Author: Marija Grbić

The spring months are bringing interesting changes to Serbia’s real estate market. Data from property listing portals for March 2026 reveal a mixed picture: while some areas are experiencing price declines, others continue to grow or remain stable. What both of Serbia’s largest cities have in common is that the market is gradually stabilizing, and the days of sharp price increases seen during 2022–2023 appear to be behind us for now.

Belgrade: Price Declines in Certain Municipalities

Belgrade continues to lead in both the number of listings and transaction volume. In March 2026, noticeable price decreases were recorded in several municipalities that had previously been among the most expensive.

In New Belgrade, which for years symbolized rapid development and rising prices, the average price per square meter now stands at around €2,680, significantly lower than in previous months. The market is gradually finding balance after a prolonged period of expansion.

A similar trend can be seen in Palilula, where the average price has fallen to approximately €2,350 per square meter. For buyers who have been monitoring this municipality, this represents the most favorable opportunity since the beginning of the year.

Mirijevo and Voždovac present a somewhat different picture, with prices remaining stable and only minimal fluctuations. In Mirijevo, the average price is around €1,950 per square meter, while in Voždovac it is approximately €2,500. Mirijevo is particularly attractive to younger buyers due to its combination of affordable prices and extensive new residential development.

The situation is quite different in the city’s central districts. Stari Grad and Vračar show no signs of price reductions. The average price per square meter remains around €3,450 in the city center and approximately €3,320 in Vračar. Limited supply and consistently strong demand for prestigious locations ensure that these areas continue to maintain or even increase their value.

Novi Sad: Stability in the Center, Growth on the Outskirts

The market in Novi Sad follows a somewhat different pattern. Central locations, including the city center and Podbara, have entered a period of mild stagnation. Prices have stabilized at around €2,700 and €2,600 per square meter respectively, with no indication of significant movement in either direction.

More interesting developments can be observed in Novo Naselje and Grbavica. Both neighborhoods are popular among family-home buyers, and steady demand from both domestic and international purchasers keeps prices at approximately €2,200 per square meter in Novo Naselje, while Grbavica has reached around €2,750 per square meter.

What Can We Expect?

Experts agree that Serbia’s real estate market is entering a period of more moderate activity. There is little basis for either a dramatic decline or a new surge in prices. Demand remains strong, and the tradition of investing in real estate as a secure form of savings is deeply rooted, preventing major downward price corrections.

An important characteristic of the Serbian market is the high share of cash purchases. Unlike Western countries, where housing markets are largely driven by mortgage lending, cash transactions make the market more stable and less sensitive to changes in interest rates or global economic turbulence.

New changes in Montenegro’s legislation introduce significant changes to the real estate market, especially for non-residents. Transactions exceeding €10,000 can no longer be carried out in cash and must now go through the Montenegrin banking system.

This means that at least one party to the transaction must have an account opened with a Montenegrin bank, and payment must be made exclusively through that account. Cross-border transfers are also allowed, but only with mandatory proof of the movement of funds through the banking system.

Notaries will no longer accept statements confirming payment without valid banking documentation, which further strengthens control and formal requirements in the purchasing process.

The good news is that there is a clear and practical solution for these changes – we provide full support in opening the necessary bank accounts, organizing and processing payments in compliance with the new legal regulations, and ensuring a secure, fully compliant property purchase process without delays or risks for either the buyer or the seller. Contact us!

Modern business practices and market globalization have led many foreign companies to expand their operations to the Republic of Serbia. In this process, foreign companies most commonly choose between two forms of business presence – a representative office and a branch office. Although both forms allow a foreign company to operate in Serbia without establishing a separate domestic legal entity, there are significant differences between them in terms of legal status, authority, and scope of business activities.

According to the Company Law of the Republic of Serbia, both a branch office and a representative office are organizational units of a foreign company, but neither has the status of a separate legal entity. This means that they operate in the name and on behalf of the parent company, which bears responsibility for their obligations toward third parties. However, the key difference between them lies in the scope of activities they are allowed to perform.

A representative office of a foreign company is a separate organizational unit whose primary purpose is to represent and protect the interests of the parent company. Its role is mainly preparatory, promotional, and representative in nature, and it may perform preliminary activities aimed at facilitating the parent company’s future business transactions in Serbia.

