PROPERTY · RENTAL INCOME · UPDATED SEPTEMBER 2026
Renting out property in Serbia as a foreign owner (2026): short-term vs long-term lets, registration, taxes, property management and what you can realistically earn in Belgrade and Novi Sad
Yes — a foreigner who owns an apartment or house in Serbia can rent it out, either long-term to a tenant or short-term to guests (Airbnb, Booking), but the two are regulated very differently. A long-term let needs a written lease, and the rent is taxed at 20% after a 25% standard cost allowance — about 15% of the gross rent. A short-term let is a hospitality business under the Law on Hospitality: the unit must be categorised by the city, the host must be registered in the state guest system (eTurista), every guest must be recorded, and an individual host pays a fixed annual tax per bed plus tourist tax. Operating without registration carries fines of up to 350,000 RSD for an individual. In 2026 Belgrade apartments return roughly 6% gross on long-term lets (Novi Sad about 4.3%); short-term lets can gross more, but costs and vacancies typically take 45–60% of the revenue. Whether you let it yourself, through a manager, or through a Serbian company depends on how many units you have and what you want from them.
Most foreigners who buy in Belgrade or Novi Sad ask the same question within a month of getting the keys: should I rent it out, and how? The answer turns less on the market than on the rules — which registration you need, how the income is taxed, who reports the guests, and who fixes the boiler at 11 p.m. This guide, checked against the Law on Hospitality, the Personal Income Tax Law and 2026 market data, explains how renting works for a foreign owner, what it realistically earns, and where owners get caught out. It is written to help you decide; the purchase, the legal set-up and the connections to a reliable manager are what our property services are for.
Can a foreigner rent out property in Serbia?
Yes. Whether you can own the property is decided by reciprocity between Serbia and your country (see our reciprocity guide); once the title is registered in your name, the right to let it follows. For short-term letting, the Law on Hospitality (Official Gazette 17/2019) allows an individual who is the owner or co-owner of an apartment, house or room to host guests; a co-owner needs the other owners' written consent. The law sets no citizenship requirement. What it does require is a set of registrations with the city and the state systems, and a Serbian tax identity for the income — and those are the steps where owners who live abroad most often get stuck, because the systems are built around local documents and Serbian-language procedures.
Two points to settle before you list the property. If you bought through a Serbian company, it is the company that lets the property, with company accounting and taxes. And if the apartment is also the basis of your residence permit, letting it out raises questions about that permit that should be answered before you sign anything.
Short-term or long-term: the comparison
| Factor | Long-term let (30 days and more) | Short-term let (Airbnb, Booking) |
|---|---|---|
| Legal framework | Law on Housing and Building Maintenance; written lease | Law on Hospitality 17/2019: accommodation in private premises ("domaća radinost") |
| Registration | No hospitality registration; foreign tenants must be registered with the police within 24 hours of moving in | City categorisation (valid 3 years), host registration in eTurista, every guest recorded, foreign guests registered within 24 hours |
| Tax for an individual owner | 20% on rent after 25% standard costs ≈ 15% of gross, self-assessed within 30 days of each payment when the tenant is a private person | Fixed annual tax per bed (based on the average wage and the destination category), plus a per-bed tourist tax |
| Typical gross return, Belgrade 2026 | About 6% of the property value (Global Property Guide, Q3 2026) | Higher gross, but occupancy estimates range from 42% to 62% and running costs take 45–60% of revenue |
| Work involved | Low once let; repairs and one tenant relationship | High: pricing, cleaning, check-ins, reviews, daily guest records |
| Main risks | Non-paying tenant, vacancy between tenants | Fines for unregistered hosting, vacancy, neighbour complaints, wear and tear |
The rules for short-term letting
An individual may host up to 30 beds and 30 guests in apartments, houses or rooms; above that, or when you offer services beyond accommodation, the law expects a company or registered entrepreneur. Before the first guest arrives, the unit must be categorised: the local authority inspects it and issues a decision that sets the category and the number of beds, valid for three years. The host must then be registered in the Central Information System (eTurista), and every guest must be entered into it — the portal is also how foreign guests are registered with the police, which the law requires within 24 hours of arrival. An intermediary or agency is not required, but the obligations stay with you if you use one.
Unregistered listings are the most common problem. Guidance published in 2026 puts the fine for an individual who hosts without categorisation, without eTurista registration or without recording guests at 150,000 to 350,000 RSD (about €1,300–3,000), and platforms, tax inspectors and neighbours all report listings. A property that is not categorised is not a legal short-term rental, however many reviews it has.
The building matters too. The current Law on Housing and Building Maintenance contains no specific restriction on short-term letting, and a 2023 proposal that would have required the residential community's consent for business use of an apartment has not been adopted. But house rules, noise complaints and a hostile building manager can still make short-term letting difficult in practice — which is worth checking before buying a unit specifically to let it.
