What you need to open a Belarusian account. Is it easy for Russians to make a contribution in Belarus? When Regulatory Approval Is Not Necessary
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A twofold increase in foreign currency deposits from depositors from Russia was recorded by a subsidiary of Alfa-Bank in Belarus, subsidiaries of Gazprombank and Sberbank - Belgazprombank and BPS-Sberbank.
Yes, you heard right! We have interest on deposits twice as high as in Russia.
According to Alfa-Bank, from November 2015 to January 2016, the growth of deposits of Russians reached 17 percent against 9 in the previous nine months. In Belgazprombank, the growth of deposits for three months amounted to 30%, while the total growth of the bank's portfolio was 18%. Since the second half of 2015, growth has been noted in BPS-Sberbank.
- This is quite understandable, - says Evgeny Nadorshin, chief economist at PF Capital. - After all, we are talking about the "daughters" of Russian banks.
A Russian can open a deposit in Belarus with his passport, but for this he must personally come to the bank. Now the maximum yield on deposits in dollars and euros in Belarusian banks reaches 5%. While in Russia this figure has fallen to 2-3 percent or less.
Another powerful incentive is the local deposit insurance system. It does not have restrictions on the amount of compensation for savings in the event of a bank failure, as in Russia. In addition, the law of Belarus guarantees that the funds will be returned in the deposit currency. In Russia, the practice has become frequent when there is a forced conversion into rubles at the exchange rate on the date of revocation of the license from the bank.
However, despite all the advantages, market players are confident that there will not be a massive flow of depositors.
“For most clients, it is important to be able to place a deposit in a bank within walking distance and, if necessary, pick it up,” says Vyacheslav Andryushkin, Deputy Chairman of the Board of the Asia-Pacific Bank.
EXPERT OPINION
Bogdan ZVARICH, analyst at the Finam group of companies:
– Taking your foreign currency savings to Belarusian banks is far from an unambiguous decision. On the one hand, the country's banking sector is quite clearly regulated and high deposit rates, but on the other hand, if the crisis worsens, the Belarusian financial system may not fulfill all its obligations.
The Russian economy has a greater margin of safety.
Subsidiaries of Russian banks operate in Belarus. If you already brought the currency to Belarus, then open a deposit with them.
Belarusian insurers have raised the bar high by announcing that they are ready to return a deposit of any size. But if several banks collapse at once, then there may not be enough currency for all depositors.
Another difficulty is that if you want to get a good interest in a Belarusian bank, then you will have to make an irrevocable deposit for at least two to three years. During this time, anything can happen.
TO OPEN A DEPOSIT, YOU MUST:Russian citizen in Belarus- just a passport.
Belarusian in Russia- passport, a document confirming the right to stay on the territory of the Russian Federation (registration, residence permit).
Money loves our silence
To clarify the situation with the deposits of Russians, we turned to the Belarusian Agency for Guaranteed Reimbursement of Bank Deposits (Deposits) of Individuals. Olga Satina, Head of Banking Department, answered the questions of SV.
EVERYONE IS EQUAL HERE
- They say that the Russians actively took the currency to the Belarusian banks...
- I note that the discussion in the media has begun now, but in fact the Russians have been active clients of our credit institutions for a long time. They are leaders among foreign investors.
– What guarantees does the agency give to the Russians?
– According to the Law “On guaranteed reimbursement of bank deposits (deposits) of individuals”, non-residents are in the same conditions as citizens of Belarus. That is, Russians are equalized in rights with Belarusians. We guarantee that any contributions will be returned to everyone.
– Have the licenses of banks been revoked lately?
– A year ago, on March 18, the license was revoked from CJSC Delta Bank, a little later from CJSC InterPayBank. Three percent of Delta Bank's depositors were foreigners. To date, all applicants, including 215 Russians, have received a refund on deposits from this bank.
– How long does it take to get the money back?
- It takes two years. For example, Delta Bank depositors have 12 more months. And they keep coming back.
– In Russia, banks have their licenses revoked almost every week. And how are things in Belarus?
