SOUTH EAST OF EUROPE - SERBIA
1
By opening savings account in SERBIAN banks you will get highest interest rates in EUROPE!!
HOW BIG IS THE INTEREST ON US DOLLARS?
interest on savings account could go as high as 6% per year for US DOLLARS/EUROS/CANADIAN DOLLAR ETC
usually for short term deposits interest could be around 2.70-4% per year
IS THERE A TAX ON THE INTEREST GAINED FROM SAVING DEPOSITS ?
there is a tax on interest gained from foreign currency deposit
IS THERE EVEN HIGHER INTEREST AND HOW IS CALCULATED ??
on deposits made in respective domestic currency investors might get as much as 18% interest and taxes are not levied
ARE THE DEPOSITS INSURED LIKE THEY ARE IN THE US??
all bank deposits are insured in the same way as in USA/EU etc.-all banking laws common in those countries apply to bank operating in SOUTH EAST EUROPE
WHAT KIND OF THE BANKS ARE THOSE …ARE THEY SAFE ??
Banks offering this kinds of interest and services (such as wire transfers/check issuance/cc service and issuance )are very well known German,Austrian,Italian etc banks with international ratings
ARE THEY ANY DOMESTIC BANKS ?AND WHAT KIND OF DEAL THEY OFFER??
also there is a number of domestic banks in respective countries which might offer even more generous interest to foreign investors and depositors willing to bank with them
CAN US/EU/CANADIAN/ etc CITIZENS OPEN SAVINGS ACCOUNT IN SERBIA ?
Yes, citizens from any country in the world can open savings account in Serbia
IS THERE A WIRE TRANSFER SERVICE BETWEEN US BANKS AND BANKS IN SERBIA ?
Yes
DOES BANKS IN SERBIA REPORT TO IRS OR OTHER TAX OFFICES OUTSIDE SERBIA ACCOUNT DETAILS OF FOREIGN CLIENTS ?
No -reporting foreign earnings and foreign bank accounts to respective tax services in ones clients native country is sole responsibility of the client ,in Serbia there is no legal provision to release bank account details of foreign investors to anyone outside Serbia
IS THERE A DEPOSIT LIMIT ?
No ,you can open savings account with as much as 100 dollars
Banks don’t question source of the money from foreign clients/depositors
HOW COMMON IS FOR FOREIGN CITIZENS TO OPEN BANK ACCOUNTS IN SERBIA ?
Very common
Usually at any bank in Serbia bank staff on average speaks at least 1 or even up to 3 different languages just for that reason alone (ENGLISH/FRENCH/ITALIAN language are widely used and spoken by bank staff across Serbia )
2
By operating your own “bureau de change ” i.e. offering exchange from foreign currency to respective domestic currency in your own exchange office.
HOW IS THAT POSSIBLE ?
AND ….ISN’T THAT A JOB FOR THE BANKS TO DO?
for various transitional reasons peculiar to this part of Europe right from the start when old communist economy was swept in favor of liberal capitalism there was an institution of privately owned “foreign exchange office ” which performed in essence a job of the bank in business of trading with foreign currency .
IS THAT LEGAL?
Not regulated by law at the beginning of the economic transition of the region (early 90s) this industry in recent years performs under umbrella of the respective national banks and federal reserve banks of the countries in the region with strict guide lines and laws so today investor who wants to get into this very lucrative business need a license of the local federal bank in order to register the venture and perform currency trade (not very difficult to obtain -but it might be time consuming )
IS THERE ANY PROFIT IN THIS BUSINESS AND FROM WHERE IS THAT MONEY COMING FROM ?
HOW SURE IS THE CASH FLOW?
IS THAT INDUSTRY CONNECTED ONLY TO TOURISM ?
considering that up to 30% of working force in the region is working in Western Europe and North America
estimate cash flow from immigrants from those countries is around 4 billion dollars per year (this is average /conservative estimate )per country in the region ..about 90% of those funds are converted to respective domestic currencies trough “bureau the change” offices and mostly in respective national capitals (around 70%!)
emigrating from these part of EUROPE to other more developed countries in Western Europe is a tradition which is almost 50 years long
also tradition is to support families back home by sending money and to buy “retirement” properties back home
In recent years (since 2000-2001 ) tourism has become very strong part of economy in almost all countries in the region (this goes especially to Croatia and Montenegro )and including Serbia which does not have access to Adriatic Sea but its strategically positioned in the middle of that part of the continent
Serbia alone has seen increase of almost 400% of visits from foreign tourists in the last decade!
Yachting tourism brought in recent years deep pocket jet set clientele to Adriatic Sea Riviera
All in all cash flow in foreign currency is here to stay and could only increase
trading with stocks and bonds is not popular nor is accepted widely in the region but there is possibility of selling stocks and bonds of foreign companies to would be domestic investor from the region
(for example there was interest for recent facebook stock sale amongst domestic investors but there was only one brokerage firm could not even handle that kind of sales volume properly )
3
Obtaining bank license and opening your own bank (of either commercial or investment nature)
4
buying credit /debit card processing company and setting up client accounts
(there is credit and debit card processing company on sale at the moment in SOUTH EAST EUROPE!-it can process VISA/MASTER CARD/AMERICAN EXPRESS/DINERS/DISCOVERY CARDS!! )
5
getting a license for ATM’s machines and offer service of account access to tourists at the hotels,hostels and shops (there is no ATM type of business as such in South East of Europe unlike US where ATM machines are sited everywhere in 7/11 shops,cinemas,fast food restaurants ,laundries etc)
6
By offering on line credit card processing solution for web based /start up businesses
Serbian banks for some reason do not offer such service for their citizens nor they offer it to small and middle size companies ?!-even PAY PAL is not available in Serbia !
7
Precious metal such as gold/white gold and silver are traditionally traded through out the region for on average 5-7-10 % less than current world market prices which leaves endless possibilities to would be investors -gold/silver is traded in the shape of jewelry (high quality carat gold is processed and manufactured in centuries old tradition of high quality artisanship /craftsmanship )
DISCLAIMER:ALL COMMENTS ABOVE AND BUSINESS IDEAS ARE MY INTELLECTUAL PROPERTY AND SHOULD NOT BE USED WITHOUT PERMISSION OR IN THE CASE OF REALIZATION OF THE SAME OR SIMILAR BUSINESS IDEAS IN SERBIA/CROATIA/MONTENEGRO WITHOUT PRIOR CONTACTS WITH ME
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