How rental income is taxed
| Situation | How it is taxed (2026) | Who pays |
|---|---|---|
| Individual, long-term let | 20% on the rent after a 25% standard cost deduction (actual costs can be claimed with evidence) — about 15% of the gross rent | Owner self-assesses within 30 days of each payment if the tenant is a private person; a company tenant withholds it |
| Individual, short-term let | Fixed annual tax: 5% of the previous year's average monthly salary × number of beds × category coefficient (5.00 for Belgrade and Novi Sad), taxed at 20% — roughly 7,500 RSD (about €64) per bed per year on 2025 wage data (our estimate) | Owner, on a tax decision; paid quarterly |
| Individual, tourist tax | Annual lump sum per bed set by the city — up to 3,300 RSD per bed in top-category destinations such as Belgrade | Owner, charged by the city from eTurista data |
| Company or entrepreneur, short-term | 15% corporate tax on profit; 10% VAT on accommodation once registered for VAT (mandatory above 8 million RSD turnover in 12 months); tourist tax collected per guest-night | The company |
| Tourist tax per night (companies), from 15 October 2026 | New government decree: 190–240 RSD per night in top-category destinations (Belgrade and Novi Sad were at about 160 RSD before) | Collected from the guest, paid monthly |
The fixed-tax regime is one of the reasons short-term letting by individuals is attractive in Serbia: the tax does not rise with revenue. The trade-off is that it is only available within the hospitality rules — an unregistered host is not on the fixed regime at all, and non-residents also need to consider how the income is treated in their home country — and how rent is paid and moved (see sending money to and from Serbia). Our tax and bookkeeping service handles the filings for owners who do not want to track Serbian deadlines from abroad.
What you can realistically earn in Belgrade and Novi Sad
Prices have risen faster than rents. The Republic Geodetic Authority's figures for the first half of 2026 put the average apartment in Belgrade at €3,219 per m² (up about 14% year on year) and in Novi Sad at €2,359 per m². Global Property Guide's Q3 2026 survey puts gross long-term yields at about 6.0% in Belgrade (one-bedroom around €650 a month, two-bedroom around €1,000) and 4.3% in Novi Sad. For short-term lets the sources disagree sharply: AirDNA reports about 5,100 active Belgrade listings with 62% occupancy and an average nightly rate of $65 over the 12 months to August 2026; a more conservative investor analysis plans on 42% occupancy and running costs of 45–60% of gross revenue.
| Illustration: €150,000 one-bedroom in central Belgrade | Long-term let | Short-term let |
|---|---|---|
| Gross income per year | €7,800 (€650 a month, fully let) | About €8,300–12,400 (≈$65 a night at 42–62% occupancy) |
| Running costs | Low — repairs, void periods, agency fee on a new tenant | 45–60% of revenue: cleaning, laundry, platform fees, utilities, management, wear |
| Tax (individual owner) | ≈15% of the rent | Fixed per-bed tax and tourist tax — small in euro terms |
| Rough net before financing | ≈€6,000–6,500 (about 4% net) | ≈€3,300–6,800 (about 2–4.5% net), with far more work and variability |
These are illustrations built from the published averages above, not a forecast for a specific apartment, and they assume a cash purchase — financing changes the picture (see mortgages for foreigners): location, layout, furnishing and management decide where a property lands in the range. The point they make is consistent with what we see in practice — short-term letting wins only when the unit is in the right location, is run well, and is fully compliant; otherwise a good long-term tenant usually produces a similar net return with a fraction of the risk.
Buying to let, or deciding what to do with a property you own?
Take the free two-minute Route Finder. It asks about your nationality, your plans and your budget, and shows which ownership structure and which residence route fit — before you commit to a strategy.
Property management: what a manager does and what it costs
Very few foreign owners run a Serbian rental themselves. A short-term manager typically handles the listing and pricing, guest communication, check-ins, cleaning and linen, the daily eTurista records, and small repairs; a long-term agency finds and vets the tenant, drafts the lease, registers a foreign tenant and deals with problems during the tenancy. Belgrade's managers do not publish fixed rates — fees are quoted per property and contract, and for long-term lets agencies commonly charge the tenant around half a month's rent. What matters more than the headline fee is who carries the legal obligations: the categorisation, the guest records and the tax remain the owner's responsibility even when a manager runs the day-to-day, so the arrangement has to be set up so that nothing falls between the two of you. Relocation Serbia has offices in Belgrade and Novi Sad, so you can go through the property, the numbers and the set-up with us in person (by appointment) or by video call.
Individual owner or a Serbian company?
Letting as an individual is simpler for one or two apartments. A Serbian company usually makes sense when you own several units, want to exceed 30 beds, offer services beyond accommodation, bought without reciprocity, or hold the property with partners. The company route brings 15% corporate tax, VAT once turnover passes 8 million RSD, and monthly bookkeeping — and a property owned by the company is not your personal basis for a residence permit. The structure is best decided before the purchase, because moving a property into or out of a company later has tax consequences. Our guide to buying property in Serbia and the renovation guide cover the purchase and fit-out side.
