According to the draft law, RF citizens should report about their accounts at foreign banks irrespective of the period of residing abroad. It is expected that amendments will come into force in 2018, DW reports.
The Russians, residing abroad, will be obligated to report about accounts at foreign banks. According to the draft law of the Ministry of Finance, the Russian citizens should notify about opening the account at foreign banks and annually report on account activities irrespective of the period of residing in other country.
The draft law wording was posted in the Federal portal of draft regulatory acts and is currently being on the stage of public debates and anti-corruption examination. It is expected that the new law will come into force since January 2018. In this case, the Russians, residing more than a year abroad, will have to notify the tax authorities of the Russian Federation about open and closed accounts at foreign banks till March 1.
According to the applicable law, the Russians should report about their foreign accounts only within the first year of their residing abroad. After this period, they are no more considered as the RF currency residents. It is reported that the amendments to the law will affect not less than two million people. This is the number of people, who are registered in the consular register in different countries, RBC reports, quoting data, provided by the Central Election Commission of the Russian Federation in August 2016.
