Rwanda · Rwanda Stock Exchange
Rwanda Stocks & the RSE
The Rwanda Stock Exchange is young but welcoming — open to foreign investors, with tax-free gains on listed shares. Here is how to start, what it costs, and how shares are taxed.
- Exchange
- Rwanda Stock Exchange (RSE)
- Where to buy
- A CMA-licensed broker
- Account
- A CSD account, T+2 settlement
- Foreign ownership
- Open — no cap
- Dividends tax
- 5% on RSE-listed shares
- Capital gains
- Listed shares are exempt
01The Rwanda Stock Exchange, in short
The RSE is Rwanda's stock market, where you can buy part-ownership of listed companies — banks, breweries and more — and share in their profits through dividends and price growth. Shares are held electronically in a CSD account in your name.
For live prices and the list of companies, see the Rwanda Stock Exchange.
02How to buy shares in Rwanda
- 1
Choose a CMA-licensed broker
Pick a broker licensed by Rwanda's Capital Market Authority. Foreign and diaspora investors usually choose one that also offers custody.
- 2
Open a CSD account
The broker opens your Central Securities Depository account from a KYC form — your passport or ID, address and a signature. You can fund in Rwandan francs or wire USD or EUR.
Foreign or diaspora investor? See below ↓ - 3
Place an order
Tell your broker which shares to buy; they post the order on the RSE's trading platform. Trades are for a minimum of 100 shares.
- 4
Settle on T+2
Trades settle two business days later through the Central Securities Depository, when ownership of the shares passes to you.
- 5
Hold and collect dividends
The shares sit in your CSD account, and any dividends are paid to your bank account.
Often unclear — here's the answer
For foreign & diaspora investors
- Foreign ownership is open. Rwanda places no foreign-ownership cap on listed shares — local and foreign investors, individuals and institutions, invest on the same terms.
- Open a CSD account with a broker. A CMA-licensed broker opens your Central Securities Depository account from a KYC form and your passport; settlement is on a T+2 basis, and you can fund in francs or wire USD or EUR.
- Listed-share gains are tax-free. Capital gains on the sale of RSE-listed shares on the secondary market are exempt from Rwanda's capital gains tax. (Gains on unlisted shares are taxable.)
- Dividends: 5% on listed shares. Dividends from RSE-listed securities are taxed at 5% for Rwandan and East African Community residents — 15% otherwise, or less under a double-tax treaty.
- An open capital account. Rwanda has no exchange controls and guarantees full repatriation of dividends and sale proceeds through authorised banks, after tax.
Rules and rates change — verify against the BNR, RSE, CMA and RRA before you commit. This is information, not tax or investment advice.
03Dividends & tax
Two things shape what you keep from a Rwandan share — both unusually light:
- Dividends from RSE-listed securities are taxed at 5% for Rwandan and EAC residents (15% otherwise, or less under a tax treaty).
- Capital gains on RSE-listed shares sold on the secondary market are exempt from tax — gains on unlisted shares remain taxable.
- Each trade carries a brokerage commission, standard across all brokers.
04Common questions
How do I start buying shares in Rwanda?
Open a CSD account through a CMA-licensed broker, fund it in francs or by USD/EUR wire, and place a buy order (minimum 100 shares). The shares are then held electronically in your CSD account.
Do I pay capital gains tax on RSE shares?
No. Capital gains on the sale of shares listed on the Rwanda Stock Exchange, in the secondary market, are exempt from Rwanda's capital gains tax. Gains on unlisted shares are taxable.
How are dividends from Rwandan shares taxed?
Dividends from RSE-listed securities are taxed at 5% for Rwandan and East African Community residents — half the 15% standard rate, which applies otherwise (a tax treaty may reduce the non-resident rate).
Can foreigners buy shares on the RSE?
Yes. Rwanda places no foreign-ownership cap on listed shares, has no exchange controls, and guarantees full repatriation — local and foreign investors trade on the same terms.
Shares, bonds and bills — one honest number.
Tamias totals every RSE share, treasury bond and bill you own across Rwanda and East Africa, computes your true return after tax and costs, and nudges you before every dividend and maturity.
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