ISSN 1452-6662
Više od 150 osnovnih i prečišćenih tekstova propisa Republike Srbije prevedenih na engleski jezik.
Grupa: FOREIGN INVESTMENTS AND FOREIGN ECONOMIC RELATIONS
Izdanje: FOREIGN EXCHANGE MANAGEMENT LAW
Published in the Službeni glasnik RS, Nos. 62/06 of 19 July 2006, 31/11 of 9 May 2011, 93/12 of 28 September 2012 (other law), 119/12 of 17 December 2012, 139/14 of 18 December 2014 and 30/18 of 20 April 2018
Sekcija: II DEFINITIONS OF TERMS AND EXPRESSIONS

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  • Article 2

    For the purposes of the present Law, the meaning of some of the terms and expressions used herein shall be as follows:

    (1) Resident shall mean:

    1) Any legal entity registered and having its head office in the Republic;

    2) Any individual who is registered as a sole proprietor in the Republic and is conducting a lawful business as his/her occupation for the purpose of generating profit;

    3) Any foreign legal entity's branch entered in the register kept by competent authorities in the Republic;

    4)  Any individual whose residence is in the Republic, with the exception of the individuals who have been staying abroad on a temporary basis for longer than a year;

    5) Any foreign individual, other than a diplomatic or consular representative of a foreign state and members of his/her family, who has been staying in the Republic on the basis of a stay permit or work visa for longer than a year;

    6) Any beneficiary of the Republic Budget funds, beneficiary of the obligatory social security organisations' funds and beneficiary of the local government budget funds, as well as any other beneficiary of public funds included in the consolidated treasury account system;

    7) Any diplomatic/consular or some other mission abroad which is funded from the Republic Budget and domestic citizens employed in such missions, as well as their family members.

    (2) Non-residents shall mean all persons other than those referred to in item 1 of this Article.

    (3) Bank shall mean a resident joint-stock company based in the Republic, holding the National Bank of Serbia operating licence and conducting deposit and credit transactions and foreign payment and credit transactions, as well as other transactions in conformity with law.

    (3a) Payment Institution shall be a resident - legal entity domiciled in the Republic, which has a permit of the National Bank of Serbia for the provision of payment services as a payment institution, in accordance with the law governing payment services.

    (3b) The issuer of electronic money shall be a person domiciled in the Republic that issues electronic money, in accordance with the law governing payment services, as well as a foreign electronic money institution, and/or non-resident - legal entity performing tasks that correspond to the operations of the electronic money institution within the meaning of the law governing payment services.

     (Deleted)

    (4) Means of payment shall mean Dinars and foreign currencies.

    (5) Foreign means of payment shall mean:

    1) Foreign exchange - receivables abroad denominated in foreign currencies;

    2) Foreign currency in cash - receivables in cash and/or banknotes or coins denominated in a foreign currency.

    (6) Payment instruments shall mean cheques, bills of exchange, letters of credit, remittances, credit cards and other payment instruments - receivables from non-resident issuers, denominated in foreign currencies and cashable in foreign currencies.

    (7) Securities shall mean the securities determined by the law governing the capital market.

    (8) Domestic securities shall mean the securities issued by residents on the domestic market, which may also be denominated in foreign currencies, if so provided by a special law.

    (9) Foreign securities shall mean the securities issued by non-residents (Deleted)

    (10) Long-dated securities shall mean debt securities, the maturity of which is longer than a year.

    (11) Short-dated securities shall mean debts securities, the maturity of which is up to a year.

    (12) Financial derivatives shall mean the financial instruments referred to by the law governing the capital market.

    (13) Foreign exchange market shall mean the market on which foreign exchange and foreign currency in cash are purchased and sold.

    (14) Exchange office business shall mean the purchasing/selling foreign exchange in cash and cheques denominated in foreign currencies from/to individuals.

    (15) Current transactions shall mean the transactions conducted between residents and non-residents for purposes other than capital transfer.

    (16) Capital transactions shall mean transactions between residents and non-residents for the purpose of transferring capital.

    The capital transactions referred to in paragraph 1 of this item shall be as follows:

    - Direct investments,

    - Investment in real estate,

    - Securities transactions,

    - Financial derivatives transactions,

    - Transactions involving investment funds and optional pension funds,

    - Credit transactions,

    - Surety transactions,

    - Deposit transactions,

    - Transactions based on insurance contracts in compliance with the law governing insurance,

    - Unilateral transfers of the means of payment (personal and physical),

    (17) Direct investments shall mean investments made by residents abroad and non-residents in the Republic in a legal entity for the purpose of participating in the control over that legal entity.

    The investment referred to in paragraph 1 of this Item shall mean the following: establishment of a legal entity, branch or representative office, purchase of an interest in the capital of a legal entity or purchase of its shares and recapitalisation of a legal entity, as well as any other form of investment, whereby the investor concerned acquires at least a 10% share in the authorised capital and/or at least 10% of voting rights, within not more than a year from the first investment in that legal entity in the case of successive investments (for the purpose of reaching the 10% threshold).

