New rules for foreign account holders

From 2020, it will be easier for Russian residents to receive income from real estate to their foreign accounts. Tranio lawyers explain what this means, how to submit reports to the tax service under the new rules, and what to do for owners of foreign accounts.

From the first of January 2020, under the new rules on currency transactions, it does not matter in which country the property is located, and in which country the account is opened. The most important thing is that the account is in a “transparent” country: a member of the EEU or in a country with which Russia has an automatic exchange of financial information. Continue reading →