Given the unstable economic situation in Russia over the past few years, bankruptcy of large banks and the closure of profitable lending programs, more and more people begin to think about storing capital in foreign currencies in other countries. Of course, Swiss banks in terms of reliability are the most attractive place to open the account, but not everyone can afford it. In this article, we will look at how to open a score in a foreign bank and which countries are offered for citizens of the Russian Federation the most loyal conditions.
Before you look for how to open an account in a foreign bank, you should clearly understand what factors for you in priority, and which countries most correspond to the estimated expectations. After all, foreign banks are not always the guarantor of quality and safety, and if you remember, for example, the crisis of 2013 in Cyprus, the leading large spending on the part of the depositors, you begin to think about whether to climb into the economic systems of other states.
But for a start, the nearest countries of the European Union should be disassembled, and, of course, the leaders on deposits from Russia are the States of Baltic States. Why is that?
Let's consider their main advantages:
Since these countries recently joined the EU and have not yet managed to properly develop their own economies, they are very profitable to attract foreign investment to themselves. In this sense, Russia is a large partner of Latvia, where thousands of people annually discover new accounts and make contributions. Therefore, the Baltic countries have rather loyal conditions for citizens of the Russian Federation and are trying to attract as many new customers as possible.
You can open the account in the Czech Republic only in the case of personal appeal to the bank
Separately, it is worth noting that in the Baltic states there are Russian-speaking service For foreign customers, and you will be relatively easy to communicate with the Bank's employees with whom you decide to conclude a contract. Also, for example, in Latvia there are special programs for the CIS countries, in which very low prices for banking services and profitable interest rates.
The second place for the attractiveness of the opening of the account by residents of Russia is Cyprusdespite the events of 2013. Today, the authorities of the country demonstrate a rather good tendency to develop the economy and seek to maximally convince people around the world that their banks can be trusted. It is still difficult to give long-term forecasts, but at the moment the company in Cyprus is still considered good partners for investment.
More citizens of Russia are beneficial to discover accounts in the Czech Republic, and over the past few years this direction becomes very popular. The state economy improved noticeably, interesting programs began to appear, including those aimed at the CIS citizens, so every year the number of banking clients in the Czech Republic is becoming more and more.
How to open an account abroad with Russian citizenship?
It is worth noting that not all countries are ready to cooperate with an individual, which is not an EU resident. For example, if you want to open an account in France or Germany, it is necessary to argue, why exactly this country is interested in what is the purpose of your contribution and go through a long procedure of interviews.
By the law of Switzerland, no bank employee has the right to disclose information on customer accounts
As for the Scandinavian countries or the UK, it will be almost impossible to open the score here.Since you will require a huge number of documents and even with all necessary papers, may refuse, argueing your decision, say, an unstable financial situation in the Russian Federation.
Opening a bank account abroad, first of all, it is worth paying attention to Latvia, if we consider the EU countries that can even make the contribution through special electronic systems. For example, on the Rietumu Banka website you will find detailed instructions, how to open the score remotely and without unnecessary formalities. Important! For this procedure will have to pay separately.
So, if you seriously decided to make a contribution abroad, to begin with, you should familiarize yourself with the rules and norms offered by a specific country. Pay special attention to the difference in conditions for residents of the country and foreignersSince they can differ significantly!
It is important to remember: You can make a contribution to the Czech Republic only personally, applications over the Internet bank employees are not considered!
By choosing a specific country and determined with the financial company, you have to go through a challenging procedure for preparing the necessary documents. But you should not be afraid, because depending on the country, the conditions can be very different.
Nevertheless, there is a standard set of documents that will require absolutely any bank:
- Document confirming your identity.
- Place of residence (country and address).
- Confirmation of legitimate funds. In some cases, there will be a sufficiently oral story, and sometimes a documentary confirmation may be required if the Bank has questions regarding the origin of capital.
Since 2015, Latvia has tightened the conditions for opening a contribution for non-residents of the country
It is important to remember that when opening an account in another country, this is especially true of the EU countries, one should initially clarify some points:
- Whether this bank provides guarantees of preservation of invested funds, and besides this, whether the state is a guarantor of compensation in case of emergency situations.
- What should be the minimum balance on the score. This moment is especially important, as often this amount is quite decent!
- Insurance commissions that the bank may require the contributor.
How to open an account in a foreign bank online?
As previously noted, not in all countries there is the possibility of submitting an application via the Internet, and, for example, in the Czech Republic or England, a personal presence will be required. But still there are a number of countries, ready to consider the possibility of cooperation online, let's pay special attention to them.
RCB Bank, located in Cyprus, has extremely profitable offers for potential customers, including the possibility of submitting an application online. Here you will not have to collect a huge package of documents, and in the presence of passport and money, you can safely apply for a detailed advice on the company's website.
It is worth noting that it is much easier to open accounts in less developed countries and remote from Western Europe. For example, you can open an account abroad in places such as the Bahamas, Vanuatu or Saint Lucia.
Also, large Chinese banks offering special profitable programs to cooperate with cooperation. The main advantage of cooperation with Eastern firms is the Minimum Commission for Services, which is on average 200-300 rubles.
To date, there are three options for applying for opening an account abroad:
- Personal appeal to the bank office. Then you need to take a complete package of documents in several copies, translated into the country's state language in which you want to contribute.
- Online application directly to the company's website. But it is necessary to repeat that not all banks are ready to take questionnaires via the Internet, and in most cases it will be impossible to get a positive answer!
- There is also an option to use the services of intermediaries that can make a "dirty" job for you and open a bank account. But, as a rule, it is very difficult and expensive, since on average the cost of the intermediary is 7-8 thousand dollars.
You can replenish foreign contribution, both in cash and through electronic systems.
It is important to remember: If you still decided to entrust your money to intermediaries, first be sure to check if there is an application option in this bank by another person! After all, for example, German companies in most cases are ready to communicate exclusively with an individual who wish to contribute.
Foreign Deposit System
In addition to the complex procedure for opening an account, Citizens of the Russian Federation also need to examine in detail the procedure for reporting before the tax service! By law since 2015, each resident of Russia is obliged to report information on closing or opening a foreign account in the FTS. It is important to remember what to do this is necessary for one month, otherwise you can write a serious penalty.
The same applies to annual reporting, because you are obliged to provide information about the operations carried out on account, as well as about the change in details. There are also additional difficulties here, since under the law of the Russian Federation, many financial operations are prohibited, and you may force you to pay a fine in the full amount of the translated amount!
Interestingly, but the fact. Since 2018, a new mechanism of cooperation between the companies of Russia and foreign firms will be launched, thanks to which the FTS will be able to independently control the accounts of citizens of the Russian Federation and receive an extract on their deposits.
Well, let's sum up a small result. Open an account in another state for residents of Russia today is not so simple, but perhaps. The countries of the Baltic States, Cyprus and the Czech Republic are leaders on deposits from the Russian Federation and are ready to attract new customers. Bahamas, China and South Korea also have programs for cooperation with foreign depositors and offer potential customers favorable conditions.
