Certain Exceptions For Sale of Assets by Persons From “Unfriendly” Countries

News, 14 March 2024
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The Edict No. 91 of March 13, 2024 has amended the Edict No. 93 of March 14, 2022 “On additional measures to ensure stable functioning of the economy.”

The amendments establish cases when persons from so-called “unfriendly” countries are exempted from obtaining permit from the Government, as well as from paying a contribution to the budget (at least 25%) when alienating owned assets.

Such cases include:

1. Alienation by banks of shares, real estate received from debtors regardless of the type and method of acquisition of the assets.

2. Alienation of real estate by companies:

2.1. being subject of lease under a financial lease agreement completed by redemption of leased subject upon transfer of ownership from the lessor to the lessee;

2.2. being subject of lease under a financial lease agreement for a third party within the lease period;

2.3. earlier acquired by companies for transfer under financial lease agreements and returned by lessees under terminated agreements that were not completed by the redemption;

2.4. taking over to ensure the fulfillment of obligations under a financial lease agreement, when foreclosure on such real estate and its sale in the event of failure by the lessee to fulfill its obligations.

3. Alienation to individuals by developers according to legislation on architectural and urban planning activities of real estate.

4. State registration of rights arising from transactions the subject of which is alienation of real estate, registered before October 22, 2023.

5. In certain other caseses mentioned in legal act, as well as by decision of the President of the Republic of Belarus.

Also, the Council of Ministers or authorized body are entrusted with the authority to clarify application of clause 2.13 of the Edict No. 93 of March 14, 2022 “On additional measures to ensure stable functioning of the economy.”

In addition, some clarifications have been made regarding independent appraisal of the market value of the alienated property.

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