Opening a bank account and a tax number in Serbia for foreigners are among the first practical steps that foreign citizens take when planning to live, work or do business in Serbia. Without a properly set up banking and tax framework, many other administrative and business operations become slower, more complicated or completely impossible.
For some foreigners, a personal account for everyday expenses, receipts and payments is a priority. For others, it is more important to open a business account for establishing a company, cooperating with clients or starting a business in Serbia. In both cases, the question of the tax number is often naturally raised very early.
In this guide, we explain whether a foreigner can open a bank account in Serbia, what is the difference between a resident and a non-resident account, what documentation is most often needed, what is the PIB, when is it needed, and how the bank account and the tax number are connected in practice.
Why a bank account and tax number are important for foreigners in Serbia
For a foreign citizen coming to Serbia, a bank account is not just a technical formality. It is important for everyday life, receiving money, paying expenses, renting, doing business and many other administrative and practical needs.
The tax number is equally important when a foreigner establishes a company, enters into certain tax and business procedures or has to communicate with relevant institutions. In practice, the bank account and the tax number are often solved together, especially when the arrival in Serbia is connected with business or a longer stay.
That is why it is important for the foreigner to know from the beginning:
- whether he needs a personal or business account
- whether he acts as a resident or non-resident
- does he need a PIB?
- which documentation is most often required
- how to avoid typical mistakes in the procedure
Can a foreigner open a bank account in Serbia?
Yes, a foreigner can open a bank account in Serbia. However, the procedure and conditions depend on whether a person is considered a resident or a non-resident, on what type of account he wants to open and on the business policy of the specific bank.
That’s an important initial distinction. Many foreigners assume that the procedure is the same for everyone, but in practice banks often differentiate:
- natural and legal persons
- residents and non-residents
- personal and business account
- simple and more complex cases with additional checks
That is why the first step is always to properly assess the status of the person and the purpose for which the account is opened.
Difference between resident and non-resident account
One of the most important topics for foreigners is the difference between resident and non-resident accounts. This difference is not only formal. It affects the type of account, documentation, way of keeping accounts and obligations towards the bank.
In practice, a foreigner who has just arrived in Serbia is often initially treated as a non-resident. If he later acquires the appropriate status and stays legally in Serbia for a longer period of time, he may change his status to a resident.
This means that just opening an account is not enough. It is also important to understand:
- in which status the account is opened
- whether the bank requires additional checks due to non-resident status
- is there an obligation to report the change of status to the bank
- how the change of residence status affects the banking relationship
For foreigners who plan a longer stay in Serbia, this question is especially important because the status they have today may not be the same in a few months or a year.
What documentation is most often required for a personal account
The documentation for opening a personal account in Serbia may differ from bank to bank, but in practice there are certain documents that banks most often request or check.
The most frequently requested are:
- a valid passport or other identification document with a photo
- information or document showing the address of residence or stay
- additional proof of status, when applicable
- other documents required by the bank in accordance with internal rules
In practice, the bank may ask for additional information about the purpose of opening the account, the source of funds or other circumstances that are important for establishing a business relationship with the client.
That is why it is useful to check in advance before going to the bank:
- whether the bank opens an account for non-residents
- does it ask for an address document
- does it require proof of the basis of residence
- whether it requires additional forms or signing of special documentation
What types of personal accounts can a foreigner open
Foreigners often use the term “bank account” as if there is only one option. In reality, there are several types of accounts that can serve different purposes.
In practice, a foreigner may be interested in:
- current account for daily payments and receipt of money
- foreign exchange account
- special purpose account
- other types of accounts offered by the bank in accordance with its rules
That is why it is important to determine from the beginning why the account is being opened. It is not the same whether a foreigner needs an account for everyday life in Serbia, for receiving a salary, for doing business, for renting an apartment or for establishing a company.
Does every bank have to open an account for a foreign citizen
It doesn’t have to. This is one of the important practical things that many foreigners do not know.
Although a foreigner can open a bank account in Serbia, this does not mean that every bank must automatically accept every client in every case. Banks have their own internal procedures, risk assessment rules and obligations to verify identity and other relevant data.
In practice, this means that two banks do not have to have the same approach to the same client. Some banks may be more open to non-residents, while others may ask for more documentation or additional checks.
Therefore, it is important that the foreigner does not plan the procedure rigidly and with the assumption that every banking approach is the same. Good preparation in advance saves time and reduces the risk of rejection or unnecessary delays.
Opening a business account in Serbia for foreigners
Opening a business account in Serbia for foreigners is especially important for persons who establish a company, become directors, enter into business transactions or wish to do business through a legal entity registered in Serbia.
A business account is not the same as a personal account. It is related to the business of the company and to the legal framework in which the company operates. That is why the documentation is different, and the procedure is closely related to company registration, PIB and other administrative steps.
For many foreign founders, this is one of the key steps after company registration. Without a business account, a company cannot function normally in its day-to-day business.
What documentation is most often required for a business account
When it comes to a business account, banks in Serbia most often ask for documentation that confirms the legal identity of the company and the authorization of the person representing the company.
