Zagreb 6. Juli, 2011 – 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.

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