A representative office may conduct activities such as market research, establishing business contacts, promoting products and services, communicating with business partners, and gathering information relevant to the parent company’s operations. However, a representative office is not intended to directly conduct commercial activities on the Serbian market. It may not sell goods or provide services as an operational business unit, but it may enter into contracts necessary for its own current operations, such as lease, employment, administrative, or supplier-related arrangements. In practice, this means that a representative office cannot sell goods, issue invoices, or provide services on the Serbian market in its own name.

This form of organization is most commonly used by foreign companies that wish to explore the Serbian market before making decisions about larger investments or establishing a company. A representative office enables a company to establish a business presence through a relatively simple registration procedure and with fewer administrative obligations. Since it does not perform commercial activities, a representative office is also subject to a more limited scope of tax obligations compared to a company or a branch office.

On the other hand, a branch office of a foreign company has considerably broader authority. A branch office is an organizational unit through which a foreign company may directly conduct business activities in Serbia. Although a branch office also does not have the status of a separate legal entity, the law allows it to conclude contracts, sell goods, provide services, and generate income in the name and on behalf of the parent company. In this way, a branch office represents an active business presence of the foreign company on the Serbian market.

A branch office may have its own address, legal representative, and internal business organization, while its principal activity may be the same as or different from that of the parent company. Through a branch office, a foreign company may employ workers, generate business revenue, and participate in legal transactions almost in the same way as a domestic company, with the distinction that all rights and obligations formally belong to the parent company.

It is important to emphasize that the parent company bears unlimited liability for obligations arising from the operations of the branch office. In other words, if the branch office incurs debts or undertakes contractual obligations, the foreign company itself is liable for them with all of its assets. For this reason, a branch office is considered a less independent form of organization compared to a limited liability company (LLC), which has the status of a separate legal entity.

The differences between a representative office and a branch office are especially evident in the areas of taxation and accounting. Since a branch office conducts commercial activities and generates revenue, it is subject to tax obligations in the Republic of Serbia, including the obligation to maintain accounting records and submit financial statements.

A representative office will generally have a narrower compliance burden if its activities remain purely preparatory or auxiliary and it does not generate revenue in Serbia. However, its actual tax treatment should be reviewed in each case, especially if the activities go beyond market research, promotion, liaison, or other preparatory functions. Payroll, withholding tax, reporting, and permanent establishment considerations may still be relevant depending on the factual circumstances.

Both a branch office and a representative office must be registered with the Serbian Business Registers Agency. The registration procedure generally requires a decision of the competent body of the foreign company, an excerpt from the foreign commercial register, Serbian certified translation of foreign documents, information on the parent company’s bank accounts, and a statement by the foreign company assuming responsibility for obligations arising from the Serbian branch or representative office.

In both cases, special attention should be paid to the planned business activity. Certain regulated activities in Serbia may require prior approval, a license, consent, or registration with a competent authority, regardless of whether the foreign company operates through a branch office, representative office, or a Serbian subsidiary.

The choice between a representative office and a branch office primarily depends on the business goals of the foreign company. If you are considering these two options and are unsure which form of business presence is the right choice for your company, professional legal and business consultation can help you make the best decision based on your specific goals and planned activities in Serbia. Feel free to contact us for tailored advice and support regarding the establishment of a representative office or a branch office in Serbia.

Global capital owners are fundamentally rethinking where and how they secure their future. In an era marked by shifting power balances, large-scale conflicts, and regulatory changes, planning for alternative residency and citizenship has evolved from an optional privilege into a central element of modern wealth management.

As instability increases, so does the appeal of obtaining alternative places of residence. Wealthy individuals are increasingly turning to investment migration to reduce risks threatening their wealth, lifestyle, and legacy, while simultaneously opening new opportunities for their families across multiple jurisdictions worldwide.

Strategic Residency Planning in an Era of Instability

Historically, affluent investors pursued alternative citizenships primarily to enhance global mobility and expand visa-free travel opportunities. Today, however, wealthy families increasingly view multiple residencies as a form of geopolitical insurance. This enables them to adapt quickly as risks and opportunities shift across different regions.

