If you are living in France or simply have some operations in France where a transfer of funds is necessary, you are required to open a bank account in one of the banks registered in France. France’s banking system can surely be compared to other leading European countries, therefore no matter which bank you choose, you can expect a high-quality service and wide network of branches as well as ATMs in addition to online banking. Largest banks in France include BNP Paribas, Societe General, Credit Agricole, BPCE and Credit Mutuel, in addition to other multinational banks operating in France.

When it comes to the private banking sector, many people think of highly prestigious private banks that are positioned on customers with at least 1 million EUR in financial assets. Meanwhile, France’s private banking is welcoming individuals with financial assets starting from 100 thousand EUR. In fact, private persons who hold between 100 thousand and 1 million EUR represent around 50% of the total investments in the French market. Nevertheless, retail banking holds 75% of the market and almost 1 out of every 2 customers that are eligible for private banking services still tend to seek advice from a retail advisor.

Private banking is either one sector of a banking institution along with retail banking or a separate entity operating in only private banking. Generally, private banking offers a broad range of products and services. In addition to traditional services offered in retail banking, clients of private banking receive more individually designed services – a full range of fund management services, advice on securities, tax-shelter investments, private equity, management under mandate, advice and transactions of investment assets (art, rural property, real estate, etc.) and structuring investments.

Requirements of opening a private bank account in France
The process of opening a private bank account is rather straightforward but sometimes can be catchy as many bankers along with most of the French society do not like to speak English. Although private banking surely considers more the interests and needs of their clients, you should be ready to search for an English speaking private banker to feel comfortable trusting him or her with your assets.

The procedure and requirements tend to differ from bank to bank, but generally, the required documents are as per below:

Filled and signed application form (generally, in French but some banks offer English translations);
Copy of a valid passport;
Copy of a marriage certificate (if applicable);
Copy of a recent utility bill (generally, not more than 3 months old);
Proof of income;
The reservation contract or title of the property in France.
All private banks have a certain minimum amount of assets under management required in order to be able to become a client. As discussed above, you can find a private bank offering to open a private bank account starting from 100 thousand EUR in assets. There are numerous banks in France offering private banking services. Three of them are discussed below.

BNP Paribas
With more than 100 billion EUR in assets under management and 2,400 employees located in 23 countries, BNP Paribas Private Banking is among the leading private banking organizations worldwide. In France, BNP Paribas is managing around 45 billion EUR and serving 75,000 customers. BNP Paribas brand is the highest valued in France – in 2015, its brand was worth 14.7 billion EUR. It is also a leading bank in Eurozone, ranked 2nd in Europe and 8th globally in 2017.

Banque privée Edmond de Rothschild
Banque privée Edmond De Rothschild was ranked as the best private bank in France in 2016. With headquarters in Geneva, Switzerland it is dedicated to the wealth management of private as well as institutional clients. It was founded in 1923 as Banque privée but was bought by the Rothschild family and is currently a part of the Edmond de Rothschild Group.

Société Générale
Société Générale is a multinational banking institution headquartered in Paris offering a wide range of services including international retail banking, corporate and investment banking, asset management, private banking as well as securities services. Société Générale is the third largest bank in France by total assets and sixth largest in Europe.

Société Générale Private Banking has developed a Centre of Expertise for Wealth Planning and Fiduciary (Trust) Services for global wealth planning. Each year, the centre delivers over 1000 wealth studies in addition to in-house expertise in domestic and international wealth planning.

Practical advices
As mentioned above, when coming to France you have to keep in mind that French people do not like to speak English. Surely, when opening a bank account you want to be understood and be able to communicate freely also if you do not speak French. Therefore, it is highly suggested to make sure that your private manager speaks English or ensure you have a translator before opening an account with a certain bank.

Generally, banks are open from 09:00 to 17:00 in workdays, but some branches tend to have irregular opening hours (for example, half a day) and lunchtime closing is a rather normal appearance. Before opening a private bank account, make sure that the bank has opening hours convenient to you.

The monthly minimum wage in Liechtenstein is not regulated by the state. Liechtenstein has a public debt of 111.4% of the country's gross domestic product (GDP), estimated in 2012. In relation to consumer prices, the inflation rate in Liechtenstein is -0.7%. The currency of Liechtenstein is the Swiss franc. The Swiss franc is the official currency of Switzerland and Liechtenstein. It was introduced in 1798 to unify several currencies then in use in Switzerland. Switzerland is a stable currency to rely on for investment opportunities. The plural form of the word Swiss francs is francs. The symbol used for this currency is Fr, abbreviated to CHF. The Swiss franc is divided into centimes; there are 100 in one franc. Consumers spend around 2,799 million US dollars every year. The ratio of consumer spending to GDP in Liechtenstein is 0.05%, and the ratio of consumer spending to world consumer market is 0.81%. The corporation tax in Liechtenstein is 12.5%. Personal income tax ranges from 1.2% to 17.82% depending on your specific situation and income level. Value added tax in Liechtenstein is 8%.

