Bank Account in Serbia Combined with an Account in Georgia: What Expats Should Know

Serbia and Georgia are often mentioned in the same breath in expat forums: two countries outside the EU where foreigners can open an account with comparatively little hassle. This leads to the idea of combining both accounts so as not to depend on a single bank. The idea is not wrong, but it often comes bundled with assumptions that are no longer true, for example about the exchange of information between tax authorities.

This article explains when such a combination makes sense, what both countries realistically offer and which rules apply in Germany and in Serbia. How opening an account in Serbia works in detail and which banks come into question is covered in our article Opening a bank account in Serbia as a foreigner.

Bank account in Serbia combined with an account in Georgia: why two non-EU accounts

Most people who move to Serbia initially keep their German current account. A Serbian account is added for everyday life, because rent, utilities and card payments are easier to handle locally. A third account in Georgia, on the other hand, is a deliberate decision, and there are good reasons for it as well as less convincing ones.

Redundancy: not depending on one bank

The strongest reason is resilience. Banks can terminate accounts, block them or temporarily freeze them for a review, for example when your place of residence changes, when larger amounts arrive from unusual sources or when a bank reassesses its customer groups. With only one account, you may then be unable to pay your rent for weeks. A second, active account in a different banking system reduces this risk. However, this only applies if the second account is also used regularly and your documents there are up to date.

Currencies and payment routes

Serbian banks keep accounts in dinars (RSD) and in the foreign currencies traded on the foreign exchange market, Georgian banks in lari (GEL), US dollars and euros. For expats with income in dollars or clients outside Europe, a Georgian multi-currency account can be practical. For life in Serbia, however, it is of little help: your expenses are in dinars, and every transfer from Tbilisi to Belgrade is an international payment with fees and processing time. Wanting to hide an account from the tax office, by contrast, is not a viable reason. That is not a concept but a risk, as the sections on CRS and reporting obligations show.

What is realistic for an account in Serbia

For foreigners, an account in Serbia is easy to obtain, and the rules can be read on the official information page of the Serbian government (welcometoserbia.gov.rs). A bank can open a dinar account and a foreign currency account for non-residents, as a current account (tekući račun), as a deposit account (depozitni račun) or as a dedicated-purpose account. The bank requires an application, a passport or another valid photo identity document and a document showing your place of residence or stay over the last twelve months. A non-resident can authorise another person to conclude the contract and to dispose of the account. In practice, most banks nevertheless require an appointment in person to open the account.

A peculiarity that many expats are not aware of is the change of status after one year. In their first year of stay, foreigners are considered non-residents under Serbian foreign exchange law. Anyone who lives in Serbia for more than one year with a residence permit or work visa becomes a resident. The bank then closes the non-resident account and opens a resident account, and you are obliged to notify the bank of this change. For foreigners, this change does not affect their accounts abroad, as the section on Serbian foreign exchange rules below shows.

Deposits with Serbian banks are protected by the Deposit Insurance Agency (Agencija za osiguranje depozita) up to 50,000 euros per depositor and bank, regardless of the currency and the number of accounts held at that bank. The insurance also applies to non-residents.

What is realistic for an account in Georgia

Georgia is known for allowing foreigners without residence to open accounts there. The large universal banks are TBC Bank and Bank of Georgia; in addition there are foreign institutions such as ProCredit Bank and several digital banks. With the universal banks, you should expect to visit a branch. Opening an account remotely is possible via a notarised power of attorney that is certified in Germany and provided with an apostille. According to their own information, service providers offering this charge fees in the range of several hundred euros, plus notary and apostille costs. Whether the bank ultimately opens an account is decided solely by the bank, and nobody can give a guarantee.

The banks check your identity and the source of funds, so have evidence ready for larger amounts. Account maintenance costs up to a few dozen lari per month, depending on the package. All euro figures in brackets are rounded guide values that fluctuate with the exchange rate. For Bank of Georgia's premium packages (SOLO), comparison sites currently quote roughly 35 to 80 GEL (approx. 11 to 25 EUR) per month, but this is not a binding figure from the bank. Always check current prices directly with the bank, because packages and conditions are adjusted frequently.

Deposit insurance in Georgia is considerably lower than in Serbia. According to the Georgian Deposit Insurance Agency's report to Parliament, the limit was raised to 50,000 GEL (approx. 16,000 EUR) per depositor and bank as of 1 April 2026. The limit applies in lari, so its euro equivalent fluctuates with the exchange rate.

Why deposit insurance alone does not protect you

Do not rely too much on deposit insurance in either country. The insurance funds are small relative to total deposits and are more likely to suffice for the failure of a single smaller bank than for a real banking crisis. Statutory payout deadlines also say little about how long a resolution actually takes: parts of the insolvency of the investment bank Lehman Brothers from 2008 are still being wound up today. For small savers, deposit insurance is a help; for larger assets, hardly.

It is more important to keep an eye on the creditworthiness of your own bank, and that takes time. Size is not a safety feature: large banks, too, have run into difficulties in recent years. Savings banks and similar institutions are usually merged with others rather than wound up when problems arise, and cooperative banks are among the most solid institutions in some countries, but not in others. Judging a bank across the board by its group is therefore not enough.

