Go West, life is peaceful there… According to the popular boy band, choosing Western countries for residence comes with the joy of life and new-found freedom. However, many try a different and largely non-traditional approach and take their chances with jurisdictions closer at hand. For those based in Europe or nearby Serbia could be a worthy addition to their residence permit collection. Located in Central and Southeastern Europe, the emerging market economy is noted for its rapid development rate and is facing bright vistas.
A residence permit in Serbia comes with multiple bonuses to enjoy. If used to living in the continental climate zone you most likely won’t have any trouble adapting to the Serbian weather. With cold winters in the north and hot summers and autumns in the south, the country offers some variety due to its close proximity to the Mediterranean. Even though the local nature is delightful and will make you go ooh and aah over its pristine wonders and mountainous sights, it is still off the beaten track. This way, you will have every chance to enjoy unforgettable vacations either alone or accompanied by your special someone and create a million memories to savor.
Yet, just as man should never live by bread alone, so residence permit seekers should not let themselves be distracted by natural wonders and forget about other important stuff. Economy and politics oftentimes go hand in hand, with the combo’s potential determining migration and relocation outcomes.
An emerging market economy, Serbia is comfortably positioned in the upper-middle-income country group. Combined with low living costs that make ⅓ of what a comparable lifestyle would cost you in any developed European country, this adds up to the country’s appeal for those willing to live or work therein. Don’t forget available healthcare services that both residents and non-residents may enjoy. The public non-profit Health Insurance Fund financed through health insurance contributions is in charge of healthcare insurances in Serbia.
Public medical services are accessible by citizens, expats, and residence permit holders alike and their prices will never make you go bankrupt, even if you happen to be gravely ill. Foreigners are better off using private medical services in Serbia. Boasting excellent patient care, Serbian private clinics with their reasonable rates are rightly considered to be the best in the region.
The Serbian government does its best to promote the country as a happy middle ground between the East and the West offering the best of both worlds. Tourism profits make a hefty part of the nation’s budget revenues, hence, liberal values, hospitality, and friendly attitude are popularized and boosted here in every way imaginable.
Being among the lowest in Europe, Serbian taxes are the ones you’ll enjoy paying. Serbian residents pay income tax on income originating from anywhere in the world, while non-residents are only liable for taxes on their Serbian income or global work-related income. Like in many other jurisdictions, you are deemed a Serbian tax resident, if you permanently reside for at least 183 days per tax year in the country. NY 2023 brought important legislative amendments with it as far as taxation in Serbia is concerned.
From that moment on, tax rates for natural persons mostly depend on their income types ranging from 10% for salary, self-employment, and investment taxes to 50% for personal deductions on average. In the above group, property tax charged on property value is the lowest making 0.40% only.
In Serbia, natural persons are subject to an additional yearly income tax where their global income is above the government-set threshold. The tax rate varies depending on one’s global annual income amount. Companies and corporations pay corporate tax at the rate of 10% per annum, and Serbian VAT is charged at the standard rate of 20%, while the reduced one for certain goods and services makes 10%. With tax rates as low as the ones discussed above, Serbia boasts a pretty favorable business and work environment and economic migration thereto is high and rising.
Should you decide to invest in Serbian real estate to secure a cloudless future for both yourself and your family, you are sure to discover multiple draws. Housing prices in Serbia are affordable on average. As any other country, Serbia has both popular (and expensive) cities and neighborhoods to consider buying and not-so-popular (considerably less expensive) ones. When interested in locating an apartment or a house that would match your needs to a tee, don’t hesitate to contact the International Wealth consultants. They will be happy to not only discuss all available options with you but also take you on a virtual or real-life property tour so that you’ll see your dream property with your own eyes.
If you are an avid shopper, you will enjoy yourself a lot in Serbia. With their perfectly styled malls and multiple chic outlets, Serbian shopping districts are adored by both locals, tourists, and residence permit holders in Serbia.
Although a Serbian passport is currently not the strongest one on a global scale, the country’s government is fully committed to increasing its strength and making traveling easier for the holders thereof. For the above purpose, the Serbian government working together with the country’s Ministry of Foreign Affairs has successfully made several visa-free deals with countries interested in providing visa-free travel opportunities for their citizens, and the number of such deals keeps growing.
FYI: Serbia passport holders enjoy an opportunity to visit the jurisdictions on a visa-free basis that may be challenging to get into for those holding the strongest passports in the world. The International Wealth weathered country experts will be happy to provide you with extra details on visa-free travel for Serbian residents, should you need any.
As appealing as these opportunities may seem, finding your way to Serbia is not without an effort. NB: the jurisdiction does not offer any citizenship by investment schemes so popular with potential overseas residence or citizenship seekers, i.e., citizenship in Serbia does not come as a bonus when you say purchase real estate in the country. At International Wealth, we would like to warn you thereof for you not to fall victim to any scammer schemes online. Beware, to be able to apply for citizenship in Serbia, you’ll have to become a resident therein first.
With residence permit applications and related legal procedures being a mystery ground for many novice citizenship and residence seekers, expert advice comes invaluable. The International Wealth immigration industry professionals are a phone call or a mouse click away, and they will see to it that you not only successfully apply for your residence permit in Serbia or any other country you choose but also complete all procedures with flying colors and move to your desired destination in no time.