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Reports of Russian permanent residents

As you may know, the Federal Law "On amendments to certain legislative acts of the Russian Federation", amending the Federal Law №173-FZ "On currency regulation and currency control" came into force on the 1st of January, 2015.

The Federal Law requires foreign nationals – residents of the Russian Federation to submit reports on movement of funds on accounts (deposits) in banks outside of Russia. The reports should be accompanied by corresponding bank documents.

 

According to the Law the residents are:

a) Physical persons - nationals of the Russian Federation, excluding Russian nationals permanently residing in foreign state no less than a year, including those holding permanent residency of foreign states or temporarily staying in foreign state no less than year on the basis of work or student visa valid no less than a year or based on both visas valid no less than a year jointly;

b) foreign nationals and stateless persons holding permanent residence permit of the Russian Federation;

c) legal entities established under the laws of the Russian Federation;

d) branches, representative offices and other entities stated in item “C” above located outside of the Russian Federation.

 

By the end of 2015, the Russian Government issued a Decree № 1365 “On the order of submission to tax authorities reports on the movement of funds on accounts (deposits) in banks outside the Russian Federation” dated 12th December of 2015. The Decree describes the order of preparation and submission of a report under consideration.

 

The key points are as follows:

   The report should be submitted until the 1st June of each year following the reporting one. In certain cases, reports may be submitted in other terms as listed by Law.

   The report should include personal data of the resident, information on bank, where the account (deposit) is opened, details of account, balance for the beginning (end) of a year as well as incoming and outcoming funds for the reporting period, etc.

   The report may be submitted:

  • Electronically through the taxpayer's personal profile on the website of the Russian Federal Tax Service. In such case, the report should be submitted by electronic signature;
  • Personally or through a representative on the document format;
  • By registered mail with return receipt.

   Reports shall be submitted in accordance with this order starting reports for 2015.

Should you require additional information or have questions with regards to legal or immigration issues in Russia please contact TIM Advisers & TIM Services.

 

Contacts: Svetlana Savluchinskaya  +7.926.426.0083    s.sveshnikova@timservices.ru

                Marina Gordeeva             +7.926.629.9642    m.gordeeva@timservices.ru