Главная > Publications > Currency regulation - who are the ”residents”?
23 september 2022

Currency regulation - who are the ”residents”?

Since July 9, 2021, the approach to the definition of "resident of the Republic of Belarus" for individuals has changed.  Why is it important to know whether a citizen is a resident or a non-resident of Belarus from the point of view of currency regulation?  Some practical issues depend on it, for example, the possibility of investing abroad without registration of currency contracts in Belarus. 

Thus, currency residents of the Republic of Belarus are citizens of the Republic of Belarus, as well as foreign nationals and stateless persons who have received a permit for permanent residence in Belarus.

At the same time, citizens of the Republic of Belarus will not be considered as currency residents of the Republic of Belarus if the following conditions are met in the aggregate:

  • they have a document confirming the right of permanent residence in a foreign country, and
  • they actually stay on the territory of the Republic of Belarus during the calendar year for 183 days or less.

While it is generally clear how to calculate the duration of stay on/outside the territory of the Republic of Belarus, the other condition lacks clarity.

There is an administrative procedure called "registration of departure for permanent residence (registration of permanent residence) outside the Republic of Belarus by a citizen of the Republic of Belarus", as a result of which citizen becomes the holder of a passport series PP (passport for permanent residence outside the Republic of Belarus) and is obliged to register with the Belarusian consulate abroad.

The National Bank of the Republic of Belarus, besides the passport of PP series, consider the following document to prove the citizens’ right to permanently stay abroad:

  • a document confirming the consular registration of citizens permanently residing outside the Republic of Belarus;
  • a document confirming the right of permanent residence in a foreign country, issued in accordance with the legislation of the foreign country.

In practice, foreign documents do not necessary expressly refer to "the right of permanent residence", although allow their holders to stay in the country for years, and their renewal is quite a formal procedure. Thus, if you need to prove your non-residency status for the purposes of currency regulation, but your document issued by a foreign country does not expressly refer to the right to permanent residence in this country, it might be a solution to apply for a PP passport and register with the consulate (those procedures are interrelated).

 

 

If you need additional information and/or comments on the currency regulation, we will be happy to advise you.

Please contact partner Tatiana Emelianova (tatiana.emelianova@vmp.by).