- There are about a thousand credit institutions in the Russian Federation - hence such statistics. Our situation is different. As of January 1, 24 banks were registered with the agency. There are few of them in our country, and it is always easier to help someone than to bankrupt. Therefore, the collapse of credit structures in our country is a rarity.
- And if the “daughter” of a Russian bank goes bankrupt, will you pay off its debts?
– Of course, there is no difference. Their contributors are also under our wing.
CURRENCY IS UNTOUCHABLE
– Can the agency change dollars to Belarusian rubles at will?
- No, there is a strict requirement of the law - to return funds in the deposit currency. Instead of dollars or euros, Belarusian rubles can be issued only if the depositor himself asks for it.
- The Russian DIA is ready to return only 1.4 million rubles. There is no such restriction in Belarus. Why?
- The state took such a step on purpose to encourage the population to use banking services more actively. The absence of restrictions also contributed to the inflow of deposits from non-residents.
– What regions do Russian investors come from?
- First of all, from the border, as well as from Moscow and St. Petersburg. Clients from Siberia are infrequent guests, after all, it is a long way to go, and one cannot do without a personal presence in the bank.
– How bureaucratic is the return procedure?
- It is very simple and transparent. It is not necessary to visit us in Minsk. After the license is revoked, an attorney bank (in the Russian Federation - an agent bank) is appointed, which is responsible for the payment of compensation. Each credit organization has a lot of branches, and you can come, for example, to Vitebsk or Gomel. The client applies to the attorney bank with an application, which is sent by e-mail to our agency. After that, the person can go home. The second time - within a month - he will already come for the money.
- That is, the agency itself is addressed only in difficult situations?
– Yes, for example, when it comes to inheritance or if the depositor does not agree with the amount of compensation.
– And how much do Russians invest?
- Variety. For example, at Delta Bank, the average deposit was just under $10,000. Among the bank's depositors were also citizens of Kazakhstan, Moldova, USA, Germany, Australia, Taiwan. Everyone received a refund.
- That is, you should not be afraid to bring money to Belarus?
- It's everyone's business - to decide what to do with savings. We have created a system that is understandable enough for foreigners. Again, one of the state languages is Russian, and you can easily get acquainted with all the documents. The operation of the system raises no questions, and therefore there is no hype around the reimbursement procedure. As they say, money loves silence. Belarus fits this definition.
ONLY NUMBERS
The growth of deposits of Russians in the Republic of Belarus for three months
Belgazprombank - 30%
Alfa-Bank (Belarus) - 17%
Profitability of foreign currency deposits
In Russia - 2.5%
In Belarus - 5%
Compensation when closing a bank:
In Russia - up to 1.4 million rubles.
In Belarus - without restrictions
The Republic of Belarus is an Eastern European state. The geographical location, as well as a developed banking system, make the country an interesting option for foreign investors. If you decide to register a company in Belarus or open an account for a company in Belarus, then the lawyers of our company will help you figure this out. We recommend considering a financial institution such as Alfa-Bank.
History of banking structure
Alfa Bank- a licensed large organization. Established almost 20 years ago. Received the title of "Bank for small and medium-sized businesses No. 1". The main branch is located in Minsk. The Bank cooperates with private and corporate clients. Opens accounts for both local and non-resident companies. If you want to open an account for a company in Alfa-Bank (Belarus), then contact our specialists for qualified assistance.
What you need to open an account with Alfa-Bank (Belarus)
An important step will be the preparation of documents for opening an account. You will first need:
- Description of the structure of the company.
- Registration and statutory documentation for the company.
- Description of sources of income.
- Documents of the beneficiary confirming the identity and place of residence.
- Bank statements for personal accounts.
Additional documentation in each individual case.
Our experts will help you at this stage, and prepare a set of documents, according to the requirements.
Is it possible to open an offshore account with Alfa-Bank?
Our clients will be able to open an account for an offshore company in a Belarusian bank and open a partnership account with Alfa-Bank (Belarus).
Is it possible to open an account with Alfa-Bank remotely?
In order to open an account for an offshore company with Alfa-Bank (Belarus), a personal visit of the beneficiary to the country is required.
