Serbian Companies Moving Offshore Operations East  | Beta Briefing

Serbian Companies Moving Offshore Operations East 

Source: Beta/Blic
SEE Business / Serbia | 05.10.20 | access_time 14:58

Hong Kong

Although the European Union has this year added several new countries to its “blacklist” of tax havens, to which millions of euros go from Serbia as well, many Serbian companies still operate in these territories. 

Nevertheless, the latest data speak of a drastic turnabout in the operations of domestic businesses with offshore zones. 

National Bank of Serbia (NBS) data show that this year the most money from Serbia went to two offshore zones in the Far East. 

Cyprus, which used to be a very popular destination, is no longer at the top of the list, while Hong Kong and Singapore are now, to the surprise of many, in the top two spots. 

Close to EUR700m went from Serbia to these two tax havens in the first eight months of this year, which equals more than 90% of Serbia’s total transfers to offshore zones. 

The latest NBS data on foreign payment operations show that Serbian citizens in the period from January to August 2020 made payments to offshore zones worth EUR731.1m, the daily Blic reports. 

The most important transactions in January–August this year pertain to payment transfers made with Hong Kong (EUR546.1m), Singapore (EUR129.2m), the British Virgin Islands (19.7m), Lebanon (9.6m) and Liechtenstein (7.6m).


 

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