Facing a combination of factors — from geopolitical tensions and climate risks to sweeping global tax reforms — investors are diversifying their residency options. By building a portfolio of additional citizenships and residencies, they can reduce jurisdiction-specific risks and optimize both personal and financial outcomes.

Portfolio Approach and the Rise of New Hubs

To account for all possible scenarios, an integrated portfolio approach creates maximum value. It allows families to live, work, and invest across a range of countries worldwide. Within this framework, emerging economies are increasingly shaping the alternative residency sector.

Serbia, for example, has quietly become one of the most attractive destinations in Europe for foreign investors seeking a strategic base. Thanks to its competitive flat-tax system, business-friendly environment, and relatively straightforward investment visa process, Serbia offers a compelling alternative to more traditional and expensive European jurisdictions. It provides the financial predictability, quality of life, and strategic location modern investors need to future-proof their capital.

Securing the Future

Ultimately, residency and citizenship portfolios are about ensuring access, opportunity, and security in an era of accelerating change. They represent a mutually beneficial exchange: providing investors with stability and opportunities, while supplying host countries with much-needed capital and talent.

If you want to secure your global mobility and protect your wealth against future uncertainties, our team of experts in Serbia is ready to assist you. Contact us today for a private consultation to learn how a tailored residency and investment strategy can seamlessly integrate into your broader wealth management goals.

Opening and managing a bank account in Serbia has become increasingly attractive for international clients, freelancers, entrepreneurs, and non-residents who need access to multiple currencies and flexible banking services. We present you an overview of the main features, benefits, and important limitations you should know before choosing a banking solution.

Multi-Currency Account Access

Clients can open accounts in multiple currencies, including:

• Serbian dinars (RSD)

• Euro (EUR)

• Russian ruble (RUB)

• US dollar (USD)

• Chinese yuan (CNY)

• UAE dirham (AED)

• Turkish lira (TRY)

• Additional currencies may also be available depending on the specific bank.

This type of multi-currency setup is especially beneficial for individuals who receive income from abroad, work with international clients, travel frequently, or manage financial obligations across several countries.

Card Payment Limits

Bank cards come with a standard spending limit equivalent to approximately 100,000 RSD across all currencies.

For clients requiring greater flexibility, payment limits can usually be increased:

• Up to 600,000 RSD for card purchases

• Up to 600,000 RSD for online transactions

The increased online payment limit can be incresed and is typically configured after the card issuance.

Cash Withdrawals

After card activation, clients may withdraw cash:

• At ATMs in Serbia and abroad or

• Directly at bank branches in Serbia without limits, provided the withdrawal is announced in advance via email

This combination offers both everyday convenience and access to larger amounts when necessary.

Online Banking Features

Internet banking services generally allow unrestricted currency exchange operations, including buying and selling foreign currencies directly through the platform.

Clients can also make payments through a wide range of digital services and platforms, including:

• Google Pay

• Apple Pay

• Online marketplaces and e-commerce websites

• Subscription services such as streaming platforms and cloud storage providers

• Travel booking platforms for flights and hotels

• Mobile applications and digital wallets

• Everyday retail and contactless payments (using a virtual card in the application).

These features make online banking practical for day-to-day living expenses.

Important Restrictions to Consider

Despite the flexibility in many areas, there are still several operational limitations to keep in mind:

• Direct transfers to third parties may not always be available depending on the account type and banking conditions.

• Transfers between personal accounts belonging to the same individual may sometimes be subject to certain limitations. However, in practice, banks often provide alternative procedures and available mechanisms that make these transactions possible.

• For multi-currency accounts, some banks may temporarily restrict or deactivate certain currencies if they are not used for an extended period of time. In most cases, these currencies can be reactivated upon request.

Final Thoughts

For international residents and foreign clients, Serbian banking can provide useful multi-currency functionality, relatively high card limits, and convenient online services. However, transfer restrictions and deposit-related conditions are important factors to evaluate in advance, especially for those planning frequent international or personal transfers.

Understanding both the advantages and operational limitations can help clients choose the right banking setup for their financial needs in Serbia.

To help you navigate and overcome these limitations, and to find the most suitable mechanisms and banking solutions for your specific situation, feel free to contact us for assistance.

