Serbia will report to crs ? What bank to choose from serbia?

[leeman]

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?

 

[Sols]

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.

 

[leeman]

Thank you .So then all Banks that are physical in serbia will operate under serbian‌ law?

 

[Sols]

Correct. Let's say you open two accounts with Erste Bank: one in Serbia and one‌ in Austria. Only the bank account in Austria is reportable under CRS. The one in‍ Serbia is not.

 

[leeman]

Thank you so much for clarify this

 

[Forester]

@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).

 

[leeman]

Thank you but I find hard what bank to choose right now I have revolut‌ and want to transfer the funds via top up or bank transfer (usd,eur).

 

[user123434]

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.

 

[andorra]

When Serbia will join CRS? any concrete info?

 

[Martin Everson]

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 Forum︀ member, this jurisdiction is committed to the implementation of the Standard. However, this jurisdiction has︁ not yet been required to commit to a date to commence exchanges and has not︂ yet decided on such a date.

 

[Piano]

Are there any banks you would recommend ?

 

[leeman]

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 ?

 

[Piano]

Zenus.com in Puerto Rico…but not really a bank ..

 

[Martin Everson]

If you‌ mean banks in Serbia then none come to mind.

 

[leeman]

Not in serbia but non crs banks or trusted app like zen (however‌ contacting at support at zen they confirm they report crs so then zen is not‍ good )

 

[Forester]

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 neither︀ insider information...

I am afraid it's difficult︂ 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 one︄ 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 what︉ you exactly asked and how exactly they replied? It will be really appreciated!
For the︊ background, you can read here Zen.com and CRS? – or I can explain it to︋ you in PM, if you like (it is off-topic for this thread).

 

[EliasIT]

Any bank in Europe will report under CRS -‍ keep that in mind and you won't get troubles with your tax office!

 

[Martin Everson]

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

 

[clemens]

Try kingdom bank, they have a repr.‌ here @The Kingdom Bank

 

[The Kingdom Bank]

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:

• Email: [email protected]
  
• Schedule a Meeting: calendly.com/meetthekingdombank/hello
  
• Telegram: The Kingdom Bank
  

Best regards,
The Kingdom⁠ Bank