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Free To Pay – Croatia liberalizes rules for foreign transactions

The long-awaited liberalization of payment transactions finally came about on 1 January, 2011, when amendments to the Croatian Payment Transactions Act and the Foreign Exchange Act went into effect.

(PresseBox) (Zagreb, ) One of the most important changes is that now companies as well as natural persons residing in Croatia can open up bank accounts abroad, take out loans and carry out money transactions over the foreign banks. However, companies must report such transactions to the Croatian National Bank whenever their deposits abroad exceed EUR 50,000 at any time. Traders acting alone, craftsmen and other natural persons residing in Croatia must report their foreign exchange transactions abroad as soon as their deposits exceed EUR 20,000 at any time. For more information about the reports to the Croatian National Bank, please contact us.

Author: Mag. Danijela Dobric, ECOVIS UBLI savjetovanje d.o.o., Zagreb, Croatia

ECOVIS AG Steuerberatungsgesellschaft

Ecovis is a leading global consulting firm with its origins in Continental Europe. It has over 3,300 staff operating in 30 countries. Its consulting focus and core competencies lie in the areas of tax consultation, auditing, legal advice and accounting and management consulting services. The particular strength of Ecovis is the combination of personal advice at a local level with the general expertise of an international and interdisciplinary network of professionals. Every Ecovis office can rely on qualified specialists in its back offices as well as on the specific industrial or national know-how of all the Ecovis experts worldwide. This diversified expertise provides clients with effective support, especially in the fields of international transactions and investments - from preparation in the client's native country to support in the target country. In its consulting work Ecovis concentrates mainly on mid-sized firms. Both nationally and internationally, its one-stop-shop concept ensures all-round support in legal, fiscal, managerial and administrative issues. The name Ecovis, a combination of the terms economy and vision, expresses both its international character and its focus on the future and growth.
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