Since September 1, 2019, the Argentine government reenacted FX controls and regulations. These FX regulations are applicable to certain operations.  Notwithstanding there are no foreign exchange restrictions applicable to restricted stock or RSUs, local employees may face difficulties in purchasing the foreign currency if the options are in foreign currency, or to transfer money abroad.

Aside from reporting requirements applicable to transfers in excess of AUD10,000 which are normally handled by the relevant financial institution, restricted stock and RSUs generally are not subject to foreign exchange restrictions.

Reporting to the Austrian National Bank is required under certain circumstances.

Restricted stock and RSUs are not subject to any significant foreign exchange restrictions.

Shares held outside of Brazil are subject to certain  reporting requirements before the Brazilian Central Bank.

Restricted stock and RSUs are generally not subject to any foreign exchange requirements.

Any investment in excess of USD10,000 by a Chilean resident in shares of a foreign company is subject to reporting requirements.  For cumulative investments in excess of USD5 million, additional reporting requirements apply.

Registration with the State Administration of Foreign Exchange (SAFE) generally is required for foreign currency transactions (including the cross-border cash movements related to the stock awards). Upon the completion of this registration, the local subsidiary in China (ie, the employer of the participating employees) is required to open a special foreign exchange account with an approved Chinese bank to process the receipt and transfer of funds related to the stock awards. Periodic reporting requirements apply. The applicable SAFE requirements vary by region and are subject to change.

Employee

Granted shares by foreign affiliates to Colombian resident employees must be registered before the Central Bank as Colombian investment in foreign entities. The sale or transfer of shares in the foreign entity by the resident employee must be reported to the Central Bank within a 6month period.

Granted shares by a Colombian entity (acting as the employer or as an affiliate of the foreign employer) to non-resident Colombian employees must be registered with the Central Bank as foreign investments in Colombia. The sale or transfer of shares in the Colombian entity must be reported to the Central Bank within a 6month period. For these purposes, the foreign employer must file an Income Tax Return within one (1) month after the transfer or sale of the shares. 

Colombian entities and their foreign affiliates 

Colombian employers and foreign affiliates (issuing the shares) may have foreign exchange implications (ie, if the granted stock must be reimbursed to the foreign party, a financial transaction must be reported before the Central Bank).

The employee may hold the funds abroad. Unless certain thresholds and other conditions are met, residents are no longer required to notify the Czech National Bank of the opening of an offshore account, to report the account balance or to notify the Czech National Bank when they receive or sell shares in a foreign entity.

Since restricted stock and RSUs do not involve the transfer of funds, generally there are no foreign exchange restrictions. The tax authorities must be notified by Danish residents of foreign accounts (eg, banking accounts, trading accounts).

Restricted stock and RSUs generally are not subject to any foreign exchange restrictions.

 Although Egypt does not impose formal legal foreign exchange controls at present, practical restrictions can make foreign currency transactions difficult. In practice, access to foreign currency is largely mediated through the banking system and subject to Central Bank of Egypt regulations, liquidity conditions, and administrative procedures. Periods of foreign currency shortages, prioritization of certain sectors or imports, and enhanced compliance requirements can lead to delays, limits, or additional scrutiny of foreign currency transactions. As a result, businesses and individuals may experience challenges in obtaining foreign currency, making cross-border payments, or repatriating funds in a timely manner, even in the absence of explicit statutory restrictions. 

Restricted stock and RSUs are not subject to any foreign exchange restrictions.

Under certain circumstances, employees must declare the transfer of currency to or from France.

Reporting may be required for certain bank transactions.

Restricted stock and RSUs are not subject to foreign exchange restrictions.

There is no foreign exchange control in Hong Kong.

Restricted stock and RSUs generally are not subject to any foreign exchange restrictions.

