coutts in 2015. Through local hiring, the bank continues to strengthen its presence in Monaco, sensing an opportunity: “The Monaco market is not a big market compared to Switzerland or London, says Michel Longhini, CEO of UBP’s private banking activities, “but it’s a market that’s very resilient. It is a very local market, driven by people living there or living around the region, and we find there are many ultra-high net worth families now considering, or actually moving, to live in Monaco.
As well as an influx of new arrivals, there is also more private banking work for those already there, he says: “More and more, the families in Monaco are consolidating their assets into Monaco, instead of holding them all over the world. Monaco is a very stable financial centre that is very well regulated, and that gives it a certain credibility.
Key Takeaways
- Monaco continues to attract ultra-high net worth individuals due to regulatory changes.
- The Swiss bank Union Bancaire Privée has expanded in Monaco, taking over operations from Lloyds and Coutts.
- Local hiring has strengthened UBP’s presence, capitalising on a resilient market.
- Families in Monaco are consolidating their assets in the principality for stability and credibility.
