Changes in the procedure for alienation of assets by persons from "unfriendly" states

On October 22, 2023 the provisions of Edict of the President of the Republic of Belarus No. 326 of October 19, 2023 (hereinafter - Edict No. 326) come into force.

Edict No. 326 establishes new rules - alienation of assets (shares in authorized capital, shares, real estate) by persons from "unfriendly" states (hereinafter - foreign persons), - withdrawal of a foreign person from the membership of participants, - reorganization of legal entities whose participants are foreign persons:

 The above transactions require the consent of the Government. Obtaining the consent is required for any foreign person, irrespective of their inclusion in the List of Persons approved by Resolution of the Council of Ministers of the Republic of Belarus No. 436 of 01.07.2022.

 A fee of not less than 25% of the market value of alienated shares in the authorized capital (stock) of a legal entity or immovable property is established. Without payment of the relevant fee, the relevant transaction is void.

For more details see our publication.