Montenegro has a well-developed banking system with 13 privately owned banks spread throughout the country. Once you have set up a company in Montenegro, you will require a bank account. This leaves a lot of people questioning the safety of their information as they begin to do business in Montenegro.
The great tax rates, low-cost company setup, 100% foreign ownership and other great perks of Montenegro company formation need to be supported by a banking system that you can trust. In this article, we will take a closer look at the Montenegro banking system and how it will keep your money and your information safe.
The banks in Montenegro are not required to automatically share the information of the asset owner when one opens a bank account in Montenegro. Automatic Exchange of Information (AEOI) and Common Reporting Standards (CRS) need not be a concern for you when opening a bank account in Montenegro.
All EU countries are AEOI and CRS compliant which means that setting up a company in any EU country leaves your information vulnerable and exposed. There are not many other countries in this geographical location that can offer advantages from their proximity to the EU with the promise that your information will not be openly shared with anyone. In fact, Montenegro is so invested in keeping your banking information private that it is illegal to disclose any banking information in Montenegro and the crime is punishable by a prison sentence.
Montenegro banks are required to collect information about their clients through the Know Your Customer (KYC) process of a business verifying the identity of its clients, however, they cannot legally share this information. This adds layers of protection to your information.
As it stands, one could state that Montenegro is a country that offers a high-level of bank and information privacy.
Banking information is considered private information for a reason. The need to share information in order to create transparency in the banking sector only fuels the fight between tax transparency to avoid tax evasion and maintaining the privacy of your information.
A desire to keep your banking history, balance, other activity and information private is not a crime in itself and you should have the freedom to decide whether or not you want your information to be shared. This makes company formation and bank account set up in Montenegro ideal. You are free to do business as you please while your information remains private and protected.