Restricted stock and RSUs are subject to Indian foreign exchange regulations which provide that a resident individual, who is an employee or a director of an office in India or branch of an overseas entity or a subsidiary in India of an overseas entity or of an Indian entity in which the overseas entity has direct or indirect equity holding, may acquire, without limit, shares or interest under employee stock ownership plan or employee benefits scheme or sweat equity shares offered by such overseas entity, provided that the issue of employee stock ownership plan or employee benefits scheme are offered by the issuing overseas entity globally on a uniform basis.

Shares or interests acquired by resident individuals under an employee benefits scheme that are up to 10 percent of the paid-up capital (listed or unlisted) of a foreign entity and do not bestow control, qualify as ‘Overseas Portfolio Investment’ or OPI under the recently amended regulations. Where the shares or interests acquired exceed 10 percent of the paid-up capital of the foreign entity or lead to control of the foreign entity, the investment would qualify as ‘Overseas Direct Investment’ or ODI.

Generally, sale proceeds must be repatriated within 180 days of the transaction. In the unlikely event that the individual acquires securities that represent (in the aggregate) 10 percent or more of the company's share capital, the individual will be required to repatriate the proceeds within 90 days of receipt.

Although restricted stock and RSUs generally are not subject to any foreign exchange requirements, routine reporting is required on foreign exchange transactions.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

Other than rules relating to anti-money laundering and FATCA, there are no specific foreign exchange restrictions.

Reporting may be required for shares held outside of Italy.

Payment between an employee and the foreign parent company in excess of JPY30 million is subject to reporting obligations. Issuance of restricted stock and RSUs of JPY1 billion or more may also trigger reporting obligations.

If the remittance of funds in relation to restricted stock and RSUs is made in foreign currency, it is generally not subject to any foreign exchange requirements.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

No exchange control or foreign exchange requirements or restrictions apply.

Generally, there should not be issues of foreign exchange restrictions.

Restricted stock and RSUs are not subject to any specific foreign exchange control restrictions other than the generally applicable restrictions applicable to the repatriation of capital.

There are no specific foreign exchange restrictions.

There are generally no foreign exchange restrictions applicable to restricted stocks and RSUs.

Reporting requirements may apply to currency transactions.

There are no foreign exchange controls in Portugal for transfers made by individuals. However, financial institutions may be required to notify the Bank of Portugal in case certain thresholds are reached.

Russian residents are generally allowed to remit foreign currency to purchase shares of foreign corporations. Provided certain restrictions and reporting requirements are met, employees generally may hold foreign currency in banks located outside of Russia. However, proceeds from a sale of the foreign stock must always be transferred to the bank accounts of Russian currency control residents, opened with a Russian bank. Starting from January 1, 2018, proceeds from disposal of the foreign stock listed at foreign stock exchange in accordance with the list of foreign stock exchanges approved by an Order of the Federal Financial Markets Service could be transferred to foreign bank account of employees – Russian currency control residents provided that such bank accounts are opened with banks of OECD or FATF member states and have been notified by currency control residents to the Russian tax authorities in accordance with the statutory procedure.

Restricted stocks and RSUs are not subject to any specific foreign exchange restrictions.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

Generally, there are no specific foreign exchange restrictions. Reporting obligations may apply under certain circumstances.

The approval of the Financial Surveillance Department of the South African Reserve Bank is necessary for employees that exceed their offshore investment allowance limit of ZAR11 million. This limit is the aggregate of all amounts transferred out of South Africa by the employee at any time.

As long as the resident acquiring foreign shares under the plan works at a Foreign-Invested Enterprise as defined under the Foreign Investment Promotion Law or a Korean subsidiary of an offshore company, the obligation to file a share acquisition report with the Bank of Korea will be exempted.

The repatriation requirement was eliminated as of July 18, 2017. Accordingly, sales of shares purchased under this 2020 employee share purchase plan are no longer subject to this requirement.