Bank account in Serbia and account in Georgia compared directly

CRS status of both countries: what is documented

The OECD's Common Reporting Standard (CRS) provides that banks report the account data of customers who are tax resident in another state to their tax authority every year, which passes it on to the state of residence. The basis is the Multilateral Competent Authority Agreement (MCAA). The OECD publishes a list of signatories with the planned date of the first exchange.

The list (as of 13 March 2025) shows:

• Georgia signed the agreement on 9 November 2022 and gave September 2024 as the date for the first exchange of information. Georgia is therefore part of the CRS network. Which states data is actually exchanged with depends on the bilateral exchange relationships. In Germany, this follows from the annual list of exchange states (Staatenaustauschliste) of the Federal Ministry of Finance.
• Serbia is not on the list. This matches our status for 2026, which we describe in detail in the article on Serbia's CRS status (in German). However, Serbia has been a party to the Multilateral Convention on Mutual Administrative Assistance in Tax Matters since 1 December 2019. An exchange of information on request is therefore possible.

Anyone who justifies the combination with the argument "neither of them reports anything" is therefore working with outdated information. Georgian banks ask about your tax residence when you open an account, and this self-certification must be truthful.

Serbian foreign exchange rules: may a resident hold an account in Georgia?

This point is missing from almost all descriptions of combining the two accounts. Serbia has a foreign exchange law that allows residents to hold foreign currency in accounts with foreign banks only under the conditions set by the National Bank of Serbia (NBS). The legal basis is Art. 27 of the Serbian Law on Foreign Exchange Operations (Zakon o deviznom poslovanju). The details are governed by the NBS decision on holding foreign currency in accounts with banks abroad. A resident who holds foreign currency abroad in breach of this provision risks a fine of 5,000 to 150,000 dinars (approx. 40 to 1,300 EUR) under Art. 62(1) no. 16 in conjunction with Art. 27 of the Law on Foreign Exchange Operations.

For foreigners, however, the situation is considerably more relaxed than is often portrayed. Point 2 no. 6 of the NBS decision allows foreign nationals who live in Serbia for more than one year with a residence permit or work visa to hold accounts abroad without authorisation. The provision contains no restriction to the home country and no list of countries. A German may therefore continue to keep his or her account in Germany, Austria, Switzerland or Georgia after the change of status to resident.

Depending on the situation, this results in the following:

• Germans in their first year of stay: Under foreign exchange law they are still considered non-residents. Accounts abroad are unrestricted.
• Germans after more than one year of stay: Accounts abroad are permitted without authorisation, in any country (point 2 no. 6).
• Naturalised citizens who have also remained German: Dual nationals residing in Serbia may also hold accounts abroad without authorisation (point 2 no. 8). The NBS guide for returnees expressly phrases this as "without limitations". Since the reform of German nationality law of 27 June 2024, naturalisation abroad no longer automatically leads to the loss of German citizenship. Whether Serbia requires you to give up your previous citizenship for naturalisation is something you should clarify beforehand.
• Naturalised citizens who are now Serbian nationals only: The prohibition applies to them. An account abroad is then only permitted in special cases, for example for the proceeds from the sale of a property abroad, or with an NBS authorisation, which is usually granted for one year.

If the reason for a permitted account abroad ceases to apply, the balance must be brought to Serbia within 30 days and the account closed, in accordance with point 2 paragraph 2 of the decision. Anyone who opens an account abroad with an authorisation notifies the NBS of the opening within 30 days.

The NBS has amended the decision several times since 2018. Have the current wording of point 2 no. 6 and no. 8 confirmed before making important decisions, for example by a Serbian lawyer. Our recommendation remains: as a matter of principle, keep accounts outside Serbia so that the move does not simply become an exchange of one set of inconveniences for another. A single account abroad is rather too little. A geopolitical spread across several countries and banking systems that are not exposed to the same risks makes more sense.

German tax liability and reporting obligations for accounts in Serbia and Georgia

Whether you are still liable to tax in Germany does not depend on where your accounts are, but on your residence (Wohnsitz) and habitual abode (gewöhnlicher Aufenthalt). Three situations need to be distinguished.

You still have a residence in Germany

Then you have unlimited tax liability in Germany, and interest and other investment income from both foreign accounts belong in your German tax return. Foreign banks do not withhold German flat-rate withholding tax (Abgeltungsteuer). You must therefore declare the income yourself. This applies regardless of whether a country participates in the CRS or not. Anyone who fails to do so risks tax criminal proceedings (Steuerstrafverfahren), even if the amounts are small.

You have moved to Serbia completely

If you have given up your residence and habitual abode in Germany, unlimited tax liability ends. Interest from foreign accounts is then, as a rule, no longer a matter for the German tax office. In return, you become tax resident in Serbia, with separate filing obligations there, and the move itself should be properly documented.

