Opening non-resident European bank accounts is a hot topic for many entrepreneurs and individuals around the world who
- have business interests in Europe;
- need to keep costs down when trading internationally;
- want to deposit wealth on accounts in Euro to protect it against currency swing;
- have more confidence in European banks than in offshore banks elsewhere in the world;
- look for premium customer services in a non-AEOI country;
- need advanced East-West banking solutions;
- or have other reasons.
This article reminds you again that everybody is welcome to Serbia’s business friendly environment to take advantage of the Serbian banking system and its openness to other nationals and foreign companies. The current government in Serbia is highly supportive of foreign investment.
There are at least 4 very good reasons to set-up non-resident personal or business bank accounts in Serbia.
- Banking in Serbia for GREATER INTERNATIONAL PROSPECTS and non-resident European bank accounts
The Serbian banking sector’s significant advancement is at the heart of the overall economic growth, improvement of the business environment, social transformations, and regional reforms.
Serbia attracts investments from China, Germany, and many other successful economies of the world. They have prompted the diversification of financial services, promotion of the banks’ high-quality standards, development of mutually beneficial international cooperation.
Serbia maintains duty-free trade with
- the EU
- the USA
- members of the Eurasian Economic Union (EAEU) – Russia, Kazakhstan, Belarus, plus Armenia and Kyrgyzstan are also getting involved
- the European Free Trade Association (Norway, Switzerland, Iceland, and Liechtenstein)
- the agreement with Japan on preferential duties.
Serbia is not a WTO member yet. But its banking system includes nearly 30 banks oriented towards worldwide markets and representing 7 regions:
- the EU
Notably, Serbia is not a member of the EU, its legislation is not fully aligned with the EU regulations and standards. European-class premium banking services can be more affordable in Serbia than in most banks across Europe.
Serbia is not blacklisted, which means that very little can limit your international income-generating activities and payments. Serbian banks have excellent international reputations, and this helps their clients in their business relations and international endeavors.
Before we share more facts about the benefits of non-resident personal or corporate accounts with Serbian banks, let us invite you to book a FREE one-on-one online consultation with our experts to discuss your plans and possible practical solutions.
- Hello Serbia for the CRS-FREE ZONE and non-resident European bank accounts
Non-residents are taxed only on their income generated in Serbia.
Serbia does NOT participate in the automatic information exchange agreements (AIEAs) under the OECD Convention on the Common Reporting Standard (CRS) and has not announced any date to sign it in the foreseeable future. However, in 2019 Serbia entered the Multilateral Convention on Mutual Administrative Assistance in Tax Matters supported by 129 states under the OECD.
- Hello Serbia for the FOCUS ON YOUR NEEDS and non-resident European bank accounts
Serbia is one of the few European countries that enables foreigners to open accounts with Serbian banks. Our experts encourage you to discuss the strategy of your accounts opening with consideration of the following facts.
- A personal account set-up generally requires an in-person visit and application. But you can discuss with experts possible options. It is also possible to open personal accounts without visiting the bank by giving a limited power of attorney to a lawyer in Belgrade.
- You can open a corporate bank account remotely on the same basis, especially if you hire a local manager.
- Banks consider applications on a case-by-case basis and are more likely to give preference to locally incorporated companies or branches of foreign/offshore companies as opposed to pure non-resident companies.
- It is therefore possible to open accounts for offshore companies. However, you should seriously consider opening an account for a branch of your company in Serbia as opening of pure non-resident accounts is only possible in exceptional circumstances
- Registration of a local branch is quite affordable and is a favorable strategy in many ways. It develops European substance for an offshore company that can also be useful for opening accounts in banks in other countries.
- The bank application requirements are more customer-friendly, and the procedure is faster than in other jurisdictions: if the application portfolio is carefully compiled, and the entity raises no questions, the decision can be available within 1 week.
- Customer service is available in English.
- You can open a bank account in the most popular world currencies – EUR, USD, GBP, RSD (Serbian dinar), etc.
- Hello Serbia for REASONABLE RATES for non-resident European bank accounts
The Serbian banks offer stunningly affordable and competitive rates for the set-up and maintenance of accounts, compared to many developed banking systems in Europe, such as Austria and Switzerland, for example.
|The set-up fee for opening an account in Serbia||from EUR 3,000|
|The minimum deposit||from EUR 0.00|
|The transaction fee||0.25 – 0.4 %|
Deposits in Serbian banks are insured. The coverage limit is up to EUR 50,000. This is a guaranteed amount, which will be reimbursed in case of the bank’s failure. This amount is smaller than in the EU banks, but the total of all Serbian banks’ advantages is more important.
Please note that our experts are ready to discuss with you your needs and recommend the most suitable of the most reputable international banks in Serbia that work with offshore clients.
For more information about opening a bank account in Serbia, both personal and corporate, resident or non-resident, please contact us at the e-mail address given at the top of this page or book a FREE session with our experts by clicking on the picture above and filling out the online form.
Documents required for opening non-resident European bank accounts in Serbia
For a corporate account, you will need to submit to the bank for account opening:
- an Extract from the Register, no older than 3 months, apostilled, translated by an authorized translator in Serbia (the original copy must be provided);
- a certificate of the top managers’ Authority, apostilled, no older than 3 months, translated by an authorized translator in Serbia (the original copy must be provided);
- a Certificate of Good Standing;
- a Certified and apostilled Power Of Attorney for opening a corporate account;
- the Articles of Association and other official documents of your company (translated into Serbian);
- Description of the company’s business activities;
- Copies of passports for beneficiaries and top managers (directors, managers).
For a personal account, you will need to submit to the bank:
- the Passport;
- the second Passport or residence permit issued by another country, if you have citizenship of one country and reside in another;
- a document proving your residence address (utility bill not older than 3 months);
- the bank forms (we can offer assistance in filling them out).
IMPORTANT: the list of documents and the requirements for their submission are subject to each bank’s regulations and need to be specified.
Procedure for the remote opening of non-resident European bank accounts in Serbia
1. Contact us at firstname.lastname@example.org and tell us about your wish to open an account in Serbia remotely.
2. Pay for the service of opening a bank account in Serbia. For details of our fees, please contact us to discuss your requirements.
You can pay by a bank transfer, by card, via Pay Pal, Western Union, or major crypto tokens.
- Translation of documents into the Serbian language
- Registration of the Power Of Attorney via a local notary (optional);
3. Draw up all the documents according to the list above.
4. After receiving all the required documents and full payment, we will start the procedure of opening your company’s bank account in Serbia. You are welcome to visit us in Belgrade or not as you choose.
You are welcome to take the first step – book a FREE private online consultation right now.