I want to ask if Serbia is non crs country and what bank should I choose? Because some of the Banks in Serbia also exist in my country and these are reportable under crs(at least when i open an account here in my country). So going physical there and open a bank account will make these accounts to not be reportable even if the person(me) is reportable?
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Serbia will report to crs ? What bank to choose from serbia?
- Thread starter leeman
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Let's take Erste Bank in Serbia and Austria as an example.
Banks are subject to the laws of the country they are licensed and operating in. Erste Bank in Serbia does not follow Austrian law, it follows Serbian law. It doesn't matter where the bank is headquartered or has other branches/subsidiaries. Until Serbia becomes CRS compliant, it would likely be illegal for Erste Bank in Serbia to report information about your account unless required to do under Serbian law. Erste Bank in Austria does not have access to your account information.
Banks are subject to the laws of the country they are licensed and operating in. Erste Bank in Serbia does not follow Austrian law, it follows Serbian law. It doesn't matter where the bank is headquartered or has other branches/subsidiaries. Until Serbia becomes CRS compliant, it would likely be illegal for Erste Bank in Serbia to report information about your account unless required to do under Serbian law. Erste Bank in Austria does not have access to your account information.
@leeman, in addition to what you learned from @Sols, you may want to read this Account Opening in Serbia
(in general, using a search function with proper keywords is highly recommendable – I see that you are new here
)
Not to forget, the explicit answer to your question “if Serbia is non crs country” is yes – Serbia is listed by OECD between “Developing countries not asked to commit and that have not yet set a date for the first year of exchanges” (45 countries as of 2024-01-03).
(in general, using a search function with proper keywords is highly recommendable – I see that you are new here
)Not to forget, the explicit answer to your question “if Serbia is non crs country” is yes – Serbia is listed by OECD between “Developing countries not asked to commit and that have not yet set a date for the first year of exchanges” (45 countries as of 2024-01-03).
Unicredit , Raiffaisen and so on.
All banks in Serbia operate based on SWIFT.
You will need to fill one document which ever bank you use when you have incoming international payment to Serbian bank. There basicly you fill statistics code for goods or services you provide.
All banks in Serbia operate based on SWIFT.
You will need to fill one document which ever bank you use when you have incoming international payment to Serbian bank. There basicly you fill statistics code for goods or services you provide.
They have not implemented AEOI yet as of today. They have however signed up already to the Multilateral Convention on Mutual Administrative Assistance (MCAA) and have signed up to Exchange of information on request (EOIR). No date has been set for when they will join.
Serbia:
| Automatic exchange of information (AEOI) | |
|---|---|
| Commitment to AEOI (CRS) | not committed to a specific date |
| CRS MCAA signed | not applicable |
| Review of the AEOI legal frameworks | not yet reviewed |
| Initial review of effectiveness in practice of AEOI | not yet reviewed |
| Mutual Administrative Assistance Convention | in force |
| With respect to the Commitment to AEOI (CRS), the Global Forum on Transparency and Exchange of Information for Tax Purposes endorsed the AEOI Standard in 2014. As a Global Forum member, this jurisdiction is committed to the implementation of the Standard. However, this jurisdiction has not yet been required to commit to a date to commence exchanges and has not yet decided on such a date. |
unfortunately in serbia is require a proof that you have some permanent motivation to open a bank account like wife, work and so on..... can someone recommend a bank from a country no crs that I can open an account online ?
Not necessarilly or it is manageable – see this thread Account Opening in Serbia ; but it is inevitable to come in person.
You can go either for a branch of some well known international bank – my personal bet would be Raiffeisen of ProCredit, or for some local one (I have no idea). Personally I would probably go for Halkbank (a branch of a Turkish major bank) but it is based just geopolitically, no personal experience neither insider information...
I am afraid it's difficult to find. Non-AEOI/CRS countries are usually “not so digital”. Of course exceptions may exist. E.g. you can read this Bangladesh Offshore Banking Units and give it a try as one of the pioneers
Yet Zenus.com recommended above can be your good bet. As correctly said, it's not “a standard bank” but Puerto Rican International Financial Entity; but it's nothing wrong, IMO. There are positive references with them.
This is really an interesting information, @leeman. Could you please share here what you exactly asked and how exactly they replied? It will be really appreciated!
For the background, you can read here Zen.com and CRS? – or I can explain it to you in PM, if you like (it is off-topic for this thread).
Any bank in Europe will report under CRS - keep that in mind and you won't get troubles with your tax office!
You got Puerto Rico and the below countries to look through for a decent bank. It would be difficult for me to recommend any.
Algeria, Angola, Belarus, Benin, Bosnia and Herzegovina, Botswana, Burkina Faso, Cabo Verde, Cambodia, Chad, Congo (Republic of the), Côted’Ivoire, Democratic Republic of the Congo, Djibouti, Dominican Republic, Egypt, El Salvador, Eswatini, Fiji, Gabon, Guatemala, Guinea, Guyana,Haiti, Honduras, Lesotho, Liberia, Madagascar, Mali, Mauritania, Namibia, Niger, North Macedonia, Palau, Paraguay, Philippines, SierraLeone, Tanzania, Togo, Uzbekistan, Viet Nam, Zambia, Zimbabwe
Hello,
The Kingdom Bank's services are including Serbia, and all of our processes are completely online.
We would be happy to assist you further. Please feel free to contact our dedicated support team via Live Chat at thekingdombank.com or through the following channels:
The Kingdom Bank
The Kingdom Bank's services are including Serbia, and all of our processes are completely online.
We would be happy to assist you further. Please feel free to contact our dedicated support team via Live Chat at thekingdombank.com or through the following channels:
- Email: [email protected]
- Schedule a Meeting: calendly.com/meetthekingdombank/hello
- Telegram: The Kingdom Bank
The Kingdom Bank
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