Tightening restrictions on the payment of dividends to investors from “unfriendly” countries

Resolution of the Council of Ministers of the Republic of Belarus dated July 21, 2025 No. 395 amends the procedure for payment of dividends to foreign participants from “unfriendly” countries:

• restrictions have been extended until the end of 2026,

• payment of dividends (regardless of the amount) is possible only with the permission of the region (Minsk city) executive committee (previously, the restriction was set when the amount of dividends exceeded 80 thousand basic units during a calendar year),

• differentiation of requirements (criteria for Belarusian companies) for permission depending on the amount of dividends during a calendar year:

- if the amount of dividends does not exceed 20 thousand basic units (840 thousand BYN or ≈ 285 thousand USD)

(the number of employees is not less than 70 % compared to the previous year; no arrears of taxes and mandatory payments, salary, enforcement proceedings, overdue credit debt);

- if the amount of dividends exceeds 20 thousand basic units

(in addition to the abovementioned requirements: total dividends are not more than 50% of foreign direct investments over the last 5 years; no loss for the previous and current year; the amount of average monthly salary for the previous and current year is not less than 3.5-times the minimum salary, and for High-Tech Park residents - not less than - 11.5 times amount, if the foreign direct investment criterion is not applied).