Montenegro bank account
Apply now for our company formation service
Location: Southeastern Europe
Population (2017): 642,550
Status: not a EU member, candidate since 2012; one of the founding members of the Red Cross; not signatory of agreement about Common Reporting Standard; NATO member since 2017.
Currency: EUR (Euro)
Official languages: Montenegrin, Serbian
Deposit guarantee: 50,000 EUR
Montenegro is a small country in Southeastern Europe (Balkan peninsula), classified by World Bank as upper middle-income country. Since 2002 Montenegro uses euro as its official currency, though it is not an official member of the euro zone.
Together with an open and dynamic economy, the geo position, tax system, safety and political stability, the country have attracted foreign investments in various sectors, like tourism, luxury services and energy. The biggest foreign investors in Montenegro are Italy, Norway, Austria, Russia, Hungary and the UK. In 2014 the net foreign direct investment reached 483 million USD and investment per capita is one of the highest in Europe.
Montenegro has neither signed the Automatic Information Exchange Agreement nor indicated a timeline of the start of the automatic information exchange, and this is one of the several reasons Montenegro is becoming an increasingly popular offshore banking destination.
The banking sector of Montenegro is 100% privatized, with banks operating as universal banks, providing a broad range of retail (savings products, current accounts, payment cards, consumer and business loans) and corporate banking (letters of credit, guarantees) products and services.