GUARANTEES TO INVESTOR
Guarantees of the rights of investors and the protection of investments are described in Chapter 3 of the Law of the Republic of Belarus of 12.06.2013 No. 53-Z "On Investments"CHAPTER 3
GUARANTEES OF INVESTORS’ RIGHTS AND PROTECTION OF INVESTMENTS
Article 11. Guarantees for transfer of compensation and other monetary means of foreign investors
Foreign investors are guaranteed an unobstructed transfer outside the Republic of Belarus of the compensation provided by part two and four of Article 12 of this Law.
After the payment of taxes dues (duties), other obligatory payments to the republican and local budgets, state non-budgetary funds established by the legislation of the Republic of Belarus, foreign investors are guaranteed an unobstructed transfer outside the Republic of Belarus of profit (incomes) and other monetary means legally received, connected with carrying out of investments in the territory of the Republic of Belarus, and also of payments being made in favour of a foreign investor and connected with carrying out of foreign investments, including:
- monetary means received by foreign investors after a partial or full termination of the carrying out of investments in the territory of the Republic of Belarus, including monetary means received by foreign investors as a result of alienation of investments, and also of the property being created as a result of carrying out investments, other objects of civil rights;
- monetary means payable as salary to foreign citizens and stateless persons who carry out labour activity under a labour contract;
- monetary means payable to foreign investors according a court resolution.
Transfer of the compensation provided by parts two and four of Article 12 of this Law is carried out, at the option of the foreign investor, in Belarusian rubles or foreign currency to the state indicated by the foreign investor, unless such a transfer contradicts international commitments of the Republic of Belarus.
Transfer of monetary means specified in part two of this Article may be restricted in the order and on the conditions determined by legislative acts of the Republic of Belarus and/or according to a court resolution adopted in accordance with the legislation of the Republic of Belarus and entered into legal force.
Article 12. Protection of property from nationalization and requisition
Property being investments or being created as a result of carrying out investments may not be gratuitously nationalized or requisitioned.
Nationalization is possible only on motives of public necessity and subject to timely and full compensation of the value of the nationalized property and other damages being caused by the nationalization.
The order and conditions of the nationalization, and also payment of the compensation of the value of property being nationalized and other damages being caused by the nationalization are determined in the basis of the law on order and conditions of the nationalization of this property adopted in accordance with the Constitution of the Republic of Belarus.
Requisition is possible only in the events of natural disasters, accidents, epidemics, epizootic and under other circumstances having an extraordinary nature in the interests of the society on a decision of state bodies in the order and on the conditions established by law with payment of the value of the requisitioned property to the investor.
An investor the property of which is requisitioned is entitled, upon termination of the effect of circumstances in relation to which the requisition is effected, to demand through the court the return of remaining property.
The amount of compensation provided by part two and four of this Article may be appealed by the investor in the court.