Department of State - 2019 Investment Climate Statements: Belarus

[BelarusBlockchain]

High Technology Park (HTP)

Created in 2005 to foster development of the IT and software development industry, the High Technology Park (Hi-Tech Park) is a “virtual” legal regime that extends over the entire territory of Belarus.  A physical campus of the HTP is found in the eastern part of Minsk and a satellite campus is located in Hrodna. The legislation behind the HTP was updated in 2017 with the signing of Presidential Decree No. 8 “On the Development of the Digital Economy.”  The decree extended the HTP preferences from 2022 until 2049 and expanded the list of business activities in which HTP residents may engage, including but not limited to: software development; data processing; cryptocurrency and token-related activity; data center services; development and deployment of Internet-of-Things technologies; ICT education; and cybersports.

HTP provides residents beneficial tax preferences, including but not limited to:  exemptions from VAT and CPT on sale of goods or services; exemptions from customs duty and VAT on certain kinds of equipment imported into Belarus for use in investment projects; immovable property tax and land tax benefits with regard to buildings and land within the boundaries of the HTP campuses; and caps on personal income tax at nine percent for employees and five percent for foreign entities.

Foreign nationals who are hired on contract by an HTP resident company, or who are founders of a HTP resident company, or who are employed by such founders, are eligible for visa-free entry into Belarus for a stay of up to 180 days a year.  Foreigners employed by HTP residents are not required to have working permit in Belarus and are entitled to apply for a temporary residence permit for the duration of their contract.

Government agencies are not allowed to inspect the operations of HTP residents without prior consent of the HTP Administration.

https://belarusblockchaincenter.com/2019/07/us-dos-2019-investment-climate-statements-belarus/

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[Bitum]

In Belarus there are today the best opportunities and conditions for blockchain startups compared to other states former SU. In my opinion, Lukashenko has recognized the perspectives and supports this as well.

[joelsamuya]

In Belarus there are today the best opportunities and conditions for blockchain startups compared to other states former SU. In my opinion, Lukashenko has recognized the perspectives and supports this as well.

I am not anymore wondering why there seems to be good projects coming from Belarus and it is because the country and its leadership are making sure that there is a good environment for fintech companies to survive and flourish. With the kind of support coming from the government, this can come a long way in promoting more and more innovations and investments. This is what many countries should be emulating...rather than be afraid of the digital revolution the best move is to embrace it and make sure that many people are going to be benefited as much as possible. Good job, Belarus!

[avikz]

Foreign nationals who are hired on contract by an HTP resident company, or who are founders of a HTP resident company, or who are employed by such founders, are eligible for visa-free entry into Belarus for a stay of up to 180 days a year.  Foreigners employed by HTP residents are not required to have working permit in Belarus and are entitled to apply for a temporary residence permit for the duration of their contract.

It seems like Belarus is betting big on IT and Fintech industries to become the next silicon valley! With the facility of visa free entry, they will attract a lot of talents from around the world for good! However, the below statement is an area of concern!

Government agencies are not allowed to inspect the operations of HTP residents without prior consent of the HTP Administration.

Such kind of steps also promotes illegal activities! A government agency needs to have open access to the activities happening in their soil to ensure integrity. Any interference is not likely to be turned out well where public money is involved!