In order to understand the liability of the director and the shareholder in the legal system of Serbia, it is important to understand their role in the limited liability company. This is especially important since these two roles are often getting confused between each other and in most small to medium sized companies, these two roles are often filled by the same person.

When it comes to a shareholder, this is a legal or a natural person that is establishing a company and determining its structure, business activity, share capital and other details that should be included in the establishment act. The shareholders role is mostly connected to paying the share capital and making decisions within the scope of shareholders board. However the day to day decisions about the business operations of the company are made by the company director.

The company director is a natural or legal person that acts as a legal representative of the company. They are signing all the contracts on behalf the company, and are making all decisions necessary for the operation of the company. Therefore, their responsibility is higher compared to the responsibility of the shareholder.

The Companies Act of Serbia provides that the company director must act conscientiously, with the attention of a good businessman and in the reasonable belief that he is acting in the best interest of the company. It is not just a general moral obligation, but a well defined legal standard. The director must make informed decisions that are in the best interest of the company and if director fails to fulfill this duty, the company might file a lawsuit against him for damages.

The penal provisions of many laws that provide for penalties for the company also provide penalties for the legal representative of the company. So in addition to liability towards the company, the company director is also exposed to fines and other penalties for company offenses.

The company shareholders main liability is to pay the shareholders capital determined in the establishment act. The period of time in which the shareholder must pay the share capital is also determined in the establishment act, with the maximal period being 5 years from the day of registering the establishment act. The company can file a lawsuit for the damages against the shareholder that fails to fulfill this obligation on time.

As a general rule, the company shareholders are not personally responsible for the debts of the company. However, there are exceptions to this general rule. The institute of piercing the corporate veil provides that the shareholder will be liable if they abuse the rule of limited liability. The Companies Act of Serbia provides that the shareholder is abusing the rule of limited liability if they:

• use the company to achieve a goal that is otherwise forbidden to him

• use the company property or disposes of it as if it were their personal property

• use the company or its property for the purpose of damaging the company’s creditors

• reduce the assets of the company in order to gain benefits for himself or a third party, even though they knew or must have known that the company would not be able to fulfill its obligations.

Moreover, after the liquidation of the company, the members of the LLC may be liable for the company’s obligations up to the amount of the liquidation balance received. However, in the event of a forced liquidation of the company, the controlling member of the LLC may be liable for the company’s obligations indefinitely and jointly and severally.

That is why it is of crucial importance for every company to clearly separate ownership and management functions, establish proper internal control and take into account the rules of loyalty, conflict of interest and protection of creditors.

Following the outbreak of hostilities in Ukraine, the international tax landscape has undergone tectonic changes. Many international agreements between Russia and other countries, particularly Western ones, have ceased to apply or have been significantly suspended. This situation has created serious challenges for international companies, but has also opened new strategic solutions, with Serbia standing out as a key hub for business optimization.

Suspended agreements: Which countries are affected?

According to official data and decrees, the Russian Federation suspended or terminated double taxation avoidance agreements with a number of countries between 2022 and 2024.

The full list of 38 countries as of August 2023 includes: Australia, Austria, Albania, Belgium, Bulgaria, the United Kingdom, Hungary, Germany, Greece, Denmark, Ireland, Iceland, Italy, Spain, Canada, Cyprus, Lithuania, Luxembourg, Malta, New Zealand, Norway, Poland, Portugal, South Korea, Romania, North Macedonia, Singapore, Slovakia, Slovenia, the United States, Finland, France, Croatia, Sweden, Switzerland, Montenegro, the Czech Republic, and Japan.

Impact on business: A sharp increase in tax burdens

These changes are not merely administrative; they have a direct and significant impact on corporate profitability. The most affected are:

• Companies distributing films and copyrights

• Firms collecting royalties (license and intellectual property fees) in Russia

• Companies with owners in Western countries that paid dividends to parent entities

These organizations now face significantly higher tax payments both in Russia and in their home jurisdictions, as they can no longer benefit from double taxation treaties.

Solution: Serbia as a strategic business bridge

For many Western companies, there is an efficient and legal solution. Structuring operations through Serbia can significantly reduce tax burdens.

