Although money transfers from Serbia abroad by non-residents are often perceived as straightforward banking transactions, in practice, they involve a complex and precisely regulated process. Foreign nationals, as well as non-resident legal entities wishing to transfer funds from their accounts in Serbia, must meet certain legal requirements—primarily related to tax obligations.
Basic conditions for money transfer
The foreign exchange regulations of the Republic of Serbia do not limit the amounts non-residents may receive from abroad or transfer abroad. However, in order to make a transfer from a non-resident account in Serbia, it is necessary to obtain a certificate from the Tax Administration confirming that all taxes related to the specific transaction have been settled.
It is important to note that this requirement does not apply to funds held in savings accounts—such transfers may be made freely without the need to provide tax clearance certificates. The procedure itself involves the following steps:
- Submission of the request and payment of the prescribed fee;
- Submission of supporting documentation, such as contracts, invoices, proof of the origin of funds, and other relevant documents;
- Review of the tax status by the Tax Administration;
- Issuance of the certificate, provided there are no outstanding liabilities.
Additionally, in accordance with regulations on the prevention of money laundering and terrorism financing, banks are required to further verify the origin of funds, the ultimate beneficiaries, and the purpose of the transfer.
Obligation to obtain TIN and appoint a tax representative
Non-resident individuals and legal entities wishing to carry out a transfer of funds from Serbia abroad are required to obtain a Tax Identification Number (TIN – ‘’PIB’’ in Serbian). Furthermore, in accordance with the Law on Tax Procedure and Tax Administration, it is mandatory to appoint a tax representative with a registered address or seat in the Republic of Serbia. If the representative is a licensed attorney, the power of attorney does not need to be notarized, which simplifies the process.
Acquiring resident status after a long stay
Foreign nationals who reside in the Republic of Serbia for more than one year may acquire the tax resident status, which changes their legal and foreign exchange status. In accordance with the Decision on the Conditions under Which Residents May Hold Foreign Currency in Accounts Abroad, they may continue to maintain accounts in their home countries and freely transfer funds to those accounts, in compliance with the prescribed conditions.
Due to the specific nature of this procedure, non-residents often face uncertainties—from determining which documents are required to understanding how to communicate with tax and banking institutions. Any misstep can lead to delays or even suspension of the transfer.
While transferring funds from Serbia abroad may seem like a simple banking operation, it in fact requires a thorough understanding of foreign exchange and tax regulations, careful handling of documentation, and strict compliance with legal procedures. Whether it involves obtaining a tax clearance certificate, registering a tax ID, appointing a representative, or liaising with banks and the Tax Administration—each step must be executed with precision.
Injac Attorneys possess extensive experience and specialized expertise in tax law and foreign exchange operations involving non-residents. Our team provides comprehensive legal support—from initial consultation and document preparation, to representation before relevant authorities and the successful completion of fund transfers.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.
