It is EUR.
In Montenegro was easy to open and no questions asked about residency.
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It is EUR.Thanks, you haven't said it, but I assume this is an EUR account you have, right?
In Montenegro was easy to open and no questions asked about residency.From my experience most banks want you to be a resident.
Its in my previous posts - CKB and personal visit. For me it was 7 hours driving so no big deal.What bank did you open the account with and did you visit the bank in person?
If you can come up with better solution with no AEOI would be great to hear.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.
Is it secure to travel to serbia? What requirements do the banks have there in regards to documents? I'm a European citizen.Personal visit is a must for pretty much every bank there
Is it secure to travel to serbia? What requirements do the banks have there in regards to documents? I'm a European citizen.
Is it secure to travel to serbia? What requirements do the banks have there in regards to documents? I'm a European citizen.
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.
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.
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.
More stable, better customer support, lower fees, better credit rating ...What exact is better in banka of Serbia?
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.
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.
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.
Lets keep the discussion about Serbia as toppic starter already indicatedMontenegro 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...
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