The Ministry of Finance has sent the draft law on the Croatian Investment Account for public consultation. The law is expected to enter into force on January 1, 2027.
On Friday, the Ministry of Finance sent a draft proposal of the law on the Croatian Investment Account (HRI) for public consultation. This new financial instrument would allow citizens to invest in financial instruments with full exemption from tax on returns and with no minimum investment amount. The law, which Croatia has not had until now, is planned to enter into force on January 1, 2027.
The HRI is a special personal account, distinct from a classic transaction account, which a citizen can open with an intermediary such as a bank or investment company. Each adult citizen can open only one such account in their own name, and they can also open it for minor children. State Secretary at the Ministry of Finance, Matej Bule, emphasized that the key advantage is full tax exemption:
"Payment of funds can be requested at any time, and these withdrawals are also exempt from taxation."Regardless of the amount of returns achieved, citizens will not pay tax on them, and the realized returns are not included in the calculation of the lifetime deposit limit.
The lifetime deposit limit per person is €200,000. Bule explained that there is also a possibility to increase this amount:
"Citizens will be able to open only one such personal account in their name, with a lifetime limit of €200,000 (or until death). If they continuously deposit money into this account for five years without withdrawing, the limit increases by €50,000, to a total of €250,000."The intermediary where the account is opened will automatically warn the citizen if a deposit would exceed the permitted limit. A register of all deposits and withdrawals will be kept by the Central Clearing Depository Company (SKDD).
The law also requires that at least 20 percent of total investments must be directed towards domestic companies listed on the stock exchange. Bule described this as a step towards democratizing the benefits of economic growth:
"This is a further step so that citizens can also benefit from the growth of the Croatian economy by investing in shares of domestic companies through this account."The remaining funds can be freely invested by citizens in other financial instruments of their choice. If they do not wish to decide themselves, intermediaries can, in agreement with them, choose the instruments on their behalf, as pointed out by Martina Verić, a member of the Management Board of Hanfa (Croatian Financial Services Supervisory Agency).
Bule compared the HRI to the previous experience with government and people's bonds, for which citizens have shown great interest: in 20 issues, about €16 billion was raised. Hanfa, as the regulatory body, was actively involved in drafting the law and will be responsible for overseeing its implementation. At the European Union level, a similar instrument has been introduced or is in the process of being introduced by 12 member states, so Croatia is not a pioneer but is still in the minority. Bule cited Sweden as an example where hundreds of such accounts have been opened.
According to estimates presented by Bule, deposits in the first two years after the introduction of the HRI are expected to range from €200 to €600 million. The goal of the measure, in addition to providing a tax incentive for citizens' savings and investments, is to increase the liquidity of the Croatian capital market. The draft proposal of the law is in public consultation until August 23, 2026, after which the legislative process follows. The introduction of the HRI is part of a broader capital market development strategy in line with European Union recommendations, and Bule described it as a novelty in the Croatian financial system that also aligns with citizens' financial literacy.
