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Account Opening in Serbia
- Thread starter GlobalConsult
- Start date
What is the source for claim that Serbia will become a SEPA member country in less then six months?
Here you go
https://rs.bloombergadria.com/tehno...1971/otvoreno-bankarstvo-uskoro-u-srbiji/news
SEPA from January 1
The Western Balkans should enter the Single Euro Payment Area (SEPA) common euro payment area from January 1 of next year, which should bring savings of half a billion euros to businesses and citizens every year and simplify payments with foreign countries. businessmen in the region have been insisting for a long time that it is, after all, part of the "Open Balkans" Initiative, but central banks are cautiously approaching the liberalization of foreign exchange outflows.
In June, the National Bank of Serbia (NBS) announced that, with this goal in mind, it had drawn up a draft of amendments to the Law on Payment Services, on which the professional public could comment or submit a proposal for amendment until June 27 of this year.
The Central Monetary Institution is currently considering the comments and suggestions of the expert public, and after that it will send the draft to the National Assembly for a vote.
https://rs.bloombergadria.com/tehno...1971/otvoreno-bankarstvo-uskoro-u-srbiji/news
SEPA from January 1
The Western Balkans should enter the Single Euro Payment Area (SEPA) common euro payment area from January 1 of next year, which should bring savings of half a billion euros to businesses and citizens every year and simplify payments with foreign countries. businessmen in the region have been insisting for a long time that it is, after all, part of the "Open Balkans" Initiative, but central banks are cautiously approaching the liberalization of foreign exchange outflows.
In June, the National Bank of Serbia (NBS) announced that, with this goal in mind, it had drawn up a draft of amendments to the Law on Payment Services, on which the professional public could comment or submit a proposal for amendment until June 27 of this year.
The Central Monetary Institution is currently considering the comments and suggestions of the expert public, and after that it will send the draft to the National Assembly for a vote.
From the same source
https://www.mei.gov.rs/eng/news/205...to-fulfil-legal-criteria-before-joining-sepa/
Hence, it may come and it may not
particularly for Serbia. Probably won't considering the political situation in Serbia as the current government will fall quite soon.An append to post. The question was asked in European parliament by serbian lobbyist
https://www.europarl.europa.eu/doceo/document/E-9-2019-002934_EN.html
and answered
https://www.europarl.europa.eu/doceo/document/E-9-2019-002934-ASW_EN.html
EEA members of SEPA are stable economies. The Serbia is Balkans wild west and it all comes down to VAT frauds, corruption and capital evasion. Not quite sure who will ever let that kind of country to have an access to anything relevant.
Given the fact that they are selling their citizenship to Russians and not the ones fleeing the chaos, any EEA/EU and NATO integration probably won't succeed anytime soon.
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There is absolutely no chance that Serbia will join SEPA next year. A personal account in Serbia can be open for foreigners, but only with visit and there would have to be an employment agreement with a local company at least. Another alternative is to open own business or buy real esate but that is more complicated and costly.
With employment agreement you will also need a proof of address. This can all be handled with a bit of work and if interested- contact me.
With employment agreement you will also need a proof of address. This can all be handled with a bit of work and if interested- contact me.
Last time I looked into that I was told that Serbian banks will withhold like 20% tax from any wires coming from abroad (or going abroad don't remember which one) and I immediatelly scratched it. However, please people with more experience here tell if that is no longer the case OR never was and I was mislead?
Because otherwise, it would be great banking location. In Europe, no CRS, relatively stable and solid jurisdiction.
Because otherwise, it would be great banking location. In Europe, no CRS, relatively stable and solid jurisdiction.
Thats not correct.
Banks have some fees, but that is in range of 0 - 25 EUR.
For example if you send from Unicredit bank in EU , to Unicredit Serbia, income fee was 0 EUR. That will probably be case for all banks which have international presence and branch in Serbia.
Most i paid on Big incoming transfers in EUR Currency as company is 25 EUR.
Banks have some fees, but that is in range of 0 - 25 EUR.
For example if you send from Unicredit bank in EU , to Unicredit Serbia, income fee was 0 EUR. That will probably be case for all banks which have international presence and branch in Serbia.
Most i paid on Big incoming transfers in EUR Currency as company is 25 EUR.
Dividend tax is Efective around 12.5% and tax on company profit is 15%.
Serbia have Crypto Currency law, and tax is also 15%. As far i know banks are not yet much Crypto Friendly.
Sometimes they might accept transfer , sometime no.
Serbia have Crypto Currency law, and tax is also 15%. As far i know banks are not yet much Crypto Friendly.
Sometimes they might accept transfer , sometime no.
The info above is not correct. The dividend tax is 20% in Serbia.
The law from 2021 recognizes crypto as "digital asset" but not as a tool for day to day use and payments. There are no crypto friendly banks as we are used to in other jurisdictions. However, yes, Serbia is indeed fantastic for banking, wide network of correspondent banks, no CRS, low banking fees, ability to get multicurrency account almost immediately, asset protection vehicles such as endowments (trusts)... Also it is the only jurisditcion in Europe where you can confidently receive money from Russia and send money to RUssia...Even in roubles. Should anyone be interested in that.
The law from 2021 recognizes crypto as "digital asset" but not as a tool for day to day use and payments. There are no crypto friendly banks as we are used to in other jurisdictions. However, yes, Serbia is indeed fantastic for banking, wide network of correspondent banks, no CRS, low banking fees, ability to get multicurrency account almost immediately, asset protection vehicles such as endowments (trusts)... Also it is the only jurisditcion in Europe where you can confidently receive money from Russia and send money to RUssia...Even in roubles. Should anyone be interested in that.
Not really. Taxation is applied only on profit, if we are talking about business account. If you need a personal account, then you really need to understand what you want to do. If you are not a tax resident in Serbia, then no need to pay taxes here. You can choose to either show or not show your account statements in the country where you are a tax resident in EU. Depends what privacy matters to you and what the ultimate goal for account opening is. Anyway there is an option to open an account under employment agreement, or you can act as a sole entrepreneur and in this case some small taxes apply. You can form an LLC company too, you can even open a trust and lower your taxation to very minimum... You can open a private account with just a passport in some banks if you are a HNWI. It all depends.
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