Russians who live abroad for more than six months, will get rid of currency control

Фото: Depositphotos

Russians who temporarily or permanently live abroad no longer need to be notified about open foreign accounts and their declarations. These amendments were introduced into the currency legislation by the Russian government.

Currently, Russians who have lived in another state for at least one year are recognized as non-residents. At the same time, an additional difficulty is that if a Russian returns to his homeland for at least one day, he again falls under currency control, writes “Rain«.

According to the amendments, Russian citizens living abroad in the aggregate for more than 183 days during the year are deprived of the status of a currency resident. To them will not apply restrictions on foreign exchange transactions and requirements for the declaration of foreign accounts and reporting on them.

In addition, the document suggests that any short-term visit of a Russian to his homeland will not deprive him of non-residency.

The explanatory note to the bill states that the document was developed "taking into account the analysis of real life situations arising for different categories of citizens (coming to the Russian Federation in connection with holidays, visiting relatives, rest of students studying abroad during holidays, etc.)". In addition, the clarification of the concept of "currency resident" will help Russian banks to more quickly carry out foreign exchange operations, the explanatory note says.

As told RBC partner Paragon Advice Group Alexander Zakharov, the new rules will contribute to the fact that Russians, permanently or temporarily living abroad, will cease to hand over Russian passports. They will no longer be afraid of the concept of "illegal currency transaction."

The bill is expected to be enacted from January 1 2018.

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