Part of this documentation is that you have no or hardly any accounts and bank transactions left at your former place of residence. The tax office can look at your bank statements. A case from tax advisory practice: a client stated that he had lived in the United Arab Emirates for a period of time. On his German account, the tax office found cash withdrawals in Germany for precisely this period, with place, time and amount. This disproved the alleged stay abroad, and criminal proceedings were initiated.

The transition phase

The year of the move is the most delicate phase. It may be that you had unlimited tax liability in Germany for part of the year. Income from this period must be declared in Germany. Have a tax adviser accompany you for this year.

Foreign trade reports to the Bundesbank

Irrespective of tax, German foreign trade law imposes reporting obligations for payments between residents and non-residents. Under § 67 of the Foreign Trade and Payments Ordinance (Außenwirtschaftsverordnung), payments of up to 50,000 euros (previously 12,500 euros) have not had to be reported since 1 January 2025. Also exempt are, among others, payments for loans and deposits with an originally agreed term or notice period of no more than twelve months. Under the relevant provisions, transfers to your own account abroad are not subject to reporting, even if the amount exceeds 50,000 euros.

Bank compliance is a different matter. Your own sending bank or the national bank of the recipient country can stop larger transfers, request evidence of the source of funds or generally exclude payments to certain foreign banks. Therefore, announce larger transfers to both banks in advance and keep supporting documents ready.

What a sensible split can look like

A combination of both accounts works well when each account has a clear task. An example for a woman who has emigrated, lives in Belgrade and works for clients in Europe and the USA:

1. Serbian account as main account: Rent, utilities, everyday expenses and tax payments run through it, and for the self-employed it is the business account.
2. German account for the transition period: For remaining payments in Germany, insurance and incoming payments from the EU. Under foreign exchange law it remains permissible for foreigners even after the first year (NBS decision, point 2 no. 6). After moving away, however, keep the transactions there low and close the account as soon as you no longer need it, because otherwise it may count against your departure.
3. Georgian account as a reserve: A manageable amount as a liquidity reserve in case one of the other accounts is temporarily blocked, in US dollars if appropriate. This account, too, is permitted for foreigners without authorisation after the first year of stay, as long as they do not become exclusively Serbian nationals. Anyone who wants to protect larger assets additionally spreads them across further countries rather than only Georgia.

What matters is that all accounts appear in your tax returns where they belong, and that you can prove the source of every larger deposit.

How these accounts fit into a bigger picture of residence, company and asset allocation is covered in Flag theory for Germans (in German). Why Serbia's missing CRS status is no basis for an asset strategy is explained in the article Asset protection and CRS in Serbia (in German).

We often see two mistakes here. First, dormant reserve accounts: an account that is not used for years can be treated as inactive or terminated by the bank, and a reserve that is not available in an emergency is of no use. Second, outdated assumptions: many websites still describe the CRS situation as it was before 2022.

How Exgentum supports you

Exgentum is not a tax adviser, not a law firm and not a bank. We do not provide tax or legal advice and we do not arrange accounts in Georgia. Our focus is Serbia, but through our network we also have contacts in other countries, for example in Montenegro, Bosnia and Herzegovina, Hungary, Switzerland or Canada. In Belgrade, we accompany you organisationally to your appointment at the Serbian bank, help with the documents for your account and residence and provide you with a contact person who speaks German or English. For the tax assessment we recommend a tax adviser, and for individual foreign exchange law questions, for example in the case of naturalisation, a Serbian lawyer.

Frequently asked questions

Can I open an account in Georgia as a German without residence there?

Yes, Georgian banks open accounts for non-residents. With the large banks, expect a branch visit or an apostilled power of attorney, as well as questions about the source of your funds. The decision always lies with the bank.

May I keep an account in Georgia while residing in Serbia?

Yes. In your first year, you are considered a non-resident in Serbia under foreign exchange law. After that, the NBS decision (point 2 no. 6) allows foreign nationals with a residence permit or work visa to hold accounts abroad without authorisation, in any country, and therefore also in Georgia. The prohibition only applies to those who hold Serbian citizenship exclusively.

Do I have to pay tax in Germany on interest from Serbia or Georgia?

If you have unlimited tax liability in Germany, yes. Foreign banks do not deduct German flat-rate withholding tax; you declare the income yourself. This changes after a complete move abroad; Serbia is then responsible.

Is an account in Serbia safer than one in Georgia?

There is no blanket answer. Deposit insurance is measurable: 50,000 euros per depositor and bank in Serbia, 50,000 lari (approx. 16,000 EUR) in Georgia. More important than these limits, however, is the creditworthiness of the respective bank. You should therefore not put larger amounts into a single account but spread them across several banks in different countries.

Conclusion

A bank account in Serbia combined with an account in Georgia can be a sensible safeguard for expats against account blocks and a practical solution for dollar income. It is not, however, an instrument for making assets invisible: Georgia participates in the automatic exchange of information, and your filing obligations in Germany do not depend on it anyway. Make the Serbian account your everyday account, keep the Georgian account as a documented reserve, and if you later become naturalised, remember that the account abroad only remains permissible as long as you keep another citizenship alongside the Serbian one. A tax adviser belongs on the tax side, and for the bank visits in Belgrade you can count on us.