In practice, it is most often requested:
- decision on company registration
- confirmation of tax identification number
- data on the legal representative
- signature card or deposited signatures
- additional documentation required by the bank according to its rules
If the founder or representative is a foreigner, it is often especially important that the documentation is properly aligned with the bank’s requirements, as well as to check in advance whether the bank requires additional translations, certifications or special forms.
What is PIB and when is it needed by a foreigner in Serbia
PIB is a tax identification number and plays an important role in tax and business procedures in Serbia. Expressions such as tax number or TIN are often mentioned in everyday speech, but the bottom line is that it is an identification number that is important for certain types of administrative, tax and business procedures.
The TIN is especially important when a foreigner:
- establishes a company in Serbia
- opens a business account
- enters into certain tax procedures
- must regulate relations with the Tax Administration
- performs other activities in which tax identification is important
It is important to understand that PIB is not always the same issue for a natural person and a legal entity. Therefore, in each specific case, it is important to assess whether it is needed immediately, at what stage and in what capacity.
How does a foreigner get a tax number in Serbia
How a foreigner gets a tax number in Serbia depends on the capacity in which he needs that number.
If it is a matter of establishing a company, in practice the tax number is often obtained as part of the business entity registration process. That is one of the reasons why company setup and business banking are so closely related.
If it is another administrative or business context, then it is important to check:
- is the PIB even necessary?
- at which stage it is required
- which institution or bank requires it
- what documentation is necessary
The biggest mistake in practice is when a foreigner assumes that the PIB always comes automatically or that it is always unnecessary. The truth is that the answer depends on the specific case.
When the bank account and PIB are linked
Bank account and PIB in Serbia are often interconnected, especially when a foreigner comes not only to stay, but also to do business or establish a company.
This connection is most pronounced when:
- a foreigner registers a company
- opens a business account
- becomes a director or founder
- engages in tax-relevant business activities
- must use the banking system for the company in Serbia
That is why, in practice, it is often most effective that the banking and tax aspects are not dealt with separately, but as part of a single plan. When each step is done separately and without the bigger picture, there is a greater chance of wrong timing, incomplete documentation and additional trips to institutions.
The most common mistakes of foreigners in this procedure
There are several mistakes that are repeated very often.
The first mistake is mixing personal and business accounts. Many foreigners do not immediately understand that these are not the same things and that they are not opened according to the same rules.
Another mistake is misunderstanding the difference between resident and non-resident. This can lead to a person going to the bank with wrong expectations or incomplete documentation.
The third mistake is the assumption that every bank in Serbia is asking for the same thing. In reality, banks may have different approaches and requirements.
The fourth mistake is poor planning when the account is related to the establishment of a company. In this case, the bank account, company registration and PIB often have to be carefully matched.
The fifth mistake is to assume that PIB is always or never required. In reality, it depends on the capacity in which the foreigner acts and for what purpose the administrative or business step is taken.
How Derya Group Consulting can help
Derya Group Consulting provides support to foreign citizens who want to open a bank account and regulate a tax number in Serbia. This includes practical help in understanding the procedure, assessing what is needed in a specific case and preparing documentation.
The special value of this kind of support exists when several related matters are solved at the same time, such as:
- personal account
- business account
- establishment of the company
- PIB and other administrative issues
- translations and certified documentation
- coordination with the bank and other institutions
For foreigners who are just entering the system in Serbia, this kind of support can significantly facilitate the whole procedure and help to avoid the most common mistakes.
Conclusion
Opening a bank account and tax number in Serbia for foreigners are among the most important practical issues for anyone who wants to live, work or do business in Serbia.
The most important thing is to understand in time:
- whether the account is opened as a resident or non-resident
- whether a personal or business account is required
- which documentation is most often required
- when a PIB is required
- how the bank, the company and the tax department are interconnected
When these steps are set up correctly from the beginning, the whole process is clearer, faster and safer.
Frequently asked questions
Can a foreigner open a bank account in Serbia as a non-resident?
Yes, a foreigner can open a bank account in Serbia as a non-resident, but the bank evaluates the documentation, the purpose of opening the account and other relevant circumstances in accordance with its rules.
What is the difference between a resident and non-resident account?
The difference is in the status of the person according to the relevant regulations and the bank. This status affects the type of account, documentation and further relationship with the bank.
What documentation is most often required for a personal account?
Most often, an identification document, data or proof of address and other documentation required by the specific bank in accordance with its rules are required.
Is PIB required to open a bank account?
It depends on whether it is a personal or business account and on the specific case. For business accounts and operations, PIB is very important, while for personal accounts the question depends on the status and purpose.
How do you get a tax number in Serbia?
It depends on the capacity in which the tax number is needed. When establishing a company, the PIB is often obtained as part of the registration process, while in other cases a special basis and need is assessed.
Does the company need a separate business account?
Yes, a business account is required for company operations in Serbia. The personal account does not replace the business account of a legal entity.
Does every bank in Serbia have to open an account for a foreign citizen?
It doesn’t have to. The bank independently decides on the establishment of a business relationship in accordance with its policy and rules, while respecting legal restrictions and the prohibition of discrimination.