If you look at the map of Southeastern Europe close enough you may discover Montenegro. A part of Yugoslavia in the not-so-distant past, it is now an independent country to be found in the Balkans. The nation has a stunning coastline along the Adriatic Sea, which adds to its natural beauty.
In recent times, Montenegro has made remarkable progress on the world stage. As things stand, the country is making steps to join the European Union, which shows its desire to become more integrated with other European states.
Though not an official member of the Eurozone, Montenegro has chosen to use EUR as its official currency. The decision has helped boost international trade and make Montenegro more appealing to tourists. Speaking of tourism, Montenegro is a popular destination for travelers because of its breathtaking landscapes, rich history, and friendly people. English is widely spoken due to the country’s reliance on tourism, making it easy for visitors to communicate. Montenegro’s unique blend of history and natural beauty turns it into an exciting place for explorers to discover the country’s culture and experience its endless charm.
However, it is not by tourism alone that people in Montenegro live. Montenegro’s stable and business-friendly government, along with its advantageous tax system and adoption of the Euro, make it an enticing choice for foreign investors.
The country’s real estate market holds great promise, and the Montenegrin government actively seeks investors interested in contributing to its further development.
As foreign investments continue to flow into the country, the banking and financial sectors are poised for substantial growth, presenting numerous opportunities and increased loan provisions.
Reasons to decide in favor of banks in Montenegro: privacy, financial resilience, and EUR as official currency
Even if you have no plans to do business or invest in Montenegro, there are still advantages to consider when opening a bank account with a bank in Montenegro. In their turn, overseas companies can as well gain several benefits from opening non-resident accounts in the jurisdiction. Let’s explore some key features of the banking system in Montenegro:
- Customer confidentiality: In Montenegro, banks prioritize privacy and do not disclose any customer data.
- EUR currency: Despite not being part of the EU or the Eurozone, Montenegro uses EUR as its official currency, thus following the steps of Monaco, San Marino, Andorra, and the Vatican.
- Financial stability: Montenegro’s financial system is renowned for its stability, even during challenging times like the Covid-19 pandemic. Banks continue to function smoothly, offering a wide range of services such as e-banking, e-token, SMS and email notifications, business cards, as well as debit and credit options.
Opening a bank account in Montenegro can be a good idea for both personal reasons and future business possibilities. With it, you’ll be able to securely manage your finances.
Deciding on a Montenegro bank account: what non-residents and businesses need to know
A small word of warning, Montenegro may not be the best choice for you if you have no plans to visit the country, are not running any business there or in the region, don’t need a bank account in EUR, and can easily bank elsewhere.
However, if you’re having trouble opening accounts in other places and urgently need a European bank account, Montenegro can fit your bill. The English of this is, a Montenegro bank account may be a suitable choice for individuals who are open to traveling to Montenegro, have or can create connections in the country, are facing challenges in opening a European bank account elsewhere, need a euro-denominated bank account, and require an IBAN for international transfers.
As for businesses, there’s no guarantee you’ll be able to open a non-resident corporate bank account in Montenegro. The reason is simple enough, the bank may decline to approve it if you are not a Montenegro resident. It mainly depends on your nationality. If you’re considered a politically exposed person, it’s very important to meet the due diligence requirements for your account to be set up without a hitch.
Bank account opening in Montenegro: past simplicity and present challenges
In the past, opening bank accounts in Montenegro for non-residents and foreign companies was a breeze, with even offshore companies readily accepted. Before 2018, one could simply walk into any bank with a passport and have an account set up in a matter of minutes, and remote account opening was also an option.
Since then, the banking landscape in Montenegro has changed considerably. The process demands physical presence now, and having some ties to Montenegro is often a prerequisite, though the requirement may vary depending on the bank. In earlier times, banks in Montenegro were more accommodating of both foreign and offshore companies, imposing minimum requirements. Yet, this leniency is gradually vanishing.
As Montenegro gets closer to joining the EU, account opening procedures are expected to become even more stringent. The banks will be compelled to adopt stricter compliance measures, adhere to CRS reporting, and enforce tighter controls to align with EU standards.
Consequently, the process of opening bank accounts in Montenegro for non-residents and foreign companies is likely to become increasingly challenging as time progresses.
Empower your business: bank account opening in Montenegro for non-resident companies
Ordinarily, a personal visit to either a bank office in Montenegro or one of its branches abroad is a must for account opening purposes. Yet, this in-person requirement is challenging to meet for businesses located in other countries or those aiming to minimize travel.
This is where International Wealth expertise comes into play. With our professional assistance, you can open a corporate account in Montenegro with no need for a personal visit to the bank. We make the process easier, allowing you to handle everything from where you are.
As a result, your business will smoothly establish a corporate account in Montenegro, which gives you access to the European banking system. Not limited by location, you will confidently explore new markets, use international financial services, and conduct cross-border transactions effortlessly.