diff --git a/.github/workflows/main.yml b/.github/workflows/main.yml
index f86f2f74df..c33b57367c 100644
--- a/.github/workflows/main.yml
+++ b/.github/workflows/main.yml
@@ -102,7 +102,7 @@ jobs:
           # FIXME: DMD fails a few tests on Windows; remove them for now
           if [[ '${{ matrix.dc }}' = dmd* ]]; then
             # DLL support is lacking
-            rm -rf test/{1-dynLib-simple,2-dynLib-dep,2-dynLib-with-staticLib-dep}
+            rm -rf test/{1-dynLib-simple,2-dynLib-dep,2-dynLib-with-staticLib-dep,dynLib-monolith}
             # Unicode in paths too
             rm -rf test/issue130-unicode-СНА*
             # ImportC probably requires set-up MSVC environment variables
diff --git a/changelog/ldc_visibility.dd b/changelog/ldc_visibility.dd
new file mode 100644
index 0000000000..f172d70c21
--- /dev/null
+++ b/changelog/ldc_visibility.dd
@@ -0,0 +1,20 @@
+LDC: Apply dflags affecting symbol visibility to all deps
+
+The `-fvisibility` (and, on Windows, `-dllimport` and `-link-defaultlib-shared`)
+flags in effect for some root project are now passed down to all (direct and indirect)
+dependencies of that root project - when using LDC. This is mainly important on
+Windows, for executables linked against shared druntime/Phobos, as well as DLLs.
+
+For Windows executables to be linked against the druntime/Phobos DLLs via
+`-link-defaultlib-shared`, this means that all its static-library dub dependencies
+are now automatically compiled with `-link-defaultlib-shared` too, thus defaulting to
+`-dllimport=defaultLibsOnly`, which is a (Windows-specific) requirement for this
+scenario.
+
+With LDC, code ending up in a Windows DLL is compiled with `-fvisibility=public
+-dllimport=all` by default (implicit flags added by dub). This can now be overridden
+via e.g. `-fvisibility=hidden -dllimport=defaultLibsOnly` to generate a DLL exporting
+only select symbols with explicit `export` visibility and linking all dub deps
+statically (but druntime/Phobos dynamically). If you want to additionally link druntime
+and Phobos statically into the DLL, use `-link-defaultlib-shared=false
+-fvisibility=hidden -dllimport=none` instead.
diff --git a/source/dub/generators/generator.d b/source/dub/generators/generator.d
index 88d719ef6e..b6d1b05dac 100644
--- a/source/dub/generators/generator.d
+++ b/source/dub/generators/generator.d
@@ -459,6 +459,39 @@ class ProjectGenerator
 		configureDependents(*roottarget, targets);
 		visited.clear();
 
+		// LDC: need to pass down dflags affecting symbol visibility, especially on Windows
+		if (genSettings.platform.compiler == "ldc")
+		{
+			const isWindows = genSettings.platform.isWindows();
+			bool passDownDFlag(string flag)
+			{
+				if (flag.startsWith("--"))
+					flag = flag[1 .. $];
+				return flag.startsWith("-fvisibility=") || (isWindows &&
+					(flag.startsWith("-link-defaultlib-shared") ||
+					 flag.startsWith("-dllimport=")));
+			}
+
+			// all dflags from dependencies have already been added to the root project
+			auto rootDFlagsToPassDown = roottarget.buildSettings.dflags.filter!passDownDFlag.array;
+
+			if (rootDFlagsToPassDown.length)
+			{
+				foreach (name, ref ti; targets)
+				{
+					if (&ti != roottarget && ti.buildSettings.targetType != TargetType.dynamicLibrary)
+					{
+						import std.range : chain;
+						ti.buildSettings.dflags = ti.buildSettings.dflags
+							// remove all existing visibility flags first to reduce duplicates
+							.filter!(f => !passDownDFlag(f))
+							.chain(rootDFlagsToPassDown)
+							.array;
+					}
+				}
+			}
+		}
+
 		// 4. As an extension to configureDependents we need to copy any injectSourceFiles
 		// in our dependencies (ignoring targetType)
 		void configureDependentsFinalImages(ref TargetInfo ti, TargetInfo[string] targets, ref TargetInfo finalBinaryTarget, size_t level = 0)
diff --git a/test/dynLib-monolith.script.d b/test/dynLib-monolith.script.d
new file mode 100644
index 0000000000..f31b643801
--- /dev/null
+++ b/test/dynLib-monolith.script.d
@@ -0,0 +1,39 @@
+/+ dub.json: {
+   "name": "dynlib-monolith-script"
+} +/
+module dynlib_monolith_script;
+
+import std.algorithm, std.path, std.process, std.stdio;
+
+int main()
+{
+    const dc = environment.get("DC", "dmd");
+    if (!dc.startsWith("ldc"))
+    {
+        writeln("Skipping test, needs LDC");
+        return 0;
+    }
+
+    // enforce a full build (2 static libs, 1 dynamic one) and collect -v output