Buy the right property for your rental plan — and set it up properly from day one.
We help foreign buyers choose a unit that works for long- or short-term letting, check its legal status, handle the purchase and registration, and put the ownership structure, accounting and management connections in place before the first tenant or guest arrives.
Common mistakes foreign owners make
- Listing on Airbnb before the unit is categorised. Reviews do not make a rental legal; the fines are real and the platforms are watched.
- Assuming the manager carries the legal risk. Categorisation, guest records and tax stay with the owner unless the structure says otherwise.
- Budgeting short-term income on peak-season nights. Annual occupancy estimates for Belgrade range from 42% to 62%; costs take roughly half of revenue.
- Forgetting the 24-hour registration of foreign tenants and guests. It applies to long-term tenants as well as Airbnb guests — see our white card guide.
- Buying through a company without a reason, or without a company when there is one. Both are expensive to unwind once the property is let.
- Ignoring the home-country tax side. Serbian rental income may also have to be reported where you are tax resident.
Frequently asked questions
Can a foreigner rent out an apartment in Serbia?
Yes. Once the property is registered in your name, you can let it long-term to a tenant or short-term to guests. The Law on Hospitality allows the owner or co-owner to provide short-term accommodation and sets no citizenship requirement, but the property must be categorised by the city and the host registered in eTurista before the first guest arrives.
Is Airbnb legal in Belgrade?
Yes, if the apartment is categorised by the city, the host is registered in the eTurista system, every guest is recorded and foreign guests are registered with the police within 24 hours. Without categorisation and registration, short-term letting is not legal and fines for individuals reach 350,000 RSD.
How is Airbnb income taxed in Serbia?
An individual host pays a fixed annual tax per bed rather than tax on actual revenue: 5% of the previous year's average monthly salary × the number of beds × the destination coefficient (5.00 for Belgrade and Novi Sad), taxed at 20% — roughly €64 per bed per year on 2025 wage data. A tourist tax per bed is charged on top. Companies pay 15% corporate tax and, once VAT-registered, 10% VAT on accommodation.
How much tax do I pay on long-term rental income in Serbia?
20% on the rent after a 25% standard cost deduction, which is about 15% of the gross rent. When the tenant is a private person, the owner self-assesses and pays within 30 days of receiving each payment; when the tenant is a company, the company withholds the tax.
What rental yield can I expect in Belgrade?
Global Property Guide's Q3 2026 survey puts gross long-term yields at about 6.0% in Belgrade and 4.3% in Novi Sad. After tax, vacancy and repairs, a well-let Belgrade apartment typically nets around 4%. Short-term lets can gross more, but occupancy estimates range from 42% to 62% and costs take roughly half the revenue.
Do I need to live in Serbia to rent out my property?
No residence is required to own or let property, but the registrations, tax filings, guest records and repairs all need someone on the ground. That is why most non-resident owners use a manager and an accountant — and why the set-up should be settled before the first tenant or guest.
Should I rent out my Serbian property through a company?
For one or two apartments, individual ownership is usually simpler. A Serbian company makes sense for several units, more than 30 beds, services beyond accommodation, partners, or a purchase without reciprocity. It brings corporate tax, possible VAT and monthly bookkeeping, and company-owned property is not your personal basis for a residence permit.
Can my building stop me from renting on Airbnb?
Current Serbian law contains no specific power for the residential community to ban short-term letting, and a 2023 proposal requiring the community's consent has not been adopted. In practice, house rules, noise complaints and the building manager can still make short-term letting difficult, so it is worth checking the building before buying a unit to let.
Talk through your rental plan before you buy or list.
Book a strategy call and we will look at the property, the numbers for long- and short-term letting, the ownership structure and what has to be registered — so you start compliant. Prefer to talk it through in person? Meet our team at our Belgrade or Novi Sad office (by appointment), or by video call.
Written by the Relocation Serbia team. Last reviewed: September 2026. General information, not legal, tax or investment advice; returns are illustrations based on published averages, not forecasts, and rules and rates change. Sources: Law on Hospitality (Official Gazette 17/2019), Arts. 20, 30–33 (categorisation, individual hosts, capacity, intermediaries); eTurista (Central Information System) guidance; Personal Income Tax Law, Art. 84b and Arts. 65a–65g, and the Rulebook on taxation of hospitality income (Official Gazette 45/2019, destination coefficients); Tax Administration notice on self-assessment of rental income (October 2024); Government decree on tourist tax (September 2026, applying from 15 October 2026); Law on Housing and Building Maintenance; Law on Foreigners (24-hour registration); Global Property Guide, Serbia rental yields (Q3 2026); Republic Geodetic Authority price data (H1 2026); AirDNA Belgrade market data (12 months to August 2026); Investropa Belgrade short-term rental analysis (September 2026); obrazac.rs and Paragraf practitioner guidance (2026).