Currency regulation and control

Information about accounts (deposits) in banks outside Russia is presented by the account holder (deposit) to the tax inspectorate at the place of its registration personally, by mail, through a representative or via the Internet within a specified time.

According to the general rule, if you are a tax resident of Russia ( on the territory of the Russian Federation for more than 183 days) and open (close) the account (contribution) abroad in a foreign bank, you must submit to the tax authority (ch. 2, 7, 8 of article 12, part 10 of article 28 of the Law of 10.12 .2003 No. 173-FZ):

  • notification of the opening (closing) of such an account (deposit);
  • notification of the change of account details (deposit);
  • report on the movement of funds on the account (deposit).

At the same time, these obligations do not apply to account holders (deposits) opened in branches located outside the Russian Federation, branches of the Russian banks not any operations can be performed, but only those that are named in Article 12 of the Law No. 173-FZ.

Some of them, for example, receiving money from a sale to a non-resident of real estate located in another state, is allowed only under the condition that an account is opened with a bank in the territory of an OECD or FATF member country. For illegal operations, an individual or legal entity faces an administrative fine of from 75 to 100 percent of the amount of the transaction (Article 15.25 of the Administrative Code of the Russian Federation).

Over the past few years, the topic of currency control has become particularly relevant for citizens of the Russian Federation who are currency residents of the Russian Federation. Very often, citizens of the Russian Federation who leave abroad, ceasing to be tax residents of the Russian Federation, retain the status of currency residents of the Russian Federation who continue to bear obligations under Russian legislation on currency regulation and control, sometimes without even knowing it.

Information on accounts (deposits) in banks for outside the Russian Federation is represented by the owner of the account (contribution) to the tax inspectorate at the place of his account personally, by mail, through a representative or via the Internet within a set time. Many problems with the implementation of foreign exchange operations can but avoided by resorting to consulting our specialists.

The accumulated experience over the years of professional work will help our client in the following cases:

  • preparation of notifications on opening (closing) such an account (contribution) and on changing account details (contribution); – preparing a report on the movement of funds on the account (contribution);
  • submission of documentation to the tax service;
  • compliance;
  • audit of transactions to identify risks of non-compliance with currency legislation;
  • legal support in the preparation of transaction passports;
  • creation of a corporate of foreign exchange control;
  • support in disputes with regulatory authorities;
  • representation and protection of the client in cases of administrative offenses and criminal cases.

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