Internet banking
If you have decided to open a partnership account with a bank in Belarus, you will be able to use convenient and proven Internet banking around the clock. This streamlines and simplifies doing business from anywhere in the world.
Bank rates
- Maintenance option 1 - 30 EUR, the first 3 outgoing payments are included in the price (these payments are calculated for a month).
- Service 2 option - 50 EUR, the first 5 outgoing payments are included in the price (these payments are calculated for a month).
- The cost of 1 payment in euro is 20 EUR.
- The cost of 1 payment in US dollars is 25 USD.
Opening date- from 14 days
How to open an account abroad
To open a corporate account with Alfa-Bank, please contact us in any convenient way from those indicated on our website. We have established contacts in various countries and help our clients to set up a business abroad.
Hello Sergey!
1. You will not lose the USN if you do not open a representative office or branch in Belarus, but only open a current account;
Article 346.12. Taxpayers Tax Code of the Russian Federation
1. Taxpayers are organizations and individual entrepreneurs that have switched to a simplified taxation system and apply it in the manner prescribed by this Chapter.
2. The organization has the right to switch to the simplified taxation system, if, following the results of nine months of the year in which the organization submits a notification on the transition to the simplified taxation system, the income determined in accordance with Article 248 of this Code did not exceed 45 million rubles.
The value of the maximum amount of income of the organization specified in the first paragraph of this paragraph, which restricts the right of the organization to switch to a simplified taxation system, is subject to indexation no later than December 31 of the current year by the deflator coefficient established for the next calendar year.
2.1. Lost strength.
3. Not entitled to apply the simplified taxation system:
1) organizations with branches and (or) representative offices;
3) insurers;
4) non-state pension funds;
5) investment funds;
6) professional participants in the securities market;
7) pawnshops;
8) organizations and individual entrepreneurs engaged in the production of excisable goods, as well as the extraction and sale of minerals, with the exception of common minerals;
9) organizations carrying out activities for the organization and conduct of gambling;
10) notaries engaged in private practice, lawyers who have established lawyer offices, as well as other forms of lawyer formations;
11) organizations that are parties to production sharing agreements;
12) has become invalid;
13) organizations and individual entrepreneurs who switched to the taxation system for agricultural producers (single agricultural tax) in accordance with Chapter 26.1 of this Code;
14) organizations in which the share of participation of other organizations is more than 25 percent. This restriction does not apply:
for organizations whose authorized capital consists entirely of contributions from public organizations of disabled people, if the average number of disabled people among their employees is at least 50 percent, and their share in the wage fund is at least 25 percent;
on non-profit organizations, including consumer cooperation organizations, operating in accordance with the Law of the Russian Federation of June 19, 1992 N 3085-1 "On consumer cooperation (consumer societies, their unions) in the Russian Federation", as well as on business companies , the sole founders of which are consumer societies and their unions, carrying out their activities in accordance with the said Law;
on the economic societies established in accordance with the Federal Law "On Science and State Scientific and Technical Policy" and scientific institutions established by the State Academies of Sciences, whose activities consist in the practical application (implementation) of the results of intellectual activity (programs for electronic computers, databases data, inventions, utility models, industrial designs, breeding achievements, topologies of integrated circuits, production secrets (know-how), the exclusive rights to which belong to these scientific institutions;
to higher educational institutions established in accordance with the Federal Law of August 22, 1996 N 125-FZ "On Higher and Postgraduate Professional Education", which are budgetary educational institutions, and established by the State Academies of Sciences of Higher Educational Institutions, business companies whose activities consist in the practical application (implementation) of the results of intellectual activity (programs for electronic computers, databases, inventions, utility models, industrial designs, breeding achievements, topologies of integrated circuits, secrets of production (know-how), the exclusive rights to which belong to these higher educational institutions;
15) organizations and individual entrepreneurs, the average number of employees of which for the tax (reporting) period, determined in the manner established by the federal executive body authorized in the field of statistics, exceeds 100 people;
16) organizations whose residual value of fixed assets, determined in accordance with the legislation of the Russian Federation on accounting, exceeds 100 million rubles. For the purposes of this subparagraph, fixed assets that are subject to depreciation and are recognized as depreciable property in accordance with Chapter 25 of this Code shall be taken into account;
17) state and budgetary institutions;
18) foreign organizations;
19) organizations and individual entrepreneurs who did not notify of the transition to a simplified taxation system within the time limits established by paragraphs 1 and 2 of Article 346.13 of this Code;
20) microfinance organizations.
