Savings accounts around the world

Croatian citizens will be able to open the residential savings accounts around the world without legal restrictions and will be able to carry out payment transactions through these accounts, starting January 2011.

Although under the Agreement on Stabilization and Association Agreement with the European Union (EU), this change should take effect earlier, due to the crisis Croatia called for a postponement until 1 January next year.
Modifications also liberalize the use of foreign loans through accounts abroad. On the basis of applicable law, residents can open an account abroad only exceptionally and with the approval of the Croatian National Bank (CNB). So today, about a hundred residents legal entities holds money in foreign accounts, while other legal residents hold their funds only in accounts with banks based in Croatia.

Although now Croatian citizens for the first time have an option to look for better interest on their savings around the world, the local banks do not expect large outflows of funds in countries with higher interest payable.

Source: www.business.hr

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