The abolishment of the currently imposed limitations for residents related to foreign financial transactions and the liberalization enabling residents to directly invest, transfer and deposit funds abroad will be effective as follows:
On 1 August 2009 the prohibition for residents, excluding banks, to grant short-term loans to non-residents, except within direct investments abroad, will be abolished.
On 1 January 2010 the following provisions will be abolished: The Croatian National Bank’s (CNB) right to prescribe the conditions under which residents (excluding banks) can open bank accounts and maintain funds on bank accounts abroad, to prescribe limits on the amount of gifts and aid that can be transferred abroad, and to prescribe the conditions for performing compound financial instrument transactions
Also the following rules will cease to be effective: the obligation for funds from loans received from abroad to be transferred to a bank resident in Croatia or, under certain conditions, to a foreign bank account; the requirement for residents to make payments abroad or to receive funds from abroad in accordance with administrative procedures prescribed by the CNB; the limit on the amounts, reporting obligations and terms for the import and export of cash in foreign and domestic currency and cheques.
Finally also the provisions regarding the transfer of securities held by Croatian residents to abroad and receipt of the same from abroad and the prohibition of sale and purchase of foreign currency abroad for Croatian resident companies will be abolished.
Therefore, up until the above-mentioned dates, the choice for Croatian businesses remains to develop indirect means of utilising their financial resources on foreign financial markets.