From Britain to Monaco: a rising trend among UHNWIs
Francesco Grosoli, CEO of CMB Monaco, offers his expert insights into the growing trend of British UHNWIs moving to Monaco © CMB Monaco
In recent months a noticeable surge has emerged among British Ultra-High-Net-Worth Individuals (UHNWIs) relocating their assets, and often their lives, to the Principality. Several factors are driving this trend, particularly as the UK’s financial environment shifts. To understand why this is happening, we sat down with Francesco Grosoli, CEO of CMB Monaco, a private bank that has been at the forefront of serving UHNW individuals for decades.
The changing UK financial landscape
One of the key reasons behind the influx of British UHNWIs to Monaco is the changing financial landscape in the UK. Grosoli highlights the impact of recent regulatory changes:
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“The UK’s financial landscape has undergone significant shifts, particularly with the end of the non-dom status and rising taxes. These developments have made many wealthy individuals reconsider where they should manage and grow their wealth”. Grosoli specifies: “Monaco, with its favorable taxation, political stability, and amazing quality of life, has become an attractive alternative”.
Indeed, the Principality’s longstanding reputation in terms of taxation is a powerful draw. With no personal income tax and a stable political environment, Monaco offers British UHNWIs financial benefits worth considering.
Privacy and security: Monaco’s competitive edge
But financial matters are not the only reason why Monaco stands out. For wealthy individuals, privacy and security are just as critical as tax efficiency. Monaco has perfected this balance over the years, becoming a discreet and secure haven for the world’s wealthiest. Grosoli explains:
“Privacy is something we pay great attention to at CMB Monaco, in line with the expectations of our clientele. Many of our clients value Monaco not just for its financial advantages, but because they know their personal lives and assets are protected here.”
He adds: “There is both physical and digital security in Monaco. The importance of this cannot be overstated, especially in the current geopolitical context”. Regarding the digital aspect, he further specifies: “In an era where cyberthreats are prevalent, CMB Monaco’s rigorous commitment to cybersecurity also provides UHNWIs with an additional layer of assurance.”
Why Monaco stands out among other financial hubs
While other regions such as Italy, Dubai, and Switzerland have also seen growing interest from British UHNWIs, Grosoli believes Monaco offers a unique combination of benefits.
“Monaco really has it all. While other places may have certain advantages, none offer the complete package that Monaco does”, he explains.
The Principality’s proximity to major European cities, excellent healthcare, and prestigious schools also play a role in its appeal, particularly for British families relocating their families – not just their assets.
CMB Monaco: leading the way for British UHNWIs
CMB Monaco has been instrumental in guiding British UHNWIs through this transition, offering bespoke services that cater to their specific needs. According to Grosoli, the bank anticipated this trend long before the recent changes in the UK.
“At CMB Monaco, we have been supporting UHNW individuals from the UK for a long time – well before these regulatory shifts took place. This isn’t just a trend for us. Our partnership with CREM for instance shows our determination to be an ally for foreigners coming to settle in our country; we know very well that the process of moving from one country to another is never an easy one, so we want to make the transition as smooth as possible.”
CMB Monaco has a dedicated UK Desk designed to address the requirements of British UHNWIs, offering services that combine international expertise with an understanding of Monaco’s unique financial landscape. From quick account openings to seamless electronic signatures, the bank ensures that the process is as efficient as possible for its clientele.
“We’ve been here to help British clients manage their wealth and transition smoothly to life in Monaco, and we will continue to do so”, Grosoli affirms.
A trend set to last
As the UK continues to reshape its financial policies, the exodus of British UHNWIs to Monaco shows no sign of slowing down.
As Grosoli concludes: “For many UHNWIs, Monaco represents more than just a financial strategy – it’s a lifestyle choice. And with institutions like CMB Monaco providing tailored support, the Principality is set to remain a top destination for British wealth in the years to come.”