The most difficult to open a score in the UK, Switzerland and Scandinavian countries, but these banks most often have a flawless reputation.
An additional advantage of the opening of a foreign account may be the presence of a residence permit in the country you want to cooperate.
In contact with
The best loans for this month
For the questionnaire, you must enable JavaScript in the browser settings
25.06.2018
Foreign banking for non-resident customer has recently become a constant source of news. And if some of them turned out to be quite predictable (especially for those who could somehow use the services of foreign financial institutions over the past years), then others will still have to get used to others.
If earlier banks fought for the future client, offering the best conditions, and customers could afford a choice from a variety of options, now banks carefully select the "suitable" client, taking into account the most diverse factors - from the jurisdiction of the company to the business biography of its beneficiary and legality of origin His funds. Under the pressure of international organizations and national regulators in the field of non-resident banking services, constant "twisting of nuts" occurs.
Nevertheless, the foreign bank account was and still remains an indispensable tool in the international business, since the task of opening a bank account occurs to almost everyone who registers business abroad or expands its borders. Therefore, further - about everything in order.
Why do you need a foreign bank account?
Corporate account In a foreign bank, it is necessary for facilities calculations Companies with their business partners (customers, suppliers), accumulation of monetary assets, payment of mandatory payments, conducting salary projects, the use of corporate bank cards, etc. This account can be opened both in the same country in which the company has been registered and in a different country or countries.
One of the most important advantages of opening a foreign account is on a foreign company (and not an individual) is lack of currency limitationsprovided for by Russian legislation for currency residents of the Russian Federation. On foreign companies do not apply Responsibilities for notifying tax authorities on the opening of a foreign account, passing reports on the movement of funds in the account, as well as restrictions on crediting funds.
For citizens personal foreign account It is necessary in case of employment or obtaining a residence permit abroad, ownership of foreign real estate and in many other cases. In addition, many customers simply make a decision to store and / or invest part of their funds abroad in order to preserve or multiply personal or family capital. Only for some categories of citizens (senior officials, civil servants), the opening of foreign accounts and the use of foreign financial instruments is prohibited by law.
The main disadvantage of a personal foreign account is its very limited functionality. The currency legislation of the Russian Federation resolves residents of the Russian Federation to enroll only those categories of funds that are directly named in the law, relating all other operations to illegal. Such restrictions are removed only if the person loses the status of the Currency Resident of the Russian Federation.
Types of accounts
Foreign banks usually offer opening of settlement and / or savings accounts.
Calculated Accounts are intended for regular transactions that suggest frequent enrollments and write-off funds on the account, which is necessary when conducting a company of ordinary operating activities (trade in goods, services, etc.). Some accounts can operate in the settlement mode, however require maintenance of a permanent abnormal residue in a certain amount or placement of the investment portfolio.
Savings (investment) Accounts are opened in order to save and / or invest cash with customer and, as a rule, cannot be used for current calculation operations.
How to choose a foreign bank?
Currently, the choice of a bank for opening a foreign currency account (especially offshore) company is becoming increasingly difficult. It depends on many factors, starting with the structure of ownership of the company and the type of its activities, and ending with the peculiarities of the policy of the National Banking Regulator.
Here are just some questions, the answers to which you should find out by choosing a foreign bank:
- does this bank work with companies (including from offshore jurisdictions) and individuals - non-residents?
- does the Bank offer calculated accounts (i.e. accounts for frequent incoming and outgoing translations)?
- will this bank accept the client service with this type of activity, with the beneficiaries, with data of business partners and payment directions?
- in which currencies payments can be made (it depends on the availability of the corresponding network of corresponding banks) and do the currency you need among them?
- what are the rates of the bank?
- what are the ratings, reputation, financial indicators and prospects of this bank?
- and much more.
Therefore, to choose a foreign bank to open a corporate or personal account abroad, we recommend contacting only those specialists (professional intermediaries and agents of banks) who own the current (and constantly changing!) The situation in the field of opening accounts and may objectively evaluate the chances of opening an account. Taking into account all the factors inherent in a specific client and the bank.
In which country to open an account?
For the purpose of opening corporate accounts for foreign (including offshore) companies, banks can be divided into three main groups:
1. Banks of Europe. Basically (except Switzerland. Liechtenstein and Montenegro) are banks of the European Union member countries, which are subject to the requirements of a pan-European regulator - the ECB. Inside this group should be allocated:
- banks of the Baltic countries (Latvia, Lithuania, Estonia);
- cyprus banks;
- banks of Central Europe (Poland, Hungary, Czech Republic, etc.);
- western European Banks (Austria, Liechtenstein, Luxembourg, Switzerland);
- other banks (Montenegro, etc.)
Banks of this group continue to be popular with the opening of corporate accounts for foreign companies. Many of them have Russian-speaking customer support.
However, for most European banks (however, more than any other) are characterized by increasingly long-term processing of applications for opening an account, the request from the applicant of various additional information, as well as (especially for Western European banks) rather high rates. And, most importantly, the banks of the majority of these countries today departed from the practice of opening and servicing offshore companies (For example, to open an account in the Latvian bank on an offshore company either on an educated from the offshore partnership type LP or LLP is now impossible).
Only some banks, despite the overall negative attitude towards offshore, continue to consider the discovery of investment accounts of offshore companies on conditions favorable for the Bank (namely, investing in the bank products or maintain a significant abnormal residue), of course, with full satisfaction with the client to all other requirements.
2. Banks of Asia (Hong Kong, Singapore).
Asian banks are generally focused on business, one way or another working in the Asian region or with partners from it. They are also characterized by a general trend on deofshorization and strengthening Due Diligence procedures.
Hong Kong Banks have practically abandoned the opening of accounts for residents of Russia and other CIS countries or companies with beneficiaries from countries. In order to open a bill in Hong Kong, a full-time interview with a bank manager in English or Chinese without a translator (directly in Hong Kong). At the same time, banks are considering only those companies that have a real office in Hong Kong (it should be borne in mind that such companies are subject to taxation in Hong Kong).
To open the account in Singapore banks, only Singaporean companies can today, and their director and shareholders must be residents of Singapore. The director must implement real powers to manage the company and have exceptional access to its bank account.
The relative minus of Asian banks is also more complex communication between the bank and the client, due to the lack of Russian-speaking support, as well as a significant difference in time zones (which is relevant to the European part of Russia).
3. Offshore banks (Saint Lucia, Mauritius, Seychelles, Saint Vincent and Grenadines, etc.).
Offshore banks are banks of offshore jurisdictions that traditionally specialized in non-resident customer service. However, today, such banks not only have no significant advantages over banks from onshore countries, but also lose them - primarily due to offshore image and extremely limited calculations with certain countries and in certain currencies.