4. Organizations and individual entrepreneurs who, in accordance with Chapter 26.3 of this Code, have switched to paying a single tax on imputed income for certain types of activities for one or several types of entrepreneurial activities, have the right to apply the simplified taxation system in relation to other types of entrepreneurial activities they carry out. At the same time, the restrictions on the number of employees and the value of fixed assets established by this chapter in relation to such organizations and individual entrepreneurs are determined based on all types of activities carried out by them, and the maximum amount of income established by paragraph 2 of this article is determined by those types of activities, taxation which is carried out in accordance with the general taxation regime.
2. You simply notify your tax office about opening an account in Belarus;
3. You need to report in accordance with the Rules for the submission of reports by residents to the tax authorities on the movement
funds on accounts (deposits) in banks outside the territory of the Russian Federation
Federation (approved by Decree of the Government of the Russian Federation of December 28, 2005 No.
No. 819);
some services are ordered in Belarus
Has a service agreement been signed? and if so, how is the payment for services prescribed there (with VAT, without VAT), etc. Can it be easier to amend the contract?
In the new 2016, more and more Russians trust Belarusian banks. In dollar terms, the number of fellow citizens who plan to open a deposit in the near abroad has grown by almost 30%. This is quite a big increase, domestic financiers are sure, which will continue: Belarusian banks offer more favorable rates and high deposit protection. We figured out how you can open a deposit in a Belarusian bank, and how profitable it is.
Advantages of a financial transaction
Let's start with the fact that Russians do not invest in Belarusian "native" banks, but in subsidiaries of Russian financial institutions. It was they who reported on the high influx of investors from Russia. For example, in Belgazprombank, a subsidiary of Gazprombank, from December 2015 to March 2016, the number of deposits from residents of the Russian Federation increased sharply - by almost 30%.
What makes Russian citizens entrust their hard-earned money to Belarusian banks? Let's start with the fact that the stakes in the neighboring country are quite high. The yield per annum in dollars in Russia reaches 2.7%, and in euro - 1.8%. At the same time, in Belarus, the dollar deposit will bring 4% per annum, and the euro - 3.5%. When placed for a period of 2 years, these rates can reach 5%.
It is possible that Russian citizens are attracted to Belarusian banks due to convenient legislation. If a financial institution declares itself bankrupt, the Deposit Guarantee Fund will pay the depositor the entire amount in full. For reference, in Russia, a client can only count on amounts up to 1.4 million rubles, regardless of the size of the deposit. Another feature: the deposit will be returned in the currency in which it was originally made by the client. In Russia, it is supposed to issue compensation only in rubles at the exchange rate on the day the financial institution collapsed.
Cons and risks
Despite all the positive aspects and apparent benefits, deposits in a Belarusian bank have their drawbacks. First, from April 1, 2016, income from deposits in financial institutions in Belarus will be taxed. As in Russia, this amount will be 13%. Moreover, when taxing income, a Russian is obliged to report his foreign deposit to the Russian tax service.
Fortunately, there is an agreement on double taxation between Russia and Belarus. This means that when you issue a payment statement from Belarus, this tax can not be paid in the Russian Federation. However, there are also pitfalls. The fact is that the maximum rate prescribed in the law on Belarusian taxes is 10%. So 3% will still have to be paid to the Russian treasury.
Managing deposits in Belarusian banks is also difficult for Russian residents. Remote management of money - opening and closing an account, withdrawing money and replenishing a card - is possible only in deposits with low rates. If a resident of Russia wants to open a deposit with a high rate, then he will be able to manage the funds only in Belarus.
