EmiratesSetup

Our valued sponsor

EmiratesSetup
SWISSMONEY Iban Accounts with Sepa
EmiratesSetup

How is banking in Serbia, can we open an accoutn there?

#42
Montenegro is better than Serbian banks, yet again you will be praying everytime the currency is stable and the tax authorities won't ask you questions, if it's 500 EUR or 50,000 EUR. If you consider withdrawing the funds every once in a while, most of them will issue you a MC card, and they have risk algo of ATM withdrawals which raise questions as well. Bottom line - unless you have business in the Balkans, these region is not recommended for offshore, from my experience.
 
#43
Jav said:
It is EUR.


In Montenegro was easy to open and no questions asked about residency.
Click to expand...
What bank did you open the account with and did you visit the bank in person?
 
#45
Guido said:
Montenegro is better than Serbian banks, yet again you will be praying everytime the currency is stable and the tax authorities won't ask you questions, if it's 500 EUR or 50,000 EUR. If you consider withdrawing the funds every once in a while, most of them will issue you a MC card, and they have risk algo of ATM withdrawals which raise questions as well. Bottom line - unless you have business in the Balkans, these region is not recommended for offshore, from my experience.
Click to expand...
If you can come up with better solution with no AEOI would be great to hear.
 
#50
Well, in Serbia you have some major EU banks i.e. Intesa, SocGen, CA, Russian VTB, SberBank, Turkish Halk and Chinese BoC as well as Serbian banks such as AIK mts, Postanska etc.. Majority of banks require (for non-residents) corp. owners ID, corp. registry extract not older than 90 days... I don't see anything special or beneficial to have a bank acc. in Serbia. I think it is easier to open an account in Montenegro (Note: I did not open an account in Montenegro)
 
#52
Guido said:
Montenegro is better than Serbian banks, yet again you will be praying everytime the currency is stable and the tax authorities won't ask you questions, if it's 500 EUR or 50,000 EUR. If you consider withdrawing the funds every once in a while, most of them will issue you a MC card, and they have risk algo of ATM withdrawals which raise questions as well. Bottom line - unless you have business in the Balkans, these region is not recommended for offshore, from my experience.
Click to expand...

I am sorry, but Serbian banks are MUCH better than Montenegro banks ... but it is easier to get bank account for non-residents in Montenegro. With the right approach and bank, it is doable in Serbia as well.
 
#54
Guido said:
Montenegro is better than Serbian banks, yet again you will be praying everytime the currency is stable and the tax authorities won't ask you questions, if it's 500 EUR or 50,000 EUR. If you consider withdrawing the funds every once in a while, most of them will issue you a MC card, and they have risk algo of ATM withdrawals which raise questions as well. Bottom line - unless you have business in the Balkans, these region is not recommended for offshore, from my experience.
Click to expand...

I am interested in your advice about "....is not recommended for offshore". Could you explain me why is not good?
Thank you
 
#56
Guido said:
Montenegro is better than Serbian banks, yet again you will be praying everytime the currency is stable and the tax authorities won't ask you questions, if it's 500 EUR or 50,000 EUR. If you consider withdrawing the funds every once in a while, most of them will issue you a MC card, and they have risk algo of ATM withdrawals which raise questions as well. Bottom line - unless you have business in the Balkans, these region is not recommended for offshore, from my experience.
Click to expand...

Do you have experience with bigger withdraws (10s of thousands of EUR) there and if they caused any problems? Do you have to order the withdraw in advance and wait couple of days?

Jav said:
I am watching a middle east option at the moment and even consider going there soon but for me (EU citizen) Montenegro is a great solution for now.
Click to expand...

I would ask you the same questions as above.
 
#57
MarioSmith said:
Here is the summary I received from my Serbian partner - reputable banking lawyer:



Main problem with non-resident companies and accounts in Serbian banks is that foreign company need Serbian tax number in order to open accounts.

It’s relatively easy to obtain it. This tax number is main connection to Central bank and there are reports which have to be filed by the bank.

Even if you find bank who accept the non-resident client without such number, it’s because they have no previous experience.

After two months, when Central bank start to require information and documents, they will either propose astronomical charge or they will close the accounts if you don't have this number.
And with this number you need to fill up documentation every month - if you don't do it, your account will be blocked.

Another thing:
Please note: In Serbia there is a relatively new tax rule.
We have 52 jurisdictions which are considered as off-shore tax heavens.
If you make a payment to this 52 countries for services, the company will be liable for 20-25% tax on the amount remitted abroad. In order not to be liable for this tax, counterparty must provide Tax Resident Certificate which will prove that company’s management is actually doing business from this country.
Click to expand...


Does that apply only to business accs and not to personal ones?

Any chance to know those 52 jurisdictions?
 
#58
Montenegro is much closer to join the European Union than Serbia. It' richer, and much more business-friendly. I would not sleep well with my money in Serbia. Until Montenegro joins the AEOI countries, it remains the best option, but it's far from perfect. Bank transfers are slow. You fill the form on your bank's website, you send an invoice by email, but it needs to be validated, which requires at least a day. I regret Switzerland...
 
  • Like
Reactions: Cetme308win
#59
Just a note about Serbia.
For example in country of my residence, Serbia present in list of forbidden countries for make transfers (not possible to send or receive money from banks there).
So it limit usage of banking.
Also a lot of services have Serbia in sanctioned lists like a Iran, Afganistan, etc.
So it need to be careful with using Serbian banking.
 
#60
countryfree said:
Montenegro is much closer to join the European Union than Serbia. It' richer, and much more business-friendly. I would not sleep well with my money in Serbia. Until Montenegro joins the AEOI countries, it remains the best option, but it's far from perfect. Bank transfers are slow. You fill the form on your bank's website, you send an invoice by email, but it needs to be validated, which requires at least a day. I regret Switzerland...
Click to expand...
Lets keep the discussion about Serbia as toppic starter already indicated :)
 
You must log in or register to reply here.
The Kingdom Bank

Forum Announcement

Latest Threads

SWISSMONEY Iban Accounts with Sepa
The KingDom Bank
Offshore Bank Accounts
Top Bottom
Back