Montenegro is a country in Southeastern Europe (Balkan peninsula). Montenegro is a candidate for joining the European Union since 2008. Since 2002 Montenegro uses Euro as its domestic currency unilaterally, though it is not an official member of the Euro zone.
Montenegro is a middle-income country, with a service-oriented economy transitioning to a market system. Main sectors of Montenegrin economy are steelmaking, aluminum, agricultural processing, and tourism.
Montenegro signed 20 double taxation agreements.
Montenegro didn't sign the automatic information exchange agreement and didn't indicate a timeline of the start of the automatic information exchange.
Montenegro agreed in substance to use FATCA on 30 June 2014 (Intergovernmental Agreement Model 1): the text of the IGA has not been released and financial institutions operating in Montenegro are allowed to register on the FATCA website consistent with the treatment of having an IGA in effect provided that Montenegro continues to demonstrate firm resolve to sign the IGA as soon as possible.
Banking sector of Montenegro is relatively small, highly concentrated and has high share of foreign capital. Foreign-controlled banks operating in Montenegro are originated from neighbouring European countries (Austria, Hungary, Italy, Serbia, Slovenia, Turkey).Most of the banks in Montenegro are universal banks providing products and services in retail and business banking.
