Foreign Exchange Transactions Abroad

No limitations are imposed on current foreign exchange transactions between residents and non-residents.

Foreign exchange transactions involving the movement of capital face a more restrictive regime. Below is the list of cases when individual citizens are obliged to secure a permit, while legal entities and individual entrepreneurs are not.

Belarusian nationals, who spend less than a year abroad, must obtain a permit to execute foreign exchange transactions involving the movement of capital in the following cases:

- acquisition of shares during their distribution among company founders or a stake in the charter capital of a non-resident entity;

- purchase of securities from a non-resident entity except for the acquisition of shares during their distribution among company founders;

- acquisition of real estate abroad and depositing of funds with foreign banks and non-bank institutions; and

- extension of loans whose maturity exceeds 180 days.

Belarusian nationals residing abroad for more than a year do not require a permit from the National Bank of Belarus to execute foreign exchange transactions involving the movement of capital unless these transactions relate to business deals in Belarus.

Legal entities and individual entrepreneurs do not require a permit to carry out the following foreign exchange transactions involving the movement of capital:

- payments by non-residents with regard to liabilities involving the transfer of real estate to a resident;

- settlements under foreign trade contracts whose maturity exceeds 180 days and lease contracts for real estate in Belarus;

- transactions involving securities issued by Belarusian residents;

- contributions by a non-resident to the charter capital of a Belarusian resident;

- payment of dues to international organizations; and

- transaction related to funding of the budget deficit, servicing of the foreign debt and settlements guaranteed by the Belarusian government.

Date: 2014-12-29; view: 724