Currency Regulation & Compliance

Currency regulation compliance and international automatic exchange of tax information.

Compliance with currency legislation and regulations of the Russian Federation and other applicable jurisdictions when providing tax services.

Analyzing the applicability of relevant currency regulations and Russian special temporary economic measures to the transactions or restructuring plans under consideration. Assessing risks associated with the exchange of tax information between countries.

Assistance in determining currency resident status or SAR (Special Administrative Region) resident status.

Advising on the procedures for residents to open accounts with foreign banks and other financial market institutions, as well as on relevant foreign exchange reporting obligations, foreign account usage rules, and permissible transactions involving currency values.

Analyzing potential risks and penalties for currency regulation violations, and providing recommendations for their avoidance or mitigation.

Preparing and filing notifications of opening offshore bank accounts in the Russian Federation.

Preparing and filing Cash Flow and Foreign Financial Asset Reports for resident individuals regarding accounts (deposits) held in banks and other financial market organizations located outside the Russian Federation, as well as fund transfers without opening a bank account using electronic payment methods provided by foreign payment service providers.

Assistance in obtaining permits from the Russian Government Commission on Monitoring Foreign Investment.

Facilitating cross-border fund transfers in collaboration with specialized partner companies.

Consulting on and supporting the process of opening accounts in foreign jurisdictions.

Assisting through Know Your Customer (KYC) procedures, specifically preparing reference letters for foreign banks.

International automatic exchange of financial and tax information to prevent tax evasion (FATCA / CRS). Since 2018, Russian tax authorities have participated in the automatic exchange of financial and tax data regarding foreign financial assets held by Russian tax residents.

Diagnostic review of foreign accounts and private wealth management structures.

Determining CRS status (for both individuals and corporate entities, including structures) and defining the scope of procedures required to comply with CRS demands.

Assistance in mitigating risks related to the disclosure of incorrect or incomplete information within the framework of automatic data exchange.