New Restrictions on Dividend Payments to Foreign Investors in Belarus

14.08.2025

What You Need to Know

As of July 24, 2025, the Belarusian government has tightened rules on dividend payments to investors from "unfriendly" countries (e.g., those supporting sanctions against Belarus).

What’s Changed?

  • Before: Permission was only needed if total dividends exceeded 80,000 basic units (currently ~BYN 3,360,000).
  • Now: Special government permission is required for all dividend payments to such foreign investors.

New Approval Criteria

If the dividend amount is ≤ 20,000 basic units (currently ~BYN 840,000):

  • Workforce must be at least 70% of the previous year’s level.
  • No overdue taxes, unpaid salaries, loan defaults, or enforcement issues.
  • No government objections to issuing a permit.

If the dividend amount is > 20,000 basic units:

All of the above apply, plus:

  • Payouts must not exceed 50% of the average net foreign direct investment over the past 5 years.
  • The company must be profitable.
  • Average monthly salary must be ≥ 3.5× minimum wage (2,541 BYN in 2025).

Bank Requirements (from August 7, 2025)

Banks processing dividend payment orders from a Belarussian company must identify the corresponding foreign investor receiving the funds.

Key Questions to Ask Now

  • Who are your shareholders and ultimate beneficiaries?
  • How much are you planning to pay in dividends in 2025-2026?
  • Do you meet all tax, HR, and financial criteria?
  • Are your banking processes aligned with the new requirements?
  • To help you address these questions, we’ve developed a strategic checklist.
To help you address these questions, we’ve developed a strategic checklist.