Guarantees of investors' rights in Belarus

The state guarantees investors' legally acquired ownership and other material rights, as well as property rights, and undertakes to protect those rights.

The state guarantees equal rights to all investors engaged in investment activity regardless of the form of ownership, as well as equal, discrimination-free protection of the rights and lawful interests of investors.

The state guarantees the stability of investor's rights, as set out in the Investment Code, to engage in and disengage from investment activity.

Investors have the right, at their sole discretion, to decide upon and engage, in compliance with the legislation of the Republic of Belarus, in all actions arising from the ownership, utilization and disposal of objects and results of investment activity.

Investors may appeal to a court for challenging actions (non-feasance) of state authorities or their officers, administrative and territorial government bodies or their officers, and acts of state authorities of the Republic of Belarus or administrative and territorial government bodies of the Republic of Belarus, if such actions/non-feasance or acts violate the rights of an investor and/or cause losses and other damage.

Damage, including losses incurred as a result of actions or failures to act of state authorities or their officers, administrative and territorial government bodies or their officers, and acts of state authorities of the Republic of Belarus or administrative and territorial government bodies of the Republic of Belarus, shall be reimbursed from the respective budget as determined by a court ruling.

Investors may at sole discretion dispose of income (revenue) generated as a result of investment activities, including reinvesting in the Republic of Belarus in accordance with the legislative acts of the Republic of Belarus.

Foreign investors are guaranteed the right, following the payment of all taxes and other mandatory charges as established by the legislation of the Republic of Belarus, to repatriate to locations outside the Republic of Belarus any profits or earnings received in the territory of the Republic of Belarus as a result of investment activity, as well as any proceeds from the full or partial sale of invested assets upon the termination of investment activity.

Commercial organizations with foreign investments carry out economic activity in compliance with the legislation of the Republic of Belarus.
Investments may not be nationalized or requisitioned without consideration, nor may any measures equivalent to nationalization and requisition in terms of their consequences be applied to such investments. Nationalization and requisitioning shall only be possible subject to the timely and full compensation of the cost of the nationalized or requisitioned investment assets and other damages caused as a result of nationalization or requisition. The procedure and conditions for nationalization and requisition and the payment of compensation with regard to nationalized or requisitioned investment assets and other damages caused as a result of nationalization or requisition, shall be established by the Investment Code and laws of the Republic of Belarus.

Compensation of the value of nationalized or requisitioned investment assets shall be equal to the actual value of such assets as of the date immediately preceding the earlier of nationalization or requisition or a public announcement. In addition, such compensation shall include interest calculated at the official rate of Belarusian ruble to the respective foreign currency for the period from the date of actual nationalization or requisition or a public announcement to the same effect until the date of actual payment of the compensation. The said interest should not be lower than the respective interest rates established in the London Interbank Market (LIBOR).

The value of nationalized or requisitioned investment assets is reimbursed in the official monetary unit of the Republic of Belarus to domestic investors and in the currency of original investment to foreign investors.

Investor may challenge in court the amount of compensation for nationalized or requisitioned investment assets.