Government session: Draft Final Proposal of Act on Amendments to the Act on Ownership and Other Real Rights accepted

Amendments to the Act are proposed in order to meet the criteria for Croatia’s accession to the OECD

The final proposal of the Act governs the acquisition of ownership rights in real estate in Croatia by nationals and legal entities from EU Member States, EEA contracting states, OECD member states or acceding countries to the OECD Codes of Liberalization of Capital Movements and of Current Invisible Operations, as of the date of accession of the Republic of Croatia to the OECD.

"Nationals and legal entities of these countries will acquire ownership rights under the conditions applicable to the nationals of the Republic of Croatia and legal entities established in Croatia, i.e. for the acquisition of ownership rights in real estate in Croatia, they will no longer need the consent of the minister of justice", said the Minister.

For 36 of the 38 OECD member states, there is already the possibility of acquiring ownership of real estate in Croatia on the principle of reciprocity. Reciprocity has not been established for only two member states, namely Mexico and Costa Rica, as there have been no applications for the acquisition of real estate ownership from legal or natural persons from those states so far.

"The proposed Act additionally stipulates the possibility of adopting measures justified on the grounds of public morality, public order or security, health protection, measures necessary for the protection of essential security interests as well as measures necessary for the fulfilment of obligations related to the preservation of international peace and security", the Minister concluded.

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