{"id":212005,"date":"2020-01-10T13:40:14","date_gmt":"2020-01-10T18:40:14","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=212005"},"modified":"2020-01-10T13:40:14","modified_gmt":"2020-01-10T18:40:14","slug":"cuba-modifies-legal-norms-for-bank-accounts-in-dollars","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuba-modifies-legal-norms-for-bank-accounts-in-dollars\/","title":{"rendered":"Cuba modifies legal norms for bank accounts in dollars"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Cuba will allow cash deposits in bank accounts in USD opened by individuals before November 8, 2004, and will apply the 10% tax, the <\/span><a href=\"https:\/\/www.gacetaoficial.gob.cu\/pdf\/GOC-2020-EX3.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><i><span style=\"font-weight: 400;\">Gaceta Oficial<\/span><\/i><\/a><span style=\"font-weight: 400;\"> published this Thursday.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These accounts accept transfers from abroad and from other accounts opened in Cuban banks in freely convertible currencies recognized on the island, but did not allow cash deposits in USD.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new legal norm, which will enter into force on January 18, also stipulates that users of these accounts may withdraw cash in convertible pesos (CUC), Cuban pesos (CUP) or in the freely convertible currency chosen by the client, always according to the corresponding exchange rate.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"XnUyIEbpJ8\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/central-bank-of-cuba-cash-can-be-drawn-from-accounts-in-dollars-when-dollars-are-available\/\">Central Bank of Cuba: cash can be drawn from accounts in dollars&#8230;when dollars are available<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;Central Bank of Cuba: cash can be drawn from accounts in dollars&#8230;when dollars are available&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/economy\/central-bank-of-cuba-cash-can-be-drawn-from-accounts-in-dollars-when-dollars-are-available\/embed\/#?secret=uaQtinU1NQ#?secret=XnUyIEbpJ8\" data-secret=\"XnUyIEbpJ8\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">In addition, the holders of the aforementioned bank accounts can transfer their balances to the new accounts in USD enabled for retail sales in foreign currencies, based on the new measures applied last October.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After 15 years of the elimination of sales in dollars in Cuban stores, the island\u2019s government returned to commercializing a group of products in that and other international currencies, in a <\/span><a href=\"https:\/\/oncubanews.com\/tag\/nuevas-tiendas\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">new type of establishments<\/span><\/a><span style=\"font-weight: 400;\"> that only accepts payments through debit cards associated to bank accounts in foreign currencies.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"MleBsJhXtB\"><p><a href=\"https:\/\/oncubanews.com\/en\/cuba\/more-than-40-stores-selling-in-dollars-will-operate-in-cuba-by-the-end-of-the-year\/\">More than 40 stores selling in dollars will operate in Cuba by the end of the year<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"&#8220;More than 40 stores selling in dollars will operate in Cuba by the end of the year&#8221; &#8212; OnCubaNews English\" src=\"https:\/\/oncubanews.com\/en\/cuba\/more-than-40-stores-selling-in-dollars-will-operate-in-cuba-by-the-end-of-the-year\/embed\/#?secret=rDs44RdCZ0#?secret=MleBsJhXtB\" data-secret=\"MleBsJhXtB\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">These measures, taken to prevent the flight of dollars from the Cuban economy, did not contemplate the elimination of a 10% tax that has been applied to the U.S. currency since November 2004.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The new resolution aims to \u201cunify the treatment of bank accounts in USD\u201d prior to Resolution No. 80 of 2004 and those corresponding to the new measures taken by the government, covered by Resolution No. 275 of 2019.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cuba will allow cash deposits in bank accounts in USD opened by individuals before November 8, 2004, and will apply the 10% tax, the Gaceta Oficial published this Thursday. These accounts accept transfers from abroad and from other accounts opened in Cuban banks in freely convertible currencies recognized on the island, but did not allow [&hellip;]<\/p>\n","protected":false},"author":3134,"featured_media":212006,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jnews-multi-image_gallery":[],"jnews_single_post":{"source_name":"","source_url":"","via_name":"","via_url":"","override_template":"0","override":[{"template":"1","single_blog_custom":"","parallax":"1","fullscreen":"0","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_share_counter":"1","show_view_counter":"1","show_featured":"1","show_post_meta":"1","show_post_author":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_category":"1","show_post_reading_time":"0","post_reading_time_wpm":"300","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_prev_next_post":"1","show_popup_post":"1","number_popup_post":"1","show_author_box":"0","show_post_related":"0","show_inline_post_related":"0"}],"override_image_size":"0","image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post":"0","trending_post_position":"meta","trending_post_label":"Trending"},"jnews_primary_category":{"id":""},"jnews_social_meta":{"fb_title":"","fb_description":"","fb_image":"","twitter_title":"","twitter_description":"","twitter_image":""},"jnews_override_counter":{"override_view_counter":"0","view_counter_number":"0","override_share_counter":"0","share_counter_number":"0","override_like_counter":"0","like_counter_number":"0","override_dislike_counter":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[13902],"tags":[14816,8863],"ppma_author":[33546,8689],"class_list":["post-212005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuba","tag-cuban-economy","tag-cuban-society"],"acf":[],"yoast_head":"<!-- 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