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12 Nov 2015

Additional preferences for investors in Belarus

MINSK, 13 November (BelTA) – Investors will get additional benefits and preferences in Belarus. This is envisaged in ordinance No. 8 signed by Belarus President Alexander Lukashenko on 12 November, BelTA learned from the press service of the Belarusian leader.

In accordance with the ordinance, the order of providing land plots for the implementation of investment projects has changed. In particular, they will be allocated without an auction only from the list of land plots which can be provided to investors and organizations for the construction of facilities in line with investment agreements.

If there are two and more potential investors eager to implement an investment agreement at one and the same land plot, one investor will be selected on a competitive basis. This measure will raise the efficiency of using land resources.

The ordinance specified other benefits and preferences for investors. These include the exemption from fines and penalties for the violation of the investment agreement terms and the possibility to pay in installments depending on the stage of the implementation of the investment project and the volume of investments.

Benefits and preferences will be provided to contractors, developers of construction specifications. In particular, they are exempt from the state duty for the issue (prolongation) of permissions for using foreign workforce in Belarus, special labor permissions. Foreign nationals and stateless persons involved in the investment project are exempt from the state duty for the issue (prolongation) of temporary residence permits in Belarus.

The ordinance pays special attention to the compensation of benefits and preferences by investors if they fail to fulfill the terms of the investment agreement.

Apart from that, the investor will not have to compensate benefits and preferences, pay fines and penalties for the violation of the investment agreement terms due to the illegal activities (inaction) of public bodies, executive committees or other organizations which have concluded an investment project.

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