Gross domestic product
The total gross domestic product (GDP) calculated as purchasing power parity (PPP) in Liechtenstein is 3 billion US dollars. The gross domestic product (GDP) per capita calculated as purchasing power parity (PPP) in Liechtenstein was most recently $83,868. PPP in Liechtenstein is considered very good in an international comparison. A very good PPP shows that citizens in this country find it easy to buy local goods. Local goods can include food, shelter, clothing, healthcare, personal hygiene, essential furnishings, transportation and communications, laundry, and various types of insurance. Countries with very good PPP are safe investment locations. The total gross domestic product (GDP) in Liechtenstein is 5.647 billion. Based on this statistic, Liechtenstein is considered to be of medium strength. Middle economy countries support an average number of industries and investment opportunities. It shouldn't be too difficult to find worthwhile investment opportunities in mid-sized economies. The gross domestic product (GDP) per capita in Liechtenstein was last at $148,001,573. The average citizen in Liechtenstein has very high assets. Countries with very high per capita wealth have a longer life expectancy and a very high standard of living. Highly skilled labor can be found in many industries and labor is very expensive in these countries. Very wealthy countries offer safe investment opportunities as they are often backed by a diverse and thriving financial sector. The annual GDP growth rate in Liechtenstein averaged 1.8% in 2014. According to this percentage, Liechtenstein is currently experiencing modest growth. Modest growth countries offer safe investment opportunities; Their expanding economy suggests that businesses, jobs and incomes will increase accordingly.

An offshore company is usually referred to as a company incorporated for the purpose of doing business outside of its country of registration. This means that such a company can be registered and operated outside the national borders of a person or company. This can be particularly worthwhile when it comes to legal, financial or tax advantages. A company can also legally move abroad to benefit from relaxed regulations, or in other words, to benefit from international laws. This is also the main reason why business people decide to set up a company abroad.

Some of the countries are deliberately making their local business attractive to leverage foreign capital and investment. The well organized and well known worldwide offshore destinations are UK, USA, Belize, Cyprus, Hong Kong, Dominica, Singapore, Seychelles, Panama and St Kitts & Nevis to name a few. Buying a business remotely these days is advantageous and easy to do.

Advantages of offshore companies
There are certain advantages of running an offshore company. For example property protection when a person has a lot of money and can take such an opportunity to protect them from lawsuits and divorce settlements. Another benefit is low taxes. Some jurisdictions are called tax havens due to the level of taxation that depends on the jurisdiction: tax exemptions, flat taxes, 0% capital gains tax, etc. The other advantage is related to international expansion when a company encounters many legal and bureaucratic issues in its homeland. Other benefits include: lower costs of doing business, tax deferral, compounding of deferred tax profits, easy annual reporting, multiple revenue streams, VAT savings on services, and anonymity.

Normally, the benefits to be derived from an offshore company depend on the jurisdiction of the offshore company and to some extent also on the laws of the country of residence of the owner of the company. Because of this, business people need to be mindful of the offshore jurisdiction they choose and take into account the local laws of that country.

Incorporation procedures for offshore companies
There are only a few basic steps that need to be taken to incorporate a company in Hong Kong, Belize, Seychelles or St Kitts & Nevis. Firstly, the costs of the basic services to form a company must be covered, which include a certificate of incorporation, a decision on renting an office and a list of directors (approx. €700). Second, there is an additional fee for privacy; depending on the chosen law firm (approx. 400 €). There is also a fee for opening a bank account with personal presence, which is required to open it for the sake of the businessman's security, a fee for obtaining a logo, rubber stamp, seal, name tag, as well as fees for apostille, virtual offices, etc. A person must provide their personal credit card details and contact information. There is also a mandate to be signed that specifies who has the right to control the opened bank account, add and remove signers and close it. It depends on the articles of association of the company.

Frequently, the above services may also optionally include the formation of international trading companies, the provision of a registered agent, the provision of business management, document preservation and business administration services, governance, equity participation, offshore fund formation, as well as assistance with the licensing of Offshore insurance includes companies and offshore banks, offshore bank account setup, virtual office services and corporate searches. These services can be offered and provided by professionals such as high net worth individuals, private entrepreneurs, professional advisors, accountants and legal advisers working in local businesses of local jurisdictions in Hong Kong, Belize, Seychelles or St Kitts and Nevis etc.

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