Serbia is developing at a remarkable speed and wastes no time in anticipation of looming accession to the EU. Its capital, Belgrade, is becoming a real international hub where you will meet a mix of entrepreneurs, digital nomads, and investors from different countries. The country’s banking institutions are well-reputed as they provide excellent banking services that have a European quality but cost much less than on average in Europe. This is an appealing feature, and the local banks attract a lot of non-residents who can easily open a personal or corporate account here. In this post, we are going to discuss Serbian banking with an emphasis on currency control.
If you need more information on how to open an account in Serbia, welcome to our portal. We help individuals and entrepreneurs from all over the world open accounts, set up companies, buy real estate, and more via our local office in Belgrade. Serbia is a popular destination right now, so you will find a lot of articles on different aspects – or you can book an individual meeting with our expert to discuss your plans and get all the help you need. You can delegate all the administrative issues to us, and we will open an account for you online or with your personal visit (in this case, you will be accompanied by our local representative).
Banking in Serbia: Overview
Serbia is home to many international banks from Turkey, China, Russia, and Western Europe in addition to local ones. As the country is not subject to CRS reporting, you will have two great benefits: you will enjoy a high level of privacy and the currency control will be minimized.
Let’s look at the reasons for the popularity of the Serbian banking despite all geopolitical events:
- Reliable and versatile banking institutions. If you prefer international banks, you can choose one of the twenty global institutions that have their representative offices in the territory of Serbia and open a private or corporate account in virtually any currency.
- You can obtain premium services if you need to, such as bank guarantees, letters of credit, and special SWIFT payments.
- You can take advantage of e-banking with support in English, m-banking, an e-commerce platform, and various debit cards.
- Your deposits will have local insurance coverage (50,000 euros will be returned on a guaranteed basis).
- Quick and easy account opening procedure. This is true not only for the local residents but also for non-residents wishing to open a personal or business account.
- Absence of currency control. As a result, you will have no obstacles if you decide to engage in international transactions, commerce, investment activities, forex transactions, or bank transfers between different countries.
Sounds attractive? You can click on the link right now to talk to our consultant if you have any questions.
Currency Transactions: Serbian Laws
The success of any serious undertaking often depends on your thorough knowledge of the rules applicable in a particular field. Currency transactions you may want to carry out using your Serbian account are no exception! If you want to work with citizens and companies from across the world, you’d better study the Serbian laws to some extent.
Here are some extracts from the Serbian Currency Regulation Act that will be of use to investors planning to work in Serbia:
- If a foreign exchange agreement is made between residents of Serbia, it can only be signed if the amount mentioned in it is payable in the local currency (dinars).
- If you own a legal entity that is a Serbian resident, you can exchange foreign currency after getting permission from the National Bank of Serbia.
- Serbian residents are allowed to invest in short-term debt securities issued by the European Union and its member states, as well as the legal entities based therein.
- The right of ownership can be transferred from an individual or a legal entity to any company (regardless of whether it is a Serbian resident or not) free of charge.
- Serbian residents can purchase real estate in other countries at no fee as these transactions are beyond the radar of the local regulatory authorities.
- If a loan (credit) is provided to a resident of Serbia or a foreigner, it should be officially registered with the National Bank of Serbia by the party that is a Serbian resident.
- Payments made by the foreign holding company to an affiliated Serbian resident company are not considered a loan/credit.
- A foreign company branch is entitled to take long-term loans from a non-resident founder.
- The agreement should specify the amount payable – otherwise, the Serbian resident cannot issue money orders, receive funds, or make a transfer to a non-resident.
- Residents can obtain loans in any currency from the Bank of Serbia on the condition that the funds are used to pay for services provided from abroad or imported products.
- A company in Serbia has the right to register a PayPal account and receive/make currency payments to engage in commercial activities with companies based abroad.
- There are some conditions that may limit the Serbian resident company’s right to export or import products or services for foreign commerce to obtain similar payments free of charge or in the form of products or services.
- If the business is owned by a non-resident, the latter may provide this entity with core assets and consumer goods free of charge.
- If you pay for digital products, such as software, you can use foreign currency even if settlements are made between Serbian residents. However, you will need to use bank cards or electronic money via a service provider based in Serbia. The transaction is approved if the products you buy are provided electronically (not physically).
- Serbian company directors can receive payments in foreign currency (by wire transfer or in cash) if this amount covers the expenses on the business trip abroad.
We hope this information was useful and gave you a general idea about currency matters in Serbia.
If you have some questions, need more information, or want to talk to our expert, do not hesitate to click on the above link and take advantage of our portal and its experts! Open your Serbian account or company with our help – and get rid of all the administrative hassle!