The process is as follows: (1) Open a Custodial Account with Prominence Bank dedicated for the SKR service. This involves an application and a one-time fee of €25,000 (similar to our standard account opening fee) . (2) Execute a Custodial Agreement detailing the terms of what asset we will hold and for how long. (3) Deposit the Asset – physically deliver the asset to our vault or transfer the ownership into our custody (depending on the asset type). We can assist with logistics for transport and appraisal. (4) Prominence Bank issues the Safe Keeping Receipt document, detailing the asset and confirming our custody. The cost structure: there’s the initial €25k account setup, and additionally a fee equal to 2% of the asset’s face value which is due within six months of the SKR issuance (or at the time you obtain a loan against the SKR, whichever comes first) . This effectively means you don’t pay the 2% immediately; you have up to 6 months, giving you time to monetize the SKR. There is generally no ongoing “storage fee” for the first six months. If the asset remains longer, a storage or renewal fee might apply annually. We pride ourselves in not charging any upfront holding fee besides the account opening – you only pay the bulk (the 2%) after the SKR has been issued and presumably helped you secure financing.
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