The fact is that most developed countries negatively relate to offshore banks, which complicates the establishment of correspondent relations with them and prevents the payment of payments. In particular, for this reason, recently for offshore banks (with the exception of Mauritius banks) are characterized by difficulties in US dollars. Therefore, if you need to be calculated in USD, but equals with American / European / Russian partners, the opening of the account in an offshore bank is usually not appropriate.
On the other hand, the procedure for opening an account in the offshore bank today is practically no different from similar procedures in other banks. As elsewhere, the client is obliged to submit the required package of personal and / or corporate documents within the framework of the "Due Diligence" and "Know-Youur-Customer" procedures. An application for opening an account can be considered for a long time. Offshore Bank, as any other, will refuse to open an account in case of inconsistency of the potential client of the Bank's policies and risks for the Bank by the Client. In the course of the settlement service, offshore cans can also regularly as ordinary banks, request confirmation of documents on the current client transactions.
Also add that foreign banks should not be confused with banks working in Russia with foreign capital, which, although they act under the relevant foreign brands, but, like any Russian banks, are subject to the Russian legislation and the requirements of the Central Bank of the Russian Federation. Foreign banks in question here are banks located outside the Russian Federation and subordinate to the relevant foreign regulators. In Russia, banks can act only in the form of officially accredited Central Bank of the Russian Federation, representative offices that do not open accounts and do not carry out banking operations.
The procedure for opening an account in a foreign bank
In order to open an account in a foreign bank, it is necessary:
- Select a foreign bank.
- Personally visit the Bank's office directly abroad, or meet with a representative of the Bank or contact the bank's authorized partners in their own country. A number of banks (in particular, banks of Latvia, Cyprus, Switzerland, Mauritius, Saint Lucia) allow you to open accounts remotely (without departure to the bank). In other cases, a personal visit of the future manager of the account in the Bank's Office is obligatory (characteristic of Poland's banks, Hungary, Hong Kong, Singapore, etc.).
- Fill in bank forms and provide a complete set of documents required by the Bank. If necessary, also provide any additional documents and explanations.
- Wait for the decision to open the account.
Each Bank places its own requirements for the form and content of the client's documents. However, if we speak generally, then the client (opening the account on the company) requires the following:
First, a set of corporate documents (originals or certified copies - depending on the requirements of a particular bank).
Second, information on the activities of the Client's company, including:
- description of the company's business that the score opens (often copies of contracts and invoices confirming the stated activities);
- data on counterparties on incoming and outgoing payments;
- estimated work parameters (annual turnover, number and frequency of operations, etc.).
The company's customer activity within one open account must be completely understandable jar legal and more or less uniform (Ideally, one account is one type of activity). The stated activity should be similar to the existing resident of the company's beneficiary.
Thirdly, the client provides information on beneficiary (that is, the actual, ultimate) owners of the company. This information includes:
- personal identification documents;
- confirmation of the address of the place of residence;
- data on income sources (these can be any documents confirming legal sources of origin of funds: certificate from the place of work, employment contract, data on entrepreneurial activities, savings, etc.);
- banking certificates and extracts;
- recommendation letters from significant business partners;
- the names and activities of existing residents (for example, Russian) client companies (including references to their sites, other materials);
- summary with data on education and career (as noted above, it is important that the beneficiary has experienced work / business experience in the sphere, which is declared as the main activity of the company to which the score opens).
Recently, banks pay special attention not only to the data on the client (applicant) and his beneficiary, but also about his partnersthat should be also understandable and transparent to the bank, like the future client itself. For example, if your counterparty is a British partnership (LLP, LP), the bank may be interested in who and what it is worth, up to the clarification of the residential business of the beneficiaries of such a partnership. Further, finding a counterparty in any sanctions lists or even just a connection with third parties from such lists may cause refusal to open the account.
The term of consideration of the application for opening an account currently can be from 2 months and more. The accelerated procedure for passing applications is not provided. At the same time, any guarantees that the score will definitely be opened does not exist.
In the case of approval of the application, the client is assigned an invoice number, the means of accessing the Internet score management system, bank cards (if necessary) are issued.
COMPLIANCE. Due Diligence. Know-Your-Customer
These foreign words have long been familiar to everyone who had to open foreign accounts and fill bank accounts.
Banking compliance is internal banking procedures for identifying and evaluating the compliance of the client based on the information provided by the potential customer itself and the source available to the bank received. The Bank collects and analyzes such information by implementing the principle of "Know Your Client" (Know-Your-Customer), and, in a wider context, the principle of "due diligence" (DUE DILIGENCE), used not only in banking practice, but also Business in general.
Compliance with these principles is not a whim of the bank: it is due to the need to fulfill the requirements of the national (and for EU countries also - a supranational) regulator and norms aimed at counteracting the laundering of criminal income and terrorist financing (AML / CFT). The specified work in one or another volume was carried out by banks always, however, in the last decade "Rules of the game" has changed a lot toward tightening. For example, failure to submit the bank to the documents required by them confirming the origin of the funds received, or a sharp rejection of the foundations (character) of payments from those that were declared when opening the account, it may well be the cause of its closure.
A relatively recent innovation was the requirement to indicate in banking forms. tax Resident Companies and its beneficial owners (as well as their identification tax numbers and information about the active or passive nature of the company's activities) for the purposes of implementing the automatic exchange of information on the CRS standard.
Another complicating factor was the policy of anti-Russian sanctions. In connection with it, refuse to open the account can be both directly to a Russian citizen and a foreign company, a shareholder or a beneficiary of which a Russian will have, one way or another, which appears in the sanctivities.
Given that the approach of banks to the customer's conformity assessment has long ceased to be formal, when opening a foreign account, you must be ready to inform the Bank not only the standard information about the company on which the account opens, but also
- details of your existing resident business,
- identification and biographical data of the beneficiary owners of the company (including detailed work experience),
- comprehensive information about the sources of origin of their funds,
- and other information required by the bank.
Therefore, adaptation to the new rules implies a thorough and advance documenting of operations of their both foreign and resident business, personal income, sources of well-being paid for taxes, and not only during work with a foreign account, but also for several years preceding the moment when There was a need to open an account abroad.
Main trends in the opening of accounts
So, the choice of reliable foreign banks, ready to serve the accounts of non-resident companies (especially offshore), is currently very limited and continues to narrow. Why? Here are some reasons:
- Refusal of offshore. Foreign banks reduce the share of offshore companies in their client portfolio or generally refuse their maintenance (and the criterion can not only be the offshore company's jurisdiction, but also the lack of real economic content - such companies received the name of "kiddhat companies", Shell Companies). Somewhere it will occur at the same time, somewhere - in stages. For example, in the light of well-known events related to the self-destruction of the Latvian Bank ABLV in the spring of 2018, many other banks have strengthened their briefcases from "unwanted" customers. In Latvia, the decision to stop serving Shell Companies accounts was taken at the legislative level. In the very near future, other countries can follow this example, in the first place, Cyprus, where the introduction of new requirements for banks is expected in the summer of 2018.
