Banking in a Non-CRS Jurisdiction: Why Serbia Is a Global Financial Privacy Hub

The Common Reporting Standard (CRS) was developed by the OECD (Organisation for Economic Co-operation and Development) to crack down on offshore tax evasion. Under CRS, over 120 countries now automatically share banking data across borders.

This means your financial information — account balances, dividends, interest, and more — could be reported to your home country's tax authorities, even if you no longer live there.

But Serbia is not a participant in the CRS system. Serbian financial institutions do not automatically exchange your banking data with foreign tax authorities. That’s a game-changer for many.

Here’s why Serbia stands out:

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  ❌ No CRS Participation
  
  Serbia has not signed the Multilateral Competent Authority Agreement. Its banks are not required to report account holder information for international exchange.
  
  

  
  


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  ✅ Local Laws Apply
  
  Even if a Serbian bank has foreign ownership (like OTP from Hungary or Banca Intesa from Italy), they must operate under Serbian banking laws while inside Serbia. Your information stays here.
  
  

  
  


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  🔒 Banking Confidentiality
  
  This creates a privacy-friendly environment for residents and non-residents alike — ideal for individuals seeking discretion.

  
  

In CRS-compliant jurisdictions, banks collect and report:

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  Full name and address

  
  


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  Date of birth and tax ID

  
  


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  Bank account numbers

  
  


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  Financial institution details

  
  


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  Year-end balances

  
  


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  Interest, dividends, and asset sale proceeds

  
  


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  Insurance policies and annuity contracts
  
  

  
  

In Serbia, this level of automatic financial disclosure simply doesn’t happen.

Serbia’s unique status is especially attractive to:

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  📈 Investors & Entrepreneurs
  
  Looking for operational banking with lower international exposure.
  
  

  
  


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  🌍 Digital Nomads & Remote Workers
  
  Who want EU-adjacent access without the reporting burden.
  
  

  
  


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  💰 High-Net-Worth Individuals
  
  Seeking privacy and control over multi-jurisdictional finances.
  
  

  
  

But to unlock full access to Serbia’s banking system, you must physically be in the country — and ideally, become a temporary resident or corporate entity owner.

Let’s clear up some confusion:

❓ “Can I open a Serbian bank account remotely?”

No. You must be in Serbia in person. Remote openings aren't permitted.

❓ “Can I use a Serbian bank account while living elsewhere?”

Technically yes, but you won’t get online banking or debit card access unless you’re a resident. You’d need to visit a local branch for every transaction.

❓ “Do foreign-owned banks in Serbia report to CRS countries?”

No. All banks operating in Serbia — regardless of foreign ownership — must follow Serbian law, which does not mandate CRS reporting.

The CRS is based on tax residency, not citizenship or location. So even if you bank in Serbia, you could still be reported by banks in other countries if:

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  You haven’t formally broken tax ties with your home country.

  
  


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  You spend less than 183 days in Serbia per year.

  
  


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  You’re not a registered tax resident here.
  
  

  
  

To be considered a tax resident in Serbia, you must:

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  Spend 183+ days/year in Serbia

  
  


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  Cut tax ties with your origin country

  
  


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  Possibly set up a business or establish legal residency
  
  

  
  

At Relocation Serbia, we help clients transition their tax residency legally and strategically.

No, but it's one of the few in Europe with this status. Others include:

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  United States (uses FATCA instead of CRS)

  
  


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  Montenegro

  
  


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  Georgia

  
  


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  Thailand

  
  


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  Cambodia

  
  


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  Philippines
  
  

  
  

Even Switzerland, Austria, and Singapore — once known for private banking — now fully participate in CRS.

There’s no one-size-fits-all answer — but here's what to consider:

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  OTP Bank: Hungary-based, remained operational in Russia, known for privacy-first operations.
  
  

  
  


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  Local Serbian banks: Often offer better privacy and flexibility than Western-owned institutions.
  
  

  
  


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  Diversification is key: We recommend multiple bank accounts to hedge systemic risks.
  
  

  
  

Our team can guide you in choosing the right institution based on your profile and goals.

Just because Serbia doesn’t report your account, you may still be required to self-report foreign assets to your home country.

For example, U.S. citizens must comply with FATCA reporting. Canadians, Brits, and EU citizens may also need to declare offshore accounts.

That’s why it’s crucial to:

✅ Seek legal and tax advice before opening any offshore account

✅ Work with professionals who understand your home country's reporting laws

If you’re serious about banking privacy, tax planning, and legal relocation — Serbia is a strategic option.

We help clients with:

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  ✍️ Bank account setup (personal & corporate)

  
  


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  🏢 Business formation

  
  


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  📄 Temporary & permanent residency

  
  


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  📈 Tax residency optimization

Relocation and financial privacy don’t have to be complicated — but they do have to be done right.


Our experts can help you:

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  Establish tax residency in Serbia

  
  


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  Open fully functional bank accounts

  
  


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  Structure your finances legally

  
  


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  Avoid costly mistakes

👉 Book your consultation now with our legal and relocation team to find the best solution for your citizenship and residency goals.