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Important regulations: Currency and exchange controls

Send Print Download added: Patrycja Operacz | 2017-05-09 13:29:25
invest in poland, doing business, important regulations, currency controls, exchange controls

Foreign exchange regulations which constitute part of the financial legislation, are stipulated in the Foreign Exchange Act of 27th July 2002.

The main aim of the Act is to protect “foreign exchange interest” of the State. Restrictions in foreign exchange turnover provided by the Act refer to transactions with third countries, i.e. countries that are not EU Member States, and are not members of the EU or the OECD. These restrictions concern the following areas:

  • transfer of funds designated to finance economic activity, including real estate purchase,
  • transactions in securities with a maturity up to one year,
  • transactions in debt claims,
  • opening of bank accounts.

 

It has to be noted that a conclusion of agreements and performance of other acts of law which result or might result in settlements in foreign currencies between residents, and the execution of such settlements within the state does not require an individual foreign exchange permit.

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Source: Polish Investment and Trade Agnecy, Poland your business Partner. Invest in Poland, 2016.