Opening A Bank Account In Belarus As A Foreigner

Foreign citizens can open bank accounts in Belarus, but the process is more complicated than for citizens. Foreigners can open accounts in Belarusian rubles and/or foreign currency, and there are no restrictions on foreign exchange transactions. To open an account, non-residents must submit various documents, including a translated and notarized passport, and the process can take up to two business days. Additionally, foreign citizens may be subject to income tax if they are tax residents of Belarus.

Foreign citizens can open bank accounts in Belarus in US dollars, Euros, Russian rubles, and Belarusian rubles

To open a bank account in Belarus, non-residents must provide the following documents:

• A translated and notarized copy of their passport.
• If the individual permanently resides in Belarus, they must present a permanent residence permit.
• If the individual is unable to come to Belarus to open the account, they will need to provide a power of attorney and a notarized copy of their passport, both legalized in the proper order.

It typically takes around two business days to open a bank account for a non-resident in Belarus. If a debit card is required, this period may be extended to up to five business days.

There are two main types of accounts that non-residents can open:

• Current (settlement) account: This type of account is used for crediting various payments and the temporary storage of funds.
• Deposit account: This type of account allows the account holder to earn profit in the form of a percentage of the amount stored in the account.

It is important to note that while foreign citizens have the right to open bank accounts in Belarus, Belarusian banks also have the right to refuse to open an account for a non-resident. Additionally, in the event of a threat to economic security, the National Bank and the Council of Ministers may enforce currency restrictions.

Foreign citizens and companies can open two types of accounts: current and deposit

Foreign citizens and companies can open two types of accounts in Belarus: current and deposit. The process for opening a bank account in Belarus is similar for both foreign citizens and companies. Firstly, an application form must be completed, specifying the type of account. This must be signed by a person who is authorised to open the account.

Foreign companies must also provide a copy of the extract from the Trade Register of the non-resident's country of incorporation, or equivalent evidence of its legal status. This must be dated no later than one year prior to the application being completed. A copy of the articles of association, or equivalent evidence of legal status, is also required.

Foreign citizens must provide a translation of their passport into Russian or Belarusian, with notary certification. If the citizen permanently resides in Belarus, they need only present a permanent residence permit.

Both foreign citizens and companies can open accounts in Belarusian rubles, US dollars, euros, and Russian rubles. There are no limitations on the types of transactions that can be made on accounts opened by foreign companies. Foreign citizens can use their accounts for foreign currency depositing and withdrawal, transfers in foreign currency between their own accounts, cash transfers to individuals outside and inside the Republic of Belarus, and settlements on currency transactions with residents or non-residents of Belarus.

To open a bank account, foreign citizens must provide a translated and notarised copy of their passport

Foreign citizens are entitled to open bank accounts in Belarus. They can open current and deposit accounts in Belorussian rubles, US dollars, Euros, and Russian rubles.

In addition to the passport, foreign citizens may also need to provide other documents, such as proof of address or a residence permit. It is recommended to contact the specific bank to confirm the required documents, as the list may vary between banks.

The process of opening a bank account for a foreign citizen in Belarus is typically straightforward and can be completed within a few business days. Some banks may also offer remote account opening services for those who cannot travel to the country.

Foreign citizens can open a bank account in Belarus without prior approval

To open a bank account in Belarus, foreign citizens must provide the following documents:

• A translated and notarised copy of their passport.
• If they permanently reside in Belarus, they must present a permanent residence permit.
• If they are unable to come to Belarus to open the account, they will need to provide a power of attorney and a notarised copy of their passport, both legalised in the proper order.

It typically takes two business days to open a bank account for a non-resident of Belarus. If a debit card is required, this period can be extended to five business days.

There are two main types of accounts that non-residents can open:

• Current (settlement) account
• Deposit account

These accounts can be opened in the following currencies:

• US dollar
• Belarusian ruble
• Euro
• Russian ruble

It is important to note that while foreign citizens can open bank accounts in Belarus, Belarusian banks are also entitled to refuse to open an account for a non-resident.

Banks in Belarus can close a non-resident's account unilaterally with one month's prior notice

Foreign citizens and companies can open bank accounts in Belarus. A non-resident from any foreign state can apply to open an account in Belarusian rubles or in any foreign currency for which an official Belarusian ruble exchange rate is established by the National Bank. There are two main types of account that a non-resident can open: a current (settlement) account or a deposit account.

However, it's important to remember that a Belarusian bank is entitled to refuse to open an account for a non-resident. Additionally, banks in Belarus can close a non-resident's account unilaterally with one month's prior notice to the account holder (unless another timeline is specified in the agreement). This can occur in the following cases:

• Absence of money in the account for 3 months from the day of the last transfer.
• One year absence of transactions on the account, or when there is a balance of less than the minimum amount established by the current (settlement) bank account agreement after one year of no transactions.
• Failure of the account holder to fulfil the terms of the agreement.
• Failure of the account holder to submit documents or data necessary for the identification of participants in a financial transaction, which is required to prevent money laundering, terrorism financing, and financing mass destruction weapons.
• Other cases envisaged by the agreement and the legislation.

Frequently asked questions