Montenegro is a country in Southeastern Europe (Balkan peninsula). Montenegro is a candidate for joining the European Union since 2008.
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.
Withholding tax rates in Montenegro are 0.0-9.0 %. 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 characterized by relatively small size, small number of banks operating as universal banks, high degree of concentration and high share of foreign capital.