Advantages of a Second Residency in Serbia
Having a second residency in Serbia can provide several advantages for individuals looking to diversify their residency or citizenship portfolio. Some key advantages include:
1. Residency benefits:
Holding a second residency in Serbia allows individuals to reside in the country for an extended period. It is very important to emphasize that the new Law on Foreigners in Serbia enables the issuance of temporary residence for a period of three years. This can be particularly beneficial for those who wish to spend more time in Serbia for business, employment, or personal reasons. Tax residency is not granted automatically. Foreign jurisdictions do not restrict obtaining a second residence permit.
2. The path to a second passport:
Residency, one of the paths to citizenship and a second passport, offers a practical option to examine long-term suitability in a new country before completely committing. The reason for this is that Serbian citizenship application criteria include some form of stay requirement.
3. EU Access:
While Serbia is not a part of the European Union (EU), it is a candidate country, and its citizens have the right to visa-free travel within the Schengen Area. Having a Serbian residency can facilitate easier access to the Schengen Zone and, by extension, many EU countries for business and travel purposes.
Apart from more than 65 double tax avoidance agreements signed, Serbia has signed free trade agreements with the EU, Russian Federation, Turkey, and China and shares preferred trade mechanisms with the USA. Personal income tax is one of the lowest in Europe; there is no wealth tax, and there are various incentives. Tax resident status can be obtained in accordance with the 183-day rule or if Serbia is the center of your business or personal interests.
5. Business Opportunities:
Serbia has been actively promoting foreign investment and offers various incentives for businesses, including a flat corporate tax rate of 15% and a personal tax rate of 15% maximum. Holding a second residency can provide individuals with easier access to these business opportunities and potentially benefit from the country’s favorable tax environment.
6. Cost of Living:
Compared to many Western European countries, the cost of living in Serbia is relatively lower, making it an attractive option for those seeking a more affordable lifestyle without compromising on the quality of life.
7. Cultural Richness:
Serbia boasts a rich cultural heritage, including historical sites, vibrant traditions, and a diverse cultural scene. Holding a second residency allows individuals to immerse themselves in the country’s rich cultural offerings and explore its unique heritage.
8. Strategic Location:
Serbia’s strategic location in the Balkans provides access to both Western and Eastern European markets, making it an attractive destination for those looking to expand their business operations or explore new market opportunities.
9. Residency Options for Family:
Serbia offers options for family reunification, allowing individuals to bring their family members to reside with them. This can be particularly advantageous for those seeking to relocate with their families or provide their loved ones with access to the benefits of living in Serbia.
It’s important to note that specific benefits may vary depending on the type of residency or visa obtained and individual circumstances. Additionally, the laws and regulations may change over time, so it’s essential to stay updated with the latest information and consult with legal professionals or immigration experts before making any decisions.
Welcome to Serbia is your trusted provider of legal and immigration services for foreigners in Serbia. Our team of experienced attorneys specializes in all aspects of immigration law, including visa applications, work permits, and citizenship. WTS will offer the best immigration path for you and your family.