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Russian citizens will remain Individuals – Russian currency control residents forever


				27.09.2016
						

Ministry of Finance of Russia has prepared a new bill on foreign exchange restrictions. In accordance on proposed bill, Russian citizens will always remain Individuals – Russian currency control residents, even if they live elsewhere. Now Russian citizens should provide information on the opening and closing of bank accounts abroad to the Russian Federal Tax Service during one month since the opening closing of bank accounts. However, they may cease to be Individuals – Russian currency control residents, if they live in other countries more than a year on any legal ground.

 The Ministry of Finance of Russia proposes not to extend these rules to the Russian citizens who live more than a year in other countries. But if such citizens decide to return to Russia, they will have to immediately notify the Federal Tax Service of all foreign exchange operations n their accounts for the entire period of absence from the country. The same report should be provided by citizens, who will stay in Russia for more than three months during one year.

The new bill could be inforce since the January 1, 2018. Then the citizens of Russia, who won’t be Individuals – Russian currency control residents have to notify the Russian Federal Tax Service about the accounts which they have (or had) in foreign banks up to March 1, 2018

A source: http://regulation.gov.ru/projects#npa=53390



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