Following the recommendations of the OECD, Parliament approved an amendment to the Foreign Exchange Act, which liberalizes the foreign exchange regime in Slovakia. The amendment abolishes the limit for Slovak individuals to obtain foreign currency (previously a limit of Sk 60.000 p.a. applied).
The amendment also abolishes the foreign exchange offering duty for Slovak legal entities. Thus, for example Slovak companies will be able to make their own decisions on how to deal with foreign currency sourcing from its business activities.
Furthermore, the amendment enables trading in OECD foreign securities, which are already traded on their main markets.
Slovak branches of foreign banks are entitled to own real estate (but not land) provided that these are used for the purposes of their licensed banking activities.
The amendment is effective from 1 April 1998.
The information in this newsletter is correct to the best of our knowledge and belief at the time of going to press. Specific advice should be sought, however, before investment and other decisions are made.
For further information contact Mr Frank Walsh on +421 7 5340 545 Email directly on Click Contact Link