Serbia has maintained a neutral position and valid double taxation treaties with both the Russian Federation and most Western countries. The solution lies in incorporating Serbian legal entities into the flow of contracts between Western and Russian companies.

By restructuring the business model and using a Serbian company as an intermediary for royalties, dividends, or services, it is possible to optimize tax burdens again and enable smooth capital flow.

This is a general solution and requires detailed planning, taking into account Russian, Serbian, and Western legal and tax frameworks.

In cooperation with our partners across various jurisdictions, we help implement these solutions while ensuring full compliance and maximum efficiency.

Do not let global changes jeopardize your profits. Contact our team of experts and schedule a consultation to create a model tailored to your business.

The purchase of real estate through a legal entity (LLC or other legal entity) in Serbia is a common practice, especially when it comes to investment or business activities. Whether a company is buying an apartment, commercial space, or another type of property, it is important to understand the legal, tax, and accounting framework in order for the entire process to be safe and compliant with regulations.

The legal basis for this type of purchase is regulated through several laws, primarily the Law on Foundations of Property Relations, the Law on Real Estate Transactions, the Property Tax Law, and the Value Added Tax Law. Domestic legal entities, such as LLC companies, can purchase real estate without special restrictions, while for foreign legal entities the principle of reciprocity applies.

Before the purchase itself, one of the most important steps is property verification. Insight into the cadastre allows determination of ownership, whether there are any encumbrances, and whether the property is legally registered. This verification is crucial because it can prevent serious legal and financial issues later on.

The purchase agreement must be made in written form and notarized by a public notary. In practice, the most important thing is that it clearly defines the price, payment method, and transfer of ownership rights. Payment is almost always made cashless, via bank transfer, and the bank may request additional documentation regarding the origin of funds.

The tax treatment depends on the type of property and its status:

• for new construction, VAT of 10% is charged

• for resale property, a 2.5% property transfer tax is paid

After the purchase, the legal entity is obliged to pay property tax, which depends on the value and location of the real estate.

It is also important to distinguish between a DOO and an entrepreneur — in a DOO, the property is owned by the company, while in the case of an entrepreneur it is formally owned by a natural person.

If the property is used for business operations, its tax treatment is considered as business premises, regardless of whether it is an apartment or a commercial space.

When purchasing real estate through a legal entity, we recommend involving your accountant in this process (https://creativefinance.rs/). An accountant is necessary because the property, apartment or any real estate is entered into the business books and into the balance sheet as an asset (fixed asset). By entering the asset into the company, the company’s share capital also increases, and in Serbia the most common form of company is a DOO. Therefore, from an accounting perspective, the asset must be properly recorded and aligned with regulations, which is why cooperation with an accounting agency is of great importance.

After the contract is concluded, the public notary submits a request for registration of ownership rights in the cadastre, and the process is usually completed within one to two weeks.

Purchasing through a legal entity brings certain advantages. It allows depreciation and potential VAT deduction, and in some cases also facilitates later ownership transfer through the sale of company shares. Additionally, the property can be directly used for business activities.

On the other hand, there are also certain risks:

• capital gains tax may arise upon sale

• there are no tax reliefs like those for individuals

• mandatory bookkeeping and proper asset recording is required

For this reason, it is recommended to involve both a legal advisor and an accountant in the process.

The property is recorded as a fixed asset in the company’s books, so it is important that everything is properly recorded and compliant with regulations. Good preparation and professional support significantly reduce risks and contribute to a safe transaction.

The decision to choose a country for relocation in conditions of extremely unfavorable political and economic situations worldwide, high instability, restrictions or abolition of personal freedoms, and even personal insecurity is based on a detailed assessment of political, personal, and economic risks in a given country, within the context of the overall global situation.

When making this important strategic decision in your life, we aim to analyze Serbia’s position and specific characteristics as one of the most desirable destinations under conditions of global political and economic crises from a holistic perspective:

1. From a political and military standpoint, Serbia is a neutral country, which is rare today both globally and in Europe, outside military alliances and NATO, similar to Switzerland and Austria, but with the strongest army and military potential in the region. The difference between Serbia and Switzerland or Austria is that, in addition to military neutrality, Serbia is the only European country with a neutral policy toward global powers and other countries, which allows it to maintain a balanced and flexible position in building good relations with the world’s major powers – China, Russia, the USA, and the EU.

