What is CRS?
CRS or Common Reporting Standard is a globally accepted standard for the automatic exchange of financial information. It was developed by the Organisation for Economic Cooperation and Development (OECD).
CRS requires that banks and other financial institutions identify it’s customers’ tax residencies and report financial accounts held directly or indirectly by foreign tax residents to local tax authorities. It also requires tax authorities (in participating countries) to exchange this information.
104 countries accepted this standard and new participants join each year.
Are there still countries where this set of rules does not apply?
The answer is yes!
Serbia is still not one of 104 countries that signed the AEOI convention. It is not even on the list of countries that set a date to join.
The benefits of such a system are obvious.
What also should be highlighted when talking on this subject is the fact that there are 27 banks currently operating in Serbia.
Most of them are branches of major European, Russian, Turkish, and worldwide banking groups and they are able to provide a full range of banking services.
Those are the main reasons that Serbia is considered one of the most interesting destinations for individuals and companies that are planing business relocation and tax optimization.
More and more companies, not only from EU and CIS countries but also from jurisdictions that have been until recently considered as safe havens, are now looking for a better and safer solution.
Many of them found that solution in the form of a local Serbian company or by establishing a branch of an existing foreign company in Serbia.
And for many of them Welcome to Serbia is the key part of the solution.
Please contact us for more information.
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