Russians abroad allowed not to report on foreign accounts
The Ministry of Finance of Russia decided to further soften the currency control legislation in that part, which refers to the reports on foreign accounts. This was told by the deputy head of department Alexey Moiseev.
When in the 2018 year, all citizens of Russia (even those who constantly live abroad) automatically become currency residents, only those who have spent more than 183 days in Russia for a year will have to report. In the original draft of the bill, the Ministry of Finance proposed to demand a report from those who had been in Russia for more than 3 months.
Under the current law, only those Russians who live in Russia permanently are considered currency residents. If a person has lived abroad for a year, he loses his status and no longer has to report on his foreign accounts. But even if the Russian returned to Russia on 1 day, he again becomes a resident - the year begins anew.
Within one month after returning to Russia, a currency resident must report on the opening, closing and change of account details in foreign banks. Annually it is necessary to report on the movement of funds on the accounts.
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