Do you have a foreign account?  Learn how not to break  the Law 31.01.2020

Do you have a foreign account? Learn how not to break the Law

From January 2020, significant changes in the currency legislation of the Russian Federation came into force. The rules for transactions with foreign accounts of residents permitted by the currency legislation have changed. 

From now on, money can be credited without restrictions if the account is opened in banks in the EEU member states or foreign countries that carry out automatic exchange of information with Russia. This applies to dividends, interest on securities and other types of deductions.

That is, starting from 01 January 2020, currency legislation does not allow Russian residents to receive funds on accounts that are opened in jurisdictions other than the above-mentioned countries. 

Apart from the Russian Federation, members of the EAEC include Armenia, Belarus, Kazakhstan and Kyrgyzstan. The full list of countries supporting automatic exchange of information with Russia is established by the Federal Tax Service. 

The list of jurisdictions that do not automatically exchange information with the Russian Federation includes UK, the USA, Canada and some other popular jurisdictions. 
Penalties range from 75% to 100% of the amount of illegal foreign exchange transactions. 

If this issue affects you, please contact us.
 
Director of Legal & Tax Department
Stanislav Boiko
Tel: +7 495 589 3498 (ext. 240)
Email: Stanislav.Boiko@moore-st.ru 


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