The same applies to revocable and irrevocable deposits. If the client wants to make a deposit, the money from which can be withdrawn ahead of schedule, then the rate will be low. If the deposit is irrevocable, then the rate will be high. But we must not forget that in Belarus there may be problems with issuing currency. There are several cases when the country's leadership froze the payment of foreign currency for customers of all banks without exception. A depositor from Russia will have to go to a neighboring country and wait in line for several days in order to collect their own money.
How to make a deposit in Belarus
If all the pluses seem more significant than the minuses, then it's time to make a deposit in a Belarusian bank. To do this, you need to select the required bank and calculate the benefit from investing in it. Then the Russian must personally appear at the financial institution of Belarus - the law of the country does not allow opening deposits remotely.
If the client plans to resolve all issues in one day, it should be borne in mind that the card will be opened no earlier than after 5 working hours. For such urgency, the depositor must pay a kind of fee - from $ 10, depending on the bank. Experts advise choosing those deposits that can be replenished via the Internet. The amount of the down payment depends on the bank.
Instead of summing up, let's quote Vitaly Runtso, consultant of the Personal Capital group. He calculated that with a deposit of $10,000 for a period of 1 year, a Russian would receive, on average, about $250 in profit. This can hardly pay for travel to Belarus back and forth, as well as accommodation there. Given the time, the sacrifices for the sake of deposits in a Belarusian bank seem colossal.
Well-known truth: "Keep money in savings banks." Money "in the mattress" does not guarantee financial security at all, it depreciates and does not work. With proper selection of deposits in Belarus, you can receive a stable income from savings.
Banks of Belarus offer to make deposits in Belarusian rubles and in foreign currency. Interest rates on deposits in Belarusian banks in Belarusian rubles are much higher due to possible devaluation. Keeping money in foreign currency is not so profitable, but the capital will be protected.
Interest on deposits in Belarusian banks for individuals:
- In Belarusian rubles - from 7 to 20%;
- In foreign currency - up to 4%.
The higher the interest rate, the less “convenient” conditions for clients: long-term deposit, no possibility to withdraw funds from the account before the end of the contract, lack of capitalization, etc. Remember that the bank can unilaterally change the interest rate on the deposit if the rate is not fixed. A notification is sent to the client in advance: SMS or email notification. Do not skip letters from the bank so as not to miss important information.
If you have a large amount of money, it is better to make several deposits in different currencies.
For convenience, bank websites often have an online calculator of possible income from a deposit. If such a calculator is not available, ask the bank employees to calculate individually the monthly or annual benefit so that there is no discrepancy between the bank and your calculations.
Contribution and deposit: is there a difference?
In colloquial language, the terms "contribution" and "deposit" are synonymous. In fact, in these terms there is a slight difference in the subject matter of the transaction. The concept of "deposit" includes the transfer of money to the bank, the "deposit" - in addition to money, also securities, precious metals, shares and more.
Questions for bank employees
In addition to the basic information about the deposit (currency and term of the deposit, interest rate), there is a secondary, but no less important one. What conditions of bank deposits you need to pay attention to:
- Can I withdraw money prematurely (revocable or non-revocable deposit)?
- Does the interest rate change during the life of the deposit (fixed or floating rate)?
- What is the minimum initial deposit to be made?
- What is the minimum additional contribution you can make?
- Is there a monthly capitalization of interest (capitalization: every month interest is accrued on the principal amount of the deposit, and next month the calculation is based on the increased amount)?
Bonuses from banks
Banks have a lot of competition, so everyone is trying to lure a client with profitable offers and non-standard bonuses. Here are the best bank "lures":
- Opportunity to independently open a deposit and manage it without going to a bank branch - via the Internet. For example, a deposit in Belarusbank "Internet deposit t-trend".
- Weekly capitalization.
- Free annual maintenance of the card.
- Discounts at the bank's partners - shops, cafes, pharmacies, etc.
Tax on deposits in Belarusian banks
Starting April 1, 2016, depositors who made a deposit for a period of less than a year (for Belarusian rubles) or less than two years (for foreign currency) will have to pay income tax on interest received (13%). The same applies to depositors who opened long-term deposits, but took the money before the end of one or two years. Details can be found by studying the Decree of the President of the Republic of Belarus No. 7 "On attracting funds to deposits (deposits)".