• Form D-5/A: With the entry into force on September 1, 2023 of the new Royal Decree 571/2023 of July 4 on foreign investments and the Order ECM/57/2024 of January 29 which regulates the procedures applicable to the statements of foreign investment, as well as procedures for the submission of annual reports, the conditions for filing foreign investment declarations have changed. The D-6 form for Spanish investments abroad in negotiable securities has been abolished.

Instead, any Spanish resident who acquires shares in a foreign company, whether listed or unlisted, and whose holding is equal to or exceeds 10 percent of the company's share capital or voting rights, must declare this acquisition. This is done by filing Form D-5/A with the Investment Registry of the Spanish Ministry of Industry, Trade and Tourism. This process is mandatory and must be carried out after the acquisition has been completed.

The form must be filed by the end of January each year and contain information as of December 31 of the immediately previous year. The D-5/A must be submitted each year in order to show any new shares acquired since the last D-5/A was filed and shares declared in a previous D-5/A that are still owned by the employee. The form must be obtained, completed and submitted electronically using AFORIX, a software program available on the website of the Spanish Sub-directorate General of Foreign Investments.

Finally, on February 1, the Resolution of January 31, 2024 of the Directorate General of International Trade and Investment on certain models for the processing and declaration of foreign investments in Spain and Spanish investments abroad, including the D-5/A form, entered into force.

• Circular 4/2012 of the Bank of Spain: This circular requires all Spanish resident individuals or entities to report to the Bank of Spain:
  
  • own-account transactions with non-resident entities or individuals, for whatever reason and regardless of the way they are settled (through a Spanish or foreign bank account, through netting or physical cash); and
  • the balances and variations in foreign assets and liabilities when the transaction is greater than EUR1 million during a 12-month period.

This means a report must be filed when an employee or Spanish company purchases shares for more than EUR1 million. The report must confirm details of the shares acquired and be filed no later than January 20 of each year via a standard form on the Bank of Spain's website.

This reporting requirement is unlikely to be triggered by most employees who participate in an incentive plan given the high value threshold. It could however be triggered if a local employer pays a foreign parent via a recharge agreement for the cost of shares to be provided to its employees and such a payment is greater than EUR1 million. Local employers will likely be aware of this obligation already as it is not specific to incentive plans and applies to all transactions which they may undertake.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

Reporting is required for currency transactions exceeding certain thresholds.

Certain monetary restrictions apply to remittances for the purchase of shares in overseas companies. An authorized bank or dealer is required to remit funds overseas.

Provided that the restricted stock and RSUs do not involve the outbound transfer of funds, generally there are no foreign exchange restrictions.

Restricted stock and RSUs are not subject to any foreign exchange restrictions. Turkish residents can purchase and sell securities and other capital market instruments traded in foreign financial markets and transfer their purchase price abroad through banks or intermediary institutions authorized in accordance with the Turkish capital market legislation.

Any transfers of foreign currency outside of Ukraine, including for the purposes of acquiring securities, stock options, RSUs or other equity compensation items, have been banned by the National Bank of Ukraine (NBU) since February 24, 2022, when Russia invaded Ukraine, so as to preclude the outflow of capital outside of Ukraine during martial law.

Only specifically permitted cases of transfer, as per NBU's regulatory acts, may take place. These cases usually refer to acquisition of critically important products and services (equity awards for employees are not in the list).

Granting Restricted Stock and RSUs to Ukrainian individuals, provided that there is no need to pay consideration from Ukrainian bank account for the Restricted Stock and RSUs in question, should not lead to any foreign exchange implications.

Restricted stock and RSUs are not subject to any specific foreign exchange restrictions.

Restricted stock and RSUs are not subject to foreign exchange restrictions.

The Implementing Entity must open a payment account in foreign currency at the permitted commercial bank in Vietnam in order to implement the stock award plan (eg, purchase or sale of stock and receipt of dividends by relevant employees under such a plan). Note that the Implementing Entity can choose the commercial bank and indicate such bank in the monthly report.