    For the purposes of paragraph 1 of this Item, investment shall also mean the credits and loans the maturity of which is five years or longer, if they have the nature of subordinated receivables (subordinated credits and loans.

    (18) Securities transactions shall mean transactions involving long-dated and short-dated securities and equity securities.

    (19) Credit transactions shall mean credit transactions in the Republic and foreign credit transactions.

    (20) Credit transactions in the Republic shall mean the credits extended by a bank to a resident in foreign exchange.

    (21) Foreign credit transactions shall mean credits extended by a bank or a foreign bank and loans contracted between residents and non-residents which are reported to the National Bank of Serbia by residents.

    The credit transactions referred to in paragraph 1 of this Item shall mean the following:

    - Commercial credits and loans in foreign exchange and Dinars connected with foreign trade in goods and services with contracted deferred and advance payment of goods and services for up to a year with interest or contracted deferred payment for more than a year. Commercial credits and loans shall mean financing of deferred and advance payment of goods and services, extended by the creditor or lender to the debtor, i.e. buyer towards financing foreign trade in goods and services, in such a way that it settles the debt, upon that debtor's instructions, directly to the seller;

    - Financial credits and loans in foreign exchange and Dinars, extended by the creditor or lender to the debtor by making the funds available by crediting them to the debtor's account. Financial credits and loans shall also mean all other forms of financing extended by banks, foreign banks and other international financial institutions. Financial credit shall also include financing of trade in goods or provision of services where a resident is not a party to the transaction which is extended by a bank. 

    Commercial and financial credits and loans may be extended to a debtor by a creditor or lender or a group of creditors or lenders (syndicated commodity or financial credit or loan).

    The foreign credit transactions referred to in paragraph 1 of this item shall also include the following:

    - Subordinated credits and loans referred to in item (17), paragraph 3 of this Article, extended in foreign exchange,

    - Short-dated time bank deposits in foreign exchange repayable within a year, between a bank and a foreign bank, which are used in such a way that the creditor bank credits funds to the debtor bank account,

    - Short-dated time bank credit lines in foreign exchange repayable within a year, between a bank and a foreign bank, which are used in such a way that the creditor bank makes payments on instructions of the debtor bank,

    - Other transactions having the nature of foreign credit transactions.

    The following shall also be regarded as the foreign credit transactions referred to in paragraph 1 of this Item:

    - Bank guarantees, sureties, backings and other forms of pledges extended by banks in favour of non-resident creditors against the credits taken abroad by residents and against credit transactions between two non-residents abroad,

    - Pledges and other safeguards extended by resident legal entities and sole proprietors in favour of non-resident creditors against the credits taken abroad by residents, as well as the pledges and other safeguards the resident legal entities extend against credit transactions of two non-residents abroad.

    Foreign credit transactions shall also mean the credits and loans in Dinars which are extended in conformity with the provisions of this Law to residents by international financial organisations and development banks or financial institutions founded by foreign states, as well as the credits in Dinars extended by banks to non-residents.

    (21a) Guarantee transactions shall include issuance and procurement of guarantees, sureties and other forms of pledges performed by a bank in conformity with the regulations governing banks, with the exception of the guarantees referred to in item (21), paragraph 5, first indent of this Article.

    The following shall also be regarded as guarantee transactions:

    - Sureties extended by a resident legal entity to a non-resident on the basis of foreign trade in goods and services and execution of capital works in the Republic,

     - Guarantees and sureties obtained by a resident legal entity from a non-resident on the basis of foreign trade in goods and services and execution of capital works abroad, as well as on the basis of transactions with another resident legal entity in the Republic;

    - Guarantee transactions performed by a resident legal entity founded by the Republic under a special law for export financing purposes.

    (22) Deposit transactions shall mean, for the purposes of the present Law, transactions conducted on the basis of a deposit contract between a non-resident and a bank, as well as between a resident and a bank abroad.

    (23) Transactions based on insurance contracts shall encompass the payment of premiums and insured amounts on the basis of a contract between a non-resident insurance company and a resident in the capacity of the insured, as well as between a resident insurance company and a non-resident in the capacity of the insured, in conformity with the law governing insurance.

    (24) Currency clause shall mean the stipulation of the value of a debt in foreign currency (the debt currency) in the Republic, where the payment and collection against such contracts are to be made in Dinars (the payment currency);

    (25) Personal transfer of means of payment shall mean the transfer of means from the Republic abroad or from abroad into the Republic, which is not based on the conduct of a transaction and is done between a resident individual and a non-resident, and it includes gifts and aid, inheritance, rent, settlement of immigrants' debts and means taken out by emigrants.

    (26) Physical transfer of means of payment shall mean any transfer of cash in Dinars, as well as the transfer of foreign currency in cash and securities from and into the Republic.