2. Serbia has a unique foreign trade policy in Europe aimed at developing economic and political relations with all countries equally, including the largest military and economic powers, on equal terms and with full respect for the sovereignty of other nations. In this regard, Serbia is neither a member of the EU nor BRICS, yet maintains close relations and cooperation with both organizations, as well as with other regional structures such as ASEAN, MERCOSUR, and others.

3. As a result of its foreign policy, Serbia is the only European country that has not imposed economic sanctions on Russia and maintains normal political and economic relations based on equality, respect for international law, protection of economic interests, and long-term economic development plans.

4. Serbia has a specific approach to global crises, as demonstrated during COVID-19, when it was one of the few countries that maintained social, economic, and personal freedoms worldwide, resulting in a large number of foreigners coming to live in Serbia during that period. Similarly, Serbia uniquely respects personal freedoms and the interests of both the state and individuals in all other crisis situations.

5. According to all global studies, especially the Harvard analysis, Serbia is by far the leading country in the absence of racism, which is a significant indicator of the population’s attitude toward foreigners, alongside the traditional hospitality derived from the country’s Christian and cultural traditions over centuries.

6. Serbia has shown significant success in maintaining economic stability by sustaining a stable national currency, controlling inflationary flows, maintaining the independence of the National Bank of Serbia, and creating other conditions to attract foreign investment.

7. Serbia is one of the few European countries that has avoided the severe consequences of migration from African and Middle Eastern countries, unlike the EU, thereby minimizing future risks of conflicts based on nationality or religion, in contrast to the catastrophic situation in the EU, where political crises and the danger of civil war have reached alarming levels.

8. The issue of personal freedoms is perhaps the most important in the coming period, as we are witnessing massive restrictions on personal rights and freedoms in many countries, including religious, economic, political, and other rights and freedoms that were previously guaranteed under international norms. The violation of international law and personal freedoms can be seen in many, especially economically developed countries, with a continuing tendency toward deterioration, which may lead to the complete abolition of all human rights and freedoms in the future.

For most people worldwide, Serbia remains relatively unknown, which is a significant advantage because many of the modern negative tendencies mentioned above have bypassed it. This fact is crucial for those who decide to come to Serbia, based on real information and the experience of all those who have moved to Serbia, understanding its unique position, policy, and distinctiveness in the face of increasing global political and economic crises.

Serbia still suffers from prejudices and stereotypes rooted in the 1990s, which have no basis in the reality of modern Serbia. Everyone who has come to Serbia – including many examples from our clients – has found that Serbia today represents this unique gem sought by those who wish to ensure a stable and peaceful life, economic stability with low living costs, personal security, absence of crime, hospitality of the people, and most importantly, personal freedoms in a world where they are increasingly threatened.

We are excited to introduce an integrated solution for the trading and safekeeping of physically allocated bullion metals.

This service is designed for both private and institutional clients who seek security, transparency, and efficiency in their precious metals ownership. We are partnering with a renowned, legally compliant provider from Switzerland that adheres to the regulations of both Switzerland and Serbia.

Our partner provides a comprehensive, end-to-end service that combines professional bullion trading with fully allocated physical ownership and secure storage in high-standard vaulting facilities. This approach ensures that clients hold direct ownership over specific, physically allocated metals, rather than unallocated or synthetic exposure.

Key Features of the integrated solution:

• Trading of physically allocated gold, silver, platinum, and other bullion metals

• Direct ownership of specifically allocated bars and coins

• Secure storage in professional, insured vaulting facilities

• Solutions tailored for private investors and institutional clients

• Transparent pricing and operational structure

• Efficient onboarding and transaction execution

• Optional delivery and flexible exit strategies

Whether you are an individual investor, part of a family office, a corporate treasury, or an institutional client, our partner provides a reliable infrastructure for acquiring, holding, and managing physically allocated bullion metals.

For more information or to explore how this solution can support your investment strategy, please feel free to contact us directly.

We would be happy to introduce you to our partner and assist you with an initial consultation.