- Business reality. Preference is given to companies, the country of registration of which coincides with the country of the Bank, or companies that have a real economic presence in their own country (office, assets, personnel) passing financial statements and paying in it taxes, as well as any connection with the country in which the account opens.
- Condiscancy and transparency of the client. Banks are striving to take customers with a completely understandable business, a transparent source of income and the nature of cash flows, as well as with fully acceptable (for a variety of parameters) by beneficiaries and counterparties.
- Strengthening Due Diligence Requirements. Such requirements continue to strengthen both in relation to potential and existing customers of foreign banks (in particular, to identify beneficiaries and documentary confirmation of operations).
- Close to zero chances Foreign start-up companies have to open the account (as long as not to confirm the relevant experience of previous activities and specify counterparties), as well as companies representing "high-roofing" categories of business (for example, blockchain and cryptocurrencies, unlicensed forex, payment systems, gambling business, dual goods Appointments, precious metals, etc.). Traditionally, loyally (subject to other conditions) banks belong to international trade, freight-forwarding and logistics activities, understandable IT projects, financial services licensed in EU countries.
- U.S. dollars. The situation with translations in US dollars deteriorated sharply (for example, Banks of Latvia, as well as a number of offshore banks, at all refused to open accounts in this currency).
- Sanctions. The attention of banks in various sanctions lists and relevant categories of individuals and companies increased. The presence of "mine-planning" persons among the stated beneficiaries or counterparties (or any connection with them) will entail a refusal to open the account.
- Customers from Russia. There is almost a targeted discrimination against Russian customers (in relation to customers from Russia and other CIS countries, a peculiar "presumption of guilt" is formed). However, even such circumstances do not exclude the use of an individual approach and the search for acceptable solutions.
- Automatic exchange. In September 2018, the CRS countries are entered into the practical phase of the automatic exchange of information on CRS standard, including Russia, Switzerland, Austria and many classic offshore jurisdictions. This means that data on personal and corporate bank accounts (first of all accounts for companies with prevailing passive incomes), the beneficiaries of which are residents of the Russian Federation, will be sent to Russia by the tax authorities of countries that have agreed to such an exchange.
It is premature to predict its results yet, however, if automatic exchange is fully implemented, it will be possible to talk about a completely different level of transparency of tax information in the world.
25.06.2018
Foreign banking for non-resident customer has recently become a constant source of news. And if some of them turned out to be quite predictable (especially for those who could somehow use the services of foreign financial institutions over the past years), then others will still have to get used to others.
If earlier banks fought for the future client, offering the best conditions, and customers could afford a choice from a variety of options, now banks carefully select the "suitable" client, taking into account the most diverse factors - from the jurisdiction of the company to the business biography of its beneficiary and legality of origin His funds. Under the pressure of international organizations and national regulators in the field of non-resident banking services, constant "twisting of nuts" occurs.
Nevertheless, the foreign bank account was and still remains an indispensable tool in the international business, since the task of opening a bank account occurs to almost everyone who registers business abroad or expands its borders. Therefore, further - about everything in order.
Why do you need a foreign bank account?
Corporate account In a foreign bank, it is necessary for facilities calculations Companies with their business partners (customers, suppliers), accumulation of monetary assets, payment of mandatory payments, conducting salary projects, the use of corporate bank cards, etc. This account can be opened both in the same country in which the company has been registered and in a different country or countries.
One of the most important advantages of opening a foreign account is on a foreign company (and not an individual) is lack of currency limitationsprovided for by Russian legislation for currency residents of the Russian Federation. On foreign companies do not apply Responsibilities for notifying tax authorities on the opening of a foreign account, passing reports on the movement of funds in the account, as well as restrictions on crediting funds.
For citizens personal foreign account It is necessary in case of employment or obtaining a residence permit abroad, ownership of foreign real estate and in many other cases. In addition, many customers simply make a decision to store and / or invest part of their funds abroad in order to preserve or multiply personal or family capital. Only for some categories of citizens (senior officials, civil servants), the opening of foreign accounts and the use of foreign financial instruments is prohibited by law.
The main disadvantage of a personal foreign account is its very limited functionality. The currency legislation of the Russian Federation resolves residents of the Russian Federation to enroll only those categories of funds that are directly named in the law, relating all other operations to illegal. Such restrictions are removed only if the person loses the status of the Currency Resident of the Russian Federation.
Types of accounts
Foreign banks usually offer opening of settlement and / or savings accounts.
Calculated Accounts are intended for regular transactions that suggest frequent enrollments and write-off funds on the account, which is necessary when conducting a company of ordinary operating activities (trade in goods, services, etc.). Some accounts can operate in the settlement mode, however require maintenance of a permanent abnormal residue in a certain amount or placement of the investment portfolio.
Savings (investment) Accounts are opened in order to save and / or invest cash with customer and, as a rule, cannot be used for current calculation operations.
How to choose a foreign bank?
Currently, the choice of a bank for opening a foreign currency account (especially offshore) company is becoming increasingly difficult. It depends on many factors, starting with the structure of ownership of the company and the type of its activities, and ending with the peculiarities of the policy of the National Banking Regulator.
Here are just some questions, the answers to which you should find out by choosing a foreign bank:
- does this bank work with companies (including from offshore jurisdictions) and individuals - non-residents?
- does the Bank offer calculated accounts (i.e. accounts for frequent incoming and outgoing translations)?
- will this bank accept the client service with this type of activity, with the beneficiaries, with data of business partners and payment directions?
- in which currencies payments can be made (it depends on the availability of the corresponding network of corresponding banks) and do the currency you need among them?
- what are the rates of the bank?
- what are the ratings, reputation, financial indicators and prospects of this bank?
- and much more.
Therefore, to choose a foreign bank to open a corporate or personal account abroad, we recommend contacting only those specialists (professional intermediaries and agents of banks) who own the current (and constantly changing!) The situation in the field of opening accounts and may objectively evaluate the chances of opening an account. Taking into account all the factors inherent in a specific client and the bank.
In which country to open an account?
For the purpose of opening corporate accounts for foreign (including offshore) companies, banks can be divided into three main groups:
1. Banks of Europe. Basically (except Switzerland. Liechtenstein and Montenegro) are banks of the European Union member countries, which are subject to the requirements of a pan-European regulator - the ECB. Inside this group should be allocated:
- banks of the Baltic countries (Latvia, Lithuania, Estonia);
- cyprus banks;
- banks of Central Europe (Poland, Hungary, Czech Republic, etc.);
- western European Banks (Austria, Liechtenstein, Luxembourg, Switzerland);
- other banks (Montenegro, etc.)
Banks of this group continue to be popular with the opening of corporate accounts for foreign companies. Many of them have Russian-speaking customer support.
However, for most European banks (however, more than any other) are characterized by increasingly long-term processing of applications for opening an account, the request from the applicant of various additional information, as well as (especially for Western European banks) rather high rates. And, most importantly, the banks of the majority of these countries today departed from the practice of opening and servicing offshore companies (For example, to open an account in the Latvian bank on an offshore company either on an educated from the offshore partnership type LP or LLP is now impossible).
