Working with companies from offshore zones provides additional
obligations for Belarusian counterparties and requires certain
control.
An offshore zone, for taxation purposes in Belarus, is
recognized as a state (territory) that has a preferential tax
regime and (or) does not provide for the disclosure and provision
of information on financial transactions.
The list of such zones was approved by the Decree of the
President of Belarus No. 353 dated May 25, 2006, which currently
includes 52 jurisdictions.
For example, the British Virgin Islands, Montserrat, the
Maldives, the Principality of Andorra, the Principality of
Liechtenstein, the Republic of Montenegro and others are recognized
as offshores. However, the Republic of Cyprus and the Kingdom of
the Netherlands are not included in the list.
