Montenegro is an ex Yugoslavian country with a dramatic landscape and wonderful sea coast. It gained its independence in 2006. It is sometimes called a “Monte Carlo of the Balkans”, but it is not just that. There is more to it.
The banking sector is still under a lot of old Yugoslav influence (very strong banking). The country has adopted a EUR currency a long time ago and is already implementing EU laws in banking. However, now is the right time to invest in Montenegro or open a bank account there. The country has not yet joined CRS (Common Reporting Standard). Therefore, solid and stable banking with optimal privacy is available for non-residents.
Can Foreigners Open a Bank Account in Montenegro?
In general, the answer is yes. Private individuals would need to visit the country in order to open the account while foreign corporate clients can still open the account remotely.
However, there are some limitations. Offshore companies are not accepted (particularly classical offshore) as well as some business activities such as forex, gaming, crypto etc (high risk business activities).
Companies involved in trade, purchase and sale of goods, IT, marketing or any standard business activity are welcome to apply.
Why to Open a Bank Account in Montenegro?
There are several reasons why one should have a bank account in Montenegro. The first and most important reason is the solid and stable banking tradition. Second, banking is significantly cheaper than in the EU. Lastly, Montenegro is not a member of CRS yet. For some clients, this can make quite a difference.
Lastly, if you wish to have a business in Montenegro you will be surprised in a good way- Montenegro has one of the lowest tax rates in Europe with only 9% corporate tax. 9% is also applied to personal tax.
What Else Montenegro Bank Has to Offer?
Montenegro gives EUR 50,000 in deposit insurance. Banking is available for national and international payments for residents and non residents. No minimum deposit and balance are required. It is possible to open both USD and EUR accounts with dedicated IBAN.
Contemporary banking services such as e-banking and mobile banking are at hand. Corporate clients can get a VISA card.
Savings accounts are available for all clients with regular incomes, who want to save gradually for the fulfillment of their wishes or for additional financial security, with the most favourable interest rates.
Gradual savings is savings by which you pay as much money each month as you choose when you start saving. Portfolio management and investment consulting can be some of the benefits for non-residents as well. Safekeeping and administration of financial instruments on behalf of clients, including custody and related services, such as cash and collateral management is available too. Also, granting loans and credits to the investor can also be arranged.