Only some banks, despite the overall negative attitude towards offshore, continue to consider the discovery of investment accounts of offshore companies on conditions favorable for the Bank (namely, investing in the bank products or maintain a significant abnormal residue), of course, with full satisfaction with the client to all other requirements.
2. Banks of Asia (Hong Kong, Singapore).
Asian banks are generally focused on business, one way or another working in the Asian region or with partners from it. They are also characterized by a general trend on deofshorization and strengthening Due Diligence procedures.
Hong Kong Banks have practically abandoned the opening of accounts for residents of Russia and other CIS countries or companies with beneficiaries from countries. In order to open a bill in Hong Kong, a full-time interview with a bank manager in English or Chinese without a translator (directly in Hong Kong). At the same time, banks are considering only those companies that have a real office in Hong Kong (it should be borne in mind that such companies are subject to taxation in Hong Kong).
To open the account in Singapore banks, only Singaporean companies can today, and their director and shareholders must be residents of Singapore. The director must implement real powers to manage the company and have exceptional access to its bank account.
The relative minus of Asian banks is also more complex communication between the bank and the client, due to the lack of Russian-speaking support, as well as a significant difference in time zones (which is relevant to the European part of Russia).
3. Offshore banks (Saint Lucia, Mauritius, Seychelles, Saint Vincent and Grenadines, etc.).
Offshore banks are banks of offshore jurisdictions that traditionally specialized in non-resident customer service. However, today, such banks not only have no significant advantages over banks from onshore countries, but also lose them - primarily due to offshore image and extremely limited calculations with certain countries and in certain currencies.
The fact is that most developed countries negatively relate to offshore banks, which complicates the establishment of correspondent relations with them and prevents the payment of payments. In particular, for this reason, recently for offshore banks (with the exception of Mauritius banks) are characterized by difficulties in US dollars. Therefore, if you need to be calculated in USD, but equals with American / European / Russian partners, the opening of the account in an offshore bank is usually not appropriate.
On the other hand, the procedure for opening an account in the offshore bank today is practically no different from similar procedures in other banks. As elsewhere, the client is obliged to submit the required package of personal and / or corporate documents within the framework of the "Due Diligence" and "Know-Youur-Customer" procedures. An application for opening an account can be considered for a long time. Offshore Bank, as any other, will refuse to open an account in case of inconsistency of the potential client of the Bank's policies and risks for the Bank by the Client. In the course of the settlement service, offshore cans can also regularly as ordinary banks, request confirmation of documents on the current client transactions.
Also add that foreign banks should not be confused with banks working in Russia with foreign capital, which, although they act under the relevant foreign brands, but, like any Russian banks, are subject to the Russian legislation and the requirements of the Central Bank of the Russian Federation. Foreign banks in question here are banks located outside the Russian Federation and subordinate to the relevant foreign regulators. In Russia, banks can act only in the form of officially accredited Central Bank of the Russian Federation, representative offices that do not open accounts and do not carry out banking operations.
The procedure for opening an account in a foreign bank
In order to open an account in a foreign bank, it is necessary:
- Select a foreign bank.
- Personally visit the Bank's office directly abroad, or meet with a representative of the Bank or contact the bank's authorized partners in their own country. A number of banks (in particular, banks of Latvia, Cyprus, Switzerland, Mauritius, Saint Lucia) allow you to open accounts remotely (without departure to the bank). In other cases, a personal visit of the future manager of the account in the Bank's Office is obligatory (characteristic of Poland's banks, Hungary, Hong Kong, Singapore, etc.).
- Fill in bank forms and provide a complete set of documents required by the Bank. If necessary, also provide any additional documents and explanations.
- Wait for the decision to open the account.
Each Bank places its own requirements for the form and content of the client's documents. However, if we speak generally, then the client (opening the account on the company) requires the following:
First, a set of corporate documents (originals or certified copies - depending on the requirements of a particular bank).
Second, information on the activities of the Client's company, including:
- description of the company's business that the score opens (often copies of contracts and invoices confirming the stated activities);
- data on counterparties on incoming and outgoing payments;
- estimated work parameters (annual turnover, number and frequency of operations, etc.).
The company's customer activity within one open account must be completely understandable jar legal and more or less uniform (Ideally, one account is one type of activity). The stated activity should be similar to the existing resident of the company's beneficiary.
Thirdly, the client provides information on beneficiary (that is, the actual, ultimate) owners of the company. This information includes:
- personal identification documents;
- confirmation of the address of the place of residence;
- data on income sources (these can be any documents confirming legal sources of origin of funds: certificate from the place of work, employment contract, data on entrepreneurial activities, savings, etc.);
- banking certificates and extracts;
- recommendation letters from significant business partners;
- the names and activities of existing residents (for example, Russian) client companies (including references to their sites, other materials);
- summary with data on education and career (as noted above, it is important that the beneficiary has experienced work / business experience in the sphere, which is declared as the main activity of the company to which the score opens).
Recently, banks pay special attention not only to the data on the client (applicant) and his beneficiary, but also about his partnersthat should be also understandable and transparent to the bank, like the future client itself. For example, if your counterparty is a British partnership (LLP, LP), the bank may be interested in who and what it is worth, up to the clarification of the residential business of the beneficiaries of such a partnership. Further, finding a counterparty in any sanctions lists or even just a connection with third parties from such lists may cause refusal to open the account.
The term of consideration of the application for opening an account currently can be from 2 months and more. The accelerated procedure for passing applications is not provided. At the same time, any guarantees that the score will definitely be opened does not exist.
In the case of approval of the application, the client is assigned an invoice number, the means of accessing the Internet score management system, bank cards (if necessary) are issued.
COMPLIANCE. Due Diligence. Know-Your-Customer
These foreign words have long been familiar to everyone who had to open foreign accounts and fill bank accounts.
Banking compliance is internal banking procedures for identifying and evaluating the compliance of the client based on the information provided by the potential customer itself and the source available to the bank received. The Bank collects and analyzes such information by implementing the principle of "Know Your Client" (Know-Your-Customer), and, in a wider context, the principle of "due diligence" (DUE DILIGENCE), used not only in banking practice, but also Business in general.
Compliance with these principles is not a whim of the bank: it is due to the need to fulfill the requirements of the national (and for EU countries also - a supranational) regulator and norms aimed at counteracting the laundering of criminal income and terrorist financing (AML / CFT). The specified work in one or another volume was carried out by banks always, however, in the last decade "Rules of the game" has changed a lot toward tightening. For example, failure to submit the bank to the documents required by them confirming the origin of the funds received, or a sharp rejection of the foundations (character) of payments from those that were declared when opening the account, it may well be the cause of its closure.
