Montenegro is implementing the CRS (Common Reporting Standard) – an international standard for the automatic exchange of financial account information for tax purposes.
CRS was developed by the OECD to enable the tax authorities of participating jurisdictions to receive information about financial accounts held by their tax residents in other jurisdictions. Montenegro is a signatory to the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information.
As a reporting financial institution, Zapad Banka is required to apply the prescribed rules for identifying and verifying its customers and their financial accounts and, when the legal requirements are met, to provide the required information to the Tax Administration of Montenegro.
In addition to CRS, the Bank continues to apply FATCA (Foreign Account Tax Compliance Act) rules concerning the identification and reporting of certain accounts connected to the United States of America. Montenegro applies FATCA based on a Model 1 intergovernmental agreement with the United States of America.
Pursuant to CRS/FATCA rules, the Bank must identify and record its customers’ tax residency and, for legal entities, their relevant CRS/FATCA status. For this reason, the Bank may ask you to complete a Self-Certification Form (Tax Residency Declaration) and, when necessary, provide additional information or documents.
If you are required to submit or update your information, the Bank will contact you and provide clear instructions. A request to complete the form does not automatically mean that your account is reportable or that you have a tax obligation in another country.
Zapad Banka provides information about the Bank’s CRS/FATCA obligations and instructions for completing its forms but does not provide tax or legal advice and does not establish a customer’s tax residency.
If you are unsure about your tax residency, TIN, tax obligations, or how the tax rules of a particular country apply to your circumstances, we recommend that you contact the relevant tax authority or an independent tax advisor.
For questions regarding the submission of forms and documentation, you may contact your dedicated account manager at Zapad Banka.
CRS/DAC2 – Tax Administration of Montenegro