+    enum projDir = dirName(__FILE_FULL_PATH__).buildPath("dynLib-monolith");
+    const res = execute([environment.get("DUB", "dub"), "build", "-f", "-v", "--root", projDir]);
+
+    int errorOut(string msg)
+    {
+        writeln("Error: " ~ msg);
+        writeln("===========================================================");
+        writeln(res.output);
+        writeln("===========================================================");
+        return 1;
+    }
+
+    if (res.status != 0)
+        return errorOut("The dub invocation failed:");
+
+    version (Windows) enum needle = " -fvisibility=hidden -dllimport=defaultLibsOnly";
+    else              enum needle = " -fvisibility=hidden";
+    if (res.output.count(needle) != 3)
+        return errorOut("Cannot find exactly 3 occurrences of '" ~ needle ~ "' in the verbose dub output:");
+
+    return 0;
+}
diff --git a/test/dynLib-monolith/.no_run b/test/dynLib-monolith/.no_run
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/test/dynLib-monolith/.no_test b/test/dynLib-monolith/.no_test
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/test/dynLib-monolith/dub.sdl b/test/dynLib-monolith/dub.sdl
new file mode 100644
index 0000000000..4c68861ee1
--- /dev/null
+++ b/test/dynLib-monolith/dub.sdl
@@ -0,0 +1,17 @@
+name "dynlib-monolith"
+description "A 'monolithic' dynamic library, linking all dependencies statically (except for shared druntime/Phobos) and exporting only select symbols explicitly via 'export'"
+targetType "dynamicLibrary"
+dependency "inner_dep" path="inner_dep"
+
+# With LDC, `-fvisibility=hidden` is passed down for compiling all dependencies.
+dflags "-fvisibility=hidden" platform="ldc"
+dflags "-fvisibility=hidden" platform="gdc"
+# not supported by DMD
+
+# With LDC on Windows, code ending up in a DLL is compiled with
+# `-fvisibility=public -dllimport=all` by default. So we additionally need to
+# override `-dllimport` to dllimport from the shared druntime/Phobos DLLs only
+# (used by default for dynamic libraries; with static druntime/Phobos via
+# `-link-defaultlib-shared=false`, use `-dllimport=none`).
+# This flag is also passed down to all deps.
+dflags "-dllimport=defaultLibsOnly" platform="windows-ldc"
diff --git a/test/dynLib-monolith/inner_dep/dub.sdl b/test/dynLib-monolith/inner_dep/dub.sdl
new file mode 100644
index 0000000000..4535eaaf14
--- /dev/null
+++ b/test/dynLib-monolith/inner_dep/dub.sdl
@@ -0,0 +1,4 @@
+name "inner_dep"
+description "A static library depending on another static library"
+targetType "staticLibrary"
+dependency "staticlib-simple" path="../../1-staticLib-simple"
diff --git a/test/dynLib-monolith/inner_dep/source/inner_dep/mod.d b/test/dynLib-monolith/inner_dep/source/inner_dep/mod.d
new file mode 100644
index 0000000000..123866e7f3
--- /dev/null
+++ b/test/dynLib-monolith/inner_dep/source/inner_dep/mod.d
@@ -0,0 +1,7 @@
+module inner_dep.mod;
+
+void innerDepFunction()
+{
+    import staticlib.app;
+    entry();
+}
diff --git a/test/dynLib-monolith/source/library.d b/test/dynLib-monolith/source/library.d
new file mode 100644
index 0000000000..80bef37022
--- /dev/null
+++ b/test/dynLib-monolith/source/library.d
@@ -0,0 +1,7 @@
+module library;
+
+export void foo()
+{
+    import inner_dep.mod;
+    innerDepFunction();
+}
diff --git a/test/exe-shared-defaultlib/.no_test b/test/exe-shared-defaultlib/.no_test
new file mode 100644
index 0000000000..e69de29bb2
diff --git a/test/exe-shared-defaultlib/dub.sdl b/test/exe-shared-defaultlib/dub.sdl
new file mode 100644
index 0000000000..5068e0996e
--- /dev/null
+++ b/test/exe-shared-defaultlib/dub.sdl
@@ -0,0 +1,11 @@
+name "exe-shared-defaultlib"
+description "An executable with a statically linked dep, linked against *shared* druntime/Phobos"
+targetType "executable"
+dependency "staticlib-simple" path="../1-staticLib-simple/"
+
+# With LDC on Windows, `-link-defaultlib-shared` is passed down for compiling
+# all dependencies (for an implicit `-dllimport=defaultLibsOnly`).
+dflags "-link-defaultlib-shared" platform="ldc"
+
+# no libphobos2.dll/dylib with DMD on Windows/Mac
+dflags "-defaultlib=libphobos2.so" platform="linux-dmd"
diff --git a/test/exe-shared-defaultlib/source/app.d b/test/exe-shared-defaultlib/source/app.d
new file mode 100644
index 0000000000..36aa99b121
--- /dev/null
+++ b/test/exe-shared-defaultlib/source/app.d
@@ -0,0 +1,7 @@
+module app;
+import staticlib.app;
+
+void main()
+{
+    entry();
+}