A relatively recent innovation was the requirement to indicate in banking forms. tax Resident Companies and its beneficial owners (as well as their identification tax numbers and information about the active or passive nature of the company's activities) for the purposes of implementing the automatic exchange of information on the CRS standard.
Another complicating factor was the policy of anti-Russian sanctions. In connection with it, refuse to open the account can be both directly to a Russian citizen and a foreign company, a shareholder or a beneficiary of which a Russian will have, one way or another, which appears in the sanctivities.
Given that the approach of banks to the customer's conformity assessment has long ceased to be formal, when opening a foreign account, you must be ready to inform the Bank not only the standard information about the company on which the account opens, but also
- details of your existing resident business,
- identification and biographical data of the beneficiary owners of the company (including detailed work experience),
- comprehensive information about the sources of origin of their funds,
- and other information required by the bank.
Therefore, adaptation to the new rules implies a thorough and advance documenting of operations of their both foreign and resident business, personal income, sources of well-being paid for taxes, and not only during work with a foreign account, but also for several years preceding the moment when There was a need to open an account abroad.
Main trends in the opening of accounts
So, the choice of reliable foreign banks, ready to serve the accounts of non-resident companies (especially offshore), is currently very limited and continues to narrow. Why? Here are some reasons:
- Refusal of offshore. Foreign banks reduce the share of offshore companies in their client portfolio or generally refuse their maintenance (and the criterion can not only be the offshore company's jurisdiction, but also the lack of real economic content - such companies received the name of "kiddhat companies", Shell Companies). Somewhere it will occur at the same time, somewhere - in stages. For example, in the light of well-known events related to the self-destruction of the Latvian Bank ABLV in the spring of 2018, many other banks have strengthened their briefcases from "unwanted" customers. In Latvia, the decision to stop serving Shell Companies accounts was taken at the legislative level. In the very near future, other countries can follow this example, in the first place, Cyprus, where the introduction of new requirements for banks is expected in the summer of 2018.
- Business reality. Preference is given to companies, the country of registration of which coincides with the country of the Bank, or companies that have a real economic presence in their own country (office, assets, personnel) passing financial statements and paying in it taxes, as well as any connection with the country in which the account opens.
- Condiscancy and transparency of the client. Banks are striving to take customers with a completely understandable business, a transparent source of income and the nature of cash flows, as well as with fully acceptable (for a variety of parameters) by beneficiaries and counterparties.
- Strengthening Due Diligence Requirements. Such requirements continue to strengthen both in relation to potential and existing customers of foreign banks (in particular, to identify beneficiaries and documentary confirmation of operations).
- Close to zero chances Foreign start-up companies have to open the account (as long as not to confirm the relevant experience of previous activities and specify counterparties), as well as companies representing "high-roofing" categories of business (for example, blockchain and cryptocurrencies, unlicensed forex, payment systems, gambling business, dual goods Appointments, precious metals, etc.). Traditionally, loyally (subject to other conditions) banks belong to international trade, freight-forwarding and logistics activities, understandable IT projects, financial services licensed in EU countries.
- U.S. dollars. The situation with translations in US dollars deteriorated sharply (for example, Banks of Latvia, as well as a number of offshore banks, at all refused to open accounts in this currency).
- Sanctions. The attention of banks in various sanctions lists and relevant categories of individuals and companies increased. The presence of "mine-planning" persons among the stated beneficiaries or counterparties (or any connection with them) will entail a refusal to open the account.
- Customers from Russia. There is almost a targeted discrimination against Russian customers (in relation to customers from Russia and other CIS countries, a peculiar "presumption of guilt" is formed). However, even such circumstances do not exclude the use of an individual approach and the search for acceptable solutions.
- Automatic exchange. In September 2018, the CRS countries are entered into the practical phase of the automatic exchange of information on CRS standard, including Russia, Switzerland, Austria and many classic offshore jurisdictions. This means that data on personal and corporate bank accounts (first of all accounts for companies with prevailing passive incomes), the beneficiaries of which are residents of the Russian Federation, will be sent to Russia by the tax authorities of countries that have agreed to such an exchange.
It is premature to predict its results yet, however, if automatic exchange is fully implemented, it will be possible to talk about a completely different level of transparency of tax information in the world.
Read 6 min. Published on 01/26/2020
In the conditions of an unstable economic situation, the devaluation of the ruble and bankruptcy of financial institutions are becoming increasingly relevant to place savings on accounts located outside the national borders, in more sustainable and reliable financial institutions. How to open an account in a foreign bank? This will be discussed in this article.
Opening an account abroad: pros and cons of Offshore
Opening accounts in offshore - traditional practice for many subjects. This allows you to ensure a high level of safety of your savings, and it is also advantageous to reduce the taxable base.
Today, there is a gradual transition in favor of servicing foreign banks of Russian individuals. Citizens translate their savings in Liechtenstein, Andorra, Switzerland and Cyprus.
+ 'What are the advantages of this kind of offshore accounts:
- Firstly The confidentiality of information relative to the account holder remains.
- Secondly Completely removal from domestic economic risks.
- Thirdly , Open the account is very simply most cases, the depositor will not even need to travel beyond the country: all procedures will be carried out in remote mode.
As for the obvious deficiencies, they can be noted among them:
- The need to interact with the tax service in the discovery and maintenance of a foreign account.
- Difficulty in enrollment of funds to the account and their removal from the account.
- Lack of control by the National Bank of this country for the activities of financial institutions from other countries of the world, which generates some unprotected customer.
)
It should be added that when choosing a foreign bank to open an account The stability of the political and economic situation in the country should also be assessed.
placement of the Financial Institute.
Choose a bank to open a foreign account correctly
Any foreign bank will charge for opening an account with its foreign customers. At the same time, the most reasonable prices put forward bank institutions located in offshore zones (offshore banks). In order to not be guessing with the choice of the bank, it makes sense to consider the tariffs of the most popular of them.
Tariffs for opening an account in foreign banks
| Bank | Registration Country | The cost of opening an account |
| Bankofcyprus. | Cyprus | 300 Euro |
| NorvikBanka. | Latvia | 300 Euro |
| C.I.M. Bank. | Switzerland | 700 Euro |
| Valartisbank. | Liechtenstein | 700 Euro |
| ABLV BANKLUXEMBOURG. | Luxembourg | 500 Euro |
| Alsalambank. | Seychelles Ostrova | 500 dollars |
| ABC bankingcorporation | Mauritius | 500 dollars |
| HSBC Bank. | Singapore | 1000 dollars |
| HSBC Bank. | Hong Kong | 3000 dollars |
Is it possible to make a foreign account without leaving Russia?
Recently, Russian citizens have received the opportunity to open an account in a foreign bank in remote mode.
Now in order to register your account at all, it will not be necessary to go to Hong Kong or Mauritius - it suffices to make the following actions:
- Select a suitable overseas bank.
- In the online mode, fill out the application form and attach the package of necessary securities to it.
- Wait for the Bank's decision and pay the account opening procedure.
- Get details and place an uncomplicable balance on account.
Important moment: Most modern banks offer foreign customers to use Internet banking mechanisms that allow you to manage your account in remote mode.
What documents are needed for registration of a foreign account by a Russian citizen?
Each foreign financial institution requires its clients with its own list of papers, which are necessary to make a decision on opening an account.
However, in most cases, individuals are required to submit:
- A copy of the passport certified in the notary.
- Original help from the place of residence.
- Summary according to the established form in English.
- Documents confirming the sources of facial income.
- Help from the bank serving the client in its country.
Since the opening of the account can occur in a remote mode, then all of them are scanned and wrapped with a digital signature.
Important moment: The online application will have to specify the purpose of opening an account, as well as an exemplary planned turnover of funds.
The procedure for opening an account abroad to an individual: instructions to help
Russian citizens received a real opportunity to open accounts abroad after In 2001, the instructions number 100 "On accounts of residents of residents in foreign banks was adopted."
Important limit: Russians have the right to open one or more accounts in foreign banks of only those countries that are members of international banking organizations (for example, FATF).
After a suitable overseas financial institution is chosen, taking into account existing legislative restrictions, the individual must take only two actions:
- Apply and receive a positive response from the Foreign Financial Institute.
- Within one month after opening an account, notify the tax service about this.
It should be added that the citizen will be given a notice to the FNS, which will be a documentary basis for the transfer of funds from banks of a given country to foreign financial institutions.
Important limit: Individuals can open accounts in foreign banks, pursuing the goals not related to business activities.
How to use the score: Features of transferring money abroad
After the account in the overseas bank is open remains to translate funds from Russia to it.
How this process takes place:
- Cash transfers from Russia are considered as currency payments and are governed by the relevant section of Russian legislation.
- To replenish the account, it is necessary to open a bill account in any Russian bank and translate money abroad exclusively through it in the order of international translation.
- To translate funds to the Customer's customer, the Russian bank will need to submit such papers as a passport, an application and a copy of the Account Opening Agreement in the Foreign Bank.
- From the foreign bank, the depositor must receive written confirmation with the seal that the score is open in it. This document is transferred to the Russian bank.
It remains to add that such a mechanism for transferring funds suggests that the Russian bank monitors all transfers of funds to the account in a foreign financial institution.
Reporting to tax. What awaits the owner of a foreign account?
As mentioned earlier, the opening of an account in a foreign bank requires a citizen of the tax service notice from a citizen, which is carried out no later than a month after opening an account. Only on the basis of notifications from the FNS in the future can be transferred to funds to foreign banks.
In the course of the use of an account in a foreign bank, a physical person will also be required once a year (before June 1) to submit to the tax authorities the reporting of the established form regarding the movement and balances in foreign accounts (by Resolution No. 1365. 12 December 2015).
At the same time, it is important to comply with such rules:
- Reflect the amount of tributaries, outflows and balance balances.
- Create a separate report to every overseas account.
- Direct the document in the FTS via the taxpayer online or by registered mail.
When submitting reports to the tax service, there is no need to make an account statement to it in foreign banks.
Opening an account in a foreign bank - a convenient opportunity to protect your funds from inflation and other domestic risks. This practice for individuals often leaving the limits of the country is very convenient. However, an externally simple procedure for opening an account requires operations through the accounts of domestic financial institutions, as well as the mandatory notification of tax authorities.
Many Russians are cautious to a domestic banking system and seek to open an account abroad. However, before concluding an agreement, it is necessary to clearly understand which bank can be considered foreign.
Working on the territory of Russia, credit and financial institutions that were opened by international banking groups, or banks with foreign capital to relate to such a category, as a license for the right to carry out activities, the Central Bank of Russia is issued, and their work is fully regulated by Russian legislation. In addition, the reliability and sustainability of such credit and financial institutions are incomparable with the indicators of maternal companies. Therefore, citizens of the Russian Federation wishing to discover abroad, it is necessary to choose an organization with foreign jurisdiction. At the same time, the Russians do not have to leave the limits of their country: some banking institutions allow sending documentation by mail.
What to pay attention to
Citizens who plan to accommodate money abroad on anonymity conditions, may encounter difficulties. As part of the total fight against dirty money, foreign credit and financial institutions have significantly tightened the requirements for customers, therefore it is difficult to ensure the complete anonymity of the contribution.
For example, the legislation of the Republic of Cyprus prohibits the opening of license bank accounts. In addition, if a cash transfer was made in favor of the client, the information about which is missing or only its code is available, Cypriot bankers are entitled to hold funds enrollment after receiving full information about the person that listed money from the bank-correspondent bank.
What does the law say about it
Can a citizen of Russia open an account in the bank abroad? Yes, the current legislation does not provide for the ban on the storage of cash by residents of the Russian Federation in bank accounts abroad. Moreover, in recent years, the discovery procedure has been noticeably simplified. If earlier, the CBRF special permission was required to complete this operation, today becoming a client of a credit and financial institution working under foreign jurisdiction, maybe most of the Russians (the exception is categories of citizens defined by Federal Law No. 79-FZ).
At the same time, the legislation clearly defined cases when a Russian citizen has the right to place funds abroad. It:
- discovery of the contribution to accumulate personal funds;
- investment.
Placing funds for the purpose of entrepreneurial activity is prohibited.
There are some restrictions on states with banking institutions of which cooperation is allowed. Countries where you can freely post money are members of Organization for Economic Co-Operation and Development (OECD) and Financial Action Task Force On Money Laundering (FATF).
The opening of deposits of residents of the Russian Federation in banks of non-members of these organizations is carried out in the manner prescribed by the CBRF. In specification No. 1411 dated March 30, 2004, the requirement to preliminary registration of such accounts. However, the order of registration itself is still absent. Therefore, if you formally guided by the rule "All that was not prohibited," residents of the Russian Federation can post money in banking institutions that are under any jurisdiction. At the same time, there is a risk that the court can interpret a somewhat different way.
Procedure for opening accounts in foreign banks
To decide where to open an account, it is not necessary to study in a business school. It is necessary to carefully examine the features of the chosen jurisdiction, the proposals of foreign credit and financial institutions, familiarize themselves with their reputation data on their sustainability, credit ratings and forecasts. Featuring the appropriate option, you should start the deposit. You can do it yourself or with the help of special agencies. The cost of the agency services can be from several hundred to several thousand dollars.
Any time framework of the operation does not exist - the procedure for registration of the deposit may last from one week to several months.
Citizens who are independently engaged in design must collect the necessary package of documents, fill out registration forms (in a foreign language) and personally visit the bank. After checking the submitted package of documents, a credit and financial institution will notify the citizen about the possibility or inability to open the contribution.
Persons who used the services of intermediaries do not have to make a foreign trip and personally visit the bank. Depositors must provide the Agency a package of necessary documents and samples of their signatures certified by the Consulate of the country, under the jurisdiction of which the selected bank is located.
At the same time, cooperation with intermediaries does not mean that the depositor does not have to take an interview with representatives of a foreign credit and financial institution. Many banks provide for communication with a potential video client or telephone. It may also be necessary to provide the contribution of recommendatory letters from foreign business partners.
Required documents
The list of documents required to open the contribution from the Resident of the Russian Federation may vary and depends on each specific bank. Averaged package of documents includes:
- passport of the depositor, as well as members of his family (spouses / spouse and children);
- certificate of the amount of income received for the last 6-12 months;
- certificate of family composition;
- the certificate that the depositor is not under investigation issued by the police.
The most stringent requirements for potential clients put forward credit and financial institutions of the United Kingdom. Bankers from the UK may demand a lot of additional documents, including paid receipts for utilities, where the actual address of residence and the name of the depositor are indicated, as well as recommendatory letters about a citizen's reliability written by its employer or the Russian bank.
Who is considered a resident by currency legislation
Currency Residents of the Russian Federation are considered: persons who are Russian citizens, as well as the residence permit of the person without citizenship and citizens of other countries permanently residing in Russia.
Responsibility notice to open an account
Residents of the Russian Federation, who posted their funds in banks located in other countries, are obliged to notify the discovery of tax authorities. Notification of the operation should be directed over the month from the date of the deposit. There is also a requirement for a mandatory notification in the monthly period of tax authorities on closing an account.
Send reporting documents Citizens can:
- personally visiting the tax inspectorate;
- post office with a notice of delivery;
- online through your personal account on the FTS website (required electronic signature).
The requirement of the obligatory notification of the tax authorities was legally fixed several years ago. Nevertheless, today, this rate does not fully work, as it has not yet been developed a single order and form of notification. Therefore, some depositors at their own peril and risk ignore the requirement and do not report FSS information about foreign accounts.
Cash Movement Report
The residents of the Russian Federation, who opened a contribution abroad, is entrusted with the obligation to provide tax authorities in a report on cash flow. This report reflects the remains at the beginning and end of the calendar year, as well as the amounts enrolled and written off from the account. Apply any additional documents to the report is not required. However, in addition to the report, tax authorities may require a bank statement from the investor, where the funds received as a result of various operations are reflected in detail. This document will determine how many thousand rubles were translated into certain legal entities.
Administrative responsibility (responsibility for non-separation or delay in submission of documents)
Residents of the Russian Federation, who did not notify the FNS bodies on opening an account in a foreign credit and financial institution or filed a notice with a violation of the deadlines, as well as citizens who did not provide or submitted a report on the movement of funds can be attracted to administrative responsibility. The amount of fines is:
- for the misuse of notifications - from 4 to 5 thousand rubles;
- for a violation of the term, the provision of notification is from 1 to 1.5 thousand rubles;
- for failure to submit a report - from 2 to 3 thousand rubles;
- for violation of the status of the report - from 300 to 3 thousand rubles.
Who is forbidden to open accounts abroad
In order to ensure the national security of Russia by Federal Law No. 79-FZ dated July 27, 2004, some categories of citizens are prohibited from keeping funds in banking institutions that are outside the country. These categories include:
- persons who occupy high government positions;
- members of the Board of Directors of the CBRF;
- top managers of state-owned companies;
- citizens appointed by the Presidential Decree, Government and Prosecutor General of the Russian Federation, and other categories.
Under the ban on minors and spouses of the persons listed in Article 7.1 are also falling.
Persons who violate the ban are subject to liberation from positions or dismissal due to the loss of confidence.
Where and how to open an account
Residents of the Russian Federation, on which the prohibition does not apply, is given the right to discover deposits in foreign banks under any jurisdiction. The most popular bank jurisdictions among Russians are:
- Cyprus;
- Latvia;
- Switzerland;
- Hungary;
- Czech Republic;
- Montenegro;
- Hong Kong;
Foreign banks
Many credit and financial institutions working abroad establish minimal limits on the amount of deposits placed by citizens of other states. Practice shows that serious banks rarely discover contributions for foreign customers who are placed on account less than 50 thousand dollars, and Switzerland's credit institutions specializing in Private Banking are open to cooperation with persons who place at least 100 thousand dollars.
Bilderlings.
An alternative to deposit deposits in foreign banking institutions may be the discovery of the European and British account with individual details (IBAN) in. Innovative FINTEH-platform, which offers various types of banking services, operates on the basis of a license of the issuer of electronic money issued by the British financial regulator FCA. The license provides the right to open accounts, carry out payment processing and use other financial instruments. At the same time, in contrast to traditional banking institutions, Bilderlings does not use customer tools for issuing loans and finance their own activities.
The main advantage of the Bilderlings are high-class service and high service speed. If the opening of the account for the Resident of the Russian Federation is a foreign bank may take from week to several months, then carrying out a similar operation in Bilderling takes no more than one working day, and also does not imply the provision of a large package of documents.
Account holders in Bilderlings have the opportunity to accept and perform unlimited payments from around the world (more than 100 countries), as well as carry out operations on the exchange of euros, dollars and other currencies in the Interbank course (total 21 currency).
How about the Russian authorities
Simplification of the procedure for opening residents of the Russian Federation of deposits in foreign banking institutions can be regarded as loyalty by the authorities. At the same time, the outflow of funds from the Russian financial system is not welcomed by the government. Despite the legislation enshrined by law, foreign exchange operations can be considered by the FTS as potentially risky, which is why this issue is constantly under the control of tax authorities.
Is it profitable to have a bill abroad
What preferences gives Russians the opening of the contribution in a foreign bank? Get the answer including the statistics will help. In Switzerland, which is one of the most popular bank jurisdictions, no more than 60 credit and financial institutions have ceased their activities since the beginning of the XXI century, while in Russia only over the past 8 years there has been bankruptcy over 400 banks. At the same time, the Swiss authorities and the authorities of European countries respond promptly to the emergence of problem situations in banking institutions and immediately use effective tools to maintain banks on the afloat.
It should also be noted a guarantee of confidentiality, the orientation of foreign bankers for long-term cooperation with clients, an individual approach to each depositor and asset management quality.
Opening a foreign account in Bilderlings: Step-by-step instructions
To open an account in Bilderlings, the Depositor needs to be registered on the site, specifying the email address, phone number and access password. Further, the depository should be filled with an online form, after which it is possible to provide a minimum packet of documents in electronic form, which includes:
- A copy of the passport.
- A copy of the document confirming the place of residence.
Also, the depositor must send an electronic photo (Selfie) on which it is captured with his passport.
The opening of the account is carried out after the depositor provides all the necessary documents and takes no more than one working day.
Where you can get legal advice
You can get an exhaustive consultation on opening an account after registration at the Bilderlings Fintech platform. Each registered user is assigned a personal manager who is ready to respond to any financial issues.
You can also contact representatives Bilderlings by phone, email and social networks. Customer service is engaged in not Chat Bot or employee of the